Exam (elaborations)
Chapter 20 Billing And Collections Exam With Questions And Correct Answers
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Chapter 20 Billing And Collections Exam With Questions And Correct Answers Good ways to prevent collection problem - Answer Inform the pati ent at the first call or visit Most efficient way to complete monthly billing - Answer Bills to be comp leted and mailed out within a few days Collecting payment at time of service is considered the - Answer Be st time What is the minimum ratio for collections at the time of service - Answer 90% Sending unpaid balances to the collection agency is the - Answer Last Resort Truth in Lending Act - Answer Shows installment payments Customer credit protection act - Answer Interest agreements Federal wage garnishment law is associated with the - Answer Bankru ptcy laws Fair debt collection practices Act is the - Answer Legal guide lines governing telephone collections Best time to call for collections - Answer Between 5 to 8 p.m. Describe cycle billing - Answer Accounts are divided into groups alph abetically and sent out a different time List the correct order of billing process - Answer 1. Itemized s tatement with overdue info 2. Phone reminder of past due account 3. Prepare a financial schedule 4. Letter stating 3 months past due 5. Letter stating the account is moving to collections What does an aging account do - Answer Identifying how long an account has been overdue Services and outside collection agency offers - Answer Interpret letters, Trace "skips", provide credit rating to Providers office What is the method used to figure the accounts receivable rat io - Answer Divide the current accounts receivable balance by the average monthly gross c hargesThe benefits of buying summaries with Stuvia:
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