Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

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Multiple Choice

Which of the following is the amount a patient owes after the insurance company has paid its portion?

Patient balance

Notes receivable

Allowance for doubtful accounts

Accounts payable

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Verified step by step guidance

Understand the context of the question: The problem is asking about the amount a patient owes after the insurance company has paid its portion. This is a term commonly used in healthcare accounting.

Review the options provided: 'Patient balance,' 'Notes receivable,' 'Allowance for doubtful accounts,' and 'Accounts payable.' Each term has a specific meaning in accounting.

Define 'Patient balance': This refers to the remaining amount a patient owes after their insurance has covered its portion of the medical bill. It is the correct term for this scenario.

Define 'Notes receivable': This represents amounts owed to a company by others, typically documented in a formal written agreement. It is unrelated to the patient's owed balance in this context.

Define 'Allowance for doubtful accounts' and 'Accounts payable': 'Allowance for doubtful accounts' is a contra-asset account used to estimate uncollectible receivables, while 'Accounts payable' refers to amounts a company owes to suppliers. Neither term applies to the patient's owed balance.