How to record bad debts - Study guides, Class notes & Summaries

Staff knowledge of expected outcomes and results is directly associated with __________________. 1. Clearly communicated organizational goals 2. Motivated employees 3. Annually updated job descriptions 4. Improved compensation 1. Clearly communicated organizational goals A crime that is punishable by a maximum term of imprisonment of one year is known as __________________. 1. Misdemeanor 2. Felony 3. Tort 4. Neglect 1. Misdemeanor A bill is introduced in the legislature....

What information is contained in a balance sheet? a. Report of a company's operating performance during a period of time b. Report of a company's financial position during a period of time c. Report of a company's operating performance as of a point in time d. Report of a company's financial position as of a point in time - answer-D What is an owners' equity item? a. Capital stock b. Loans payable c. Cash d. Accounts Receivable (A/R) - answer-A A company ended July with as...

WGU C213 Accounting For Decision Makers Questions And Answers 2023 Balance Sheet - Correct Answer-financial position of company at a moment in time Income Statement - Correct Answer-Financial performance of the company over a period of time Statement of cash flows - Correct Answer-cash receipts and disbursements of company over a period of time Lender - Correct Answer-Predict ability to repay loans Investors - Correct Answer-Predict future earnings and dividends Suppliers & Custo...

What branch of government does law enforcement fall underneath? - Answer executive branch primary mission of a peace officer - Answer enforce the law, preserve the public order, protect life and property, and prevent, detect, or investigate crime primary role of state level law enforcement agencies - Answer provide technical assistance to local police agencies state's largest law enforcement agency - Answer Georgia state patrol Georgia state patrol (GSP) - Answer responsible for enf...

3-Day Rule - Answer a requirement that all diagnostic or outpatient services furnished in connection with the principle admitting diagnosis within three days prior to the hospital admission are bundled with the inpatient services for Medicare billing 837I - Answer the American National Standards Institute transaction for an institutional claim; as a result of HIPAA, it is replacing the electronic UB-04. 837P - Answer a former American National Standards Institute transaction for a professi...

1 CRCS CERTIFICATION EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ CMS Correct Answer: Centers for Medicare and Medicaid Services and also one of the HHS operating divisions OIG Correct Answer: Office of Inspector General in DHHS. Monitors compliance with reimbursement laws & regulations Title XVIII Correct Answer: Medicare Title XIX Correct Answer: Medicaid HIPAA Correct Answer: Health Insurance Portability and Accountability Act HHS 2 Correct Answer: D...

A company uses the Allowance method of accounting for Bad Debts. This means that in the period when an Account Receivable actually becomes uncollectible, the company will reduce Accounts Receivable and: - Decrease the Allowance for Doubtful Accounts account (This is a "write-off". The journal entry is a debit to Allowance for Doubtful Accounts and credit to Accounts Receivable.) The concept of "accrual" accounting - Recognizes revenues when they are earned, and expenses when they are in...

1 AAHAM CRCS EXAM STUDY MANUAL CH 5 CREDITS AND COLLECTIONS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Charity Care Correct Answer: service provided that is never expected to result in cash flow. Charity Care results from a provider's policy to provide healthcare services free of charge or at a reduced cost to individuals who meet certain financial criteria. Indigent Correct Answer: an individual who has no means of paying for medical services or treatmen...

Credit sales are recorded as A. Debit Cash, credit Deferred Revenue B. Debit Service Revenue, credit Accounts Receivable C. Debit Cash, credit Service Revenue D. Debit Accounts Receivable, credit Service Revenue - ANSWER-D Identify the condition(s) that must exist for a sale and the related receivable to be recognized. A. Collection of cash is probable B. The company must have collected cash from at least one previous sale to the customer C. Goods or services have been provided to the ...

ACTG Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version A company uses the Allowance method of accounting for Bad Debts. This means that in the period when an Account Receivable actually becomes uncollectible, the company will reduce Accounts Receivable and: - Decrease the Allowance for Doubtful Accounts account (This is a "write-off". The journal entry is a debit to Allowance for Doubtful Accounts and credit to Accounts Receivable.) The concept of "accrual" ac...