Multiple Choice
Which of the following is the most common way to transfer risk in financial accounting?
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1. Introduction to Accounting
Types of Accounting
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A(n) ________ is a record of service for billing and for insurance processing.
A
statement
B
invoice
C
ledger
D
encounter form
Verified step by step guidance1
Step 1: Understand the context of the question. The problem is asking about a specific document used in billing and insurance processing within financial accounting or healthcare settings.
Step 2: Review the options provided: statement, invoice, ledger, and encounter form. Each term has a distinct meaning in financial accounting or related fields.
Step 3: Clarify the term 'encounter form.' An encounter form is a document used in healthcare settings to record services provided during a patient visit. It is essential for billing and insurance claims processing.
Step 4: Compare the term 'encounter form' with the other options. A statement summarizes account activity, an invoice is a request for payment, and a ledger is a record of financial transactions. None of these directly match the description of a record of service for billing and insurance processing.
Step 5: Conclude that the correct answer is 'encounter form,' as it specifically serves the purpose described in the question.
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