The following chart provides information that must be reported at year-end. Under the appropriate form, indicate the correct box letter(s) and/or number(s) and any required codes. INFORMATION RL- T4 T4A 1 Employer-paid medical/dental premiums Wages in lieu of notice Québec Parental Insurance Plan insurable earnings Retiring allowance Federal income tax Quebec Pension Plan contributions
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- In accruing patient charges for the current month, which one of the following accounts should a hospital credit? Accounts Payable. Deferred Revenue. Public Support Revenue. O Patient Service Revenues. O Accounts Receivable. Question 31 4 pt Which of the following types of health care entities follow FASB Accounting Standards Codification for preparing financial statements? MacBook AirPrepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali payment as Unearned Insurance PremiumsWhich of these duties might a financial manager in a healthcare organization be responsible for? Prepare a year to date trial balance report for the annual tax filing Conduct data analysis to report to the board of directors on new revenue sources Complete a medical supply inventory and submit it to the purchasing department Submitting invoicing to an insurance company for payment
- What is a contractual adjustment? Choose the correct.a. An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity.b. A year-end journal entry to recognize all of a health care entity’s remaining receivables.c. A reduction in patient service revenues caused by agreements with third-party payors that allows them to pay a health care entity based on their determination of reasonable costs.d. The results of a cost allocation system that allows a health care entity to determine a patient’s cost by department.What is a contractual adjustment? An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity. A year-end journal entry to recognize all of a health care entity’s remaining receivables. A reduction in patient service revenues caused by agreements with third-party payors that allows them to pay a health care entity based on their determination of reasonable costs. The results of a cost allocation system that allows a health care entity to determine a patient’s cost by department.The Following is Receipts and Payments account of SMS Hospital. Prepare Income and Expenditure A/c for the year Ending
- Select 3 of the following EDI transactions that are processed in the format established by the Health Insurance Portability and Accountability Act (HIPAA) A Order management B Eligibility C Release of Information D Consent forms E Claims status F Payment and remittance adviceThe following nominal accounts were extracted from the December 31, 2018, adjusted trial balance of Prospect Private Hospital:(attached)Prepare a statement of activities for the year ended December 31, 2018.When MUST the Policy Summary for a life insurance policy be delivered? Prior to the sales presentation With or prior to delivery of the policy Within a year after delivery of the policy Only upon delivery of a replacement policy.
- Recorded an adjusting journal entry for the portion of insurance coverageTransaction 1 The 100 employees of NAM JEWELS LIMITED are each entitled to 5 working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At 31 December 2019 the average unused entitlement is 2 days per employee. The entity expects, on the basis of experience that is expected to continue, that 92 employees will take no more than five days of paid sick leave in 2020 and that the remaining 8 will take an average an of six and a half days each. In December 2020 to restructure its workforce (which was immediately communicated) in such a way that all employees of the age of 55, but below the age of 60 at the reporting date, could retire immediately should they choose to do so. Employees of 60 years and older, up to 65 years at the statement of financial position date, will be forced to retire…A sub-capitation payment is a: a. fixed amount per month paid to a provider for only the care that an individual needs from that provider b. payment system that reimburses physicians based on the physician's work, practice expenses, and malpractice insurance expenses c. method of reimbursement whereby the health care provider is paid for individual services charged d. method of reimbursement for medical services whereby the provider accepts preestablished payments for providing care to patients for a certain period of time Which is a tax-deferred account used for qualified health care expenses in which unused funds roll over from year to year?