Accounts receivable

Accounts receivable or A/R is a term used to denote money owed to a business by customers in exchange for services rendered but not yet collected. In medical offices, A/R refers to amounts owed by patients and their third-party payers, such as insurance companies for services provided to patients. Any payments due from patients, payers or guarantors are A/R. The overall goal of accounts receivable management is to achieve the shortest collection period possible. Offices use practice management

Accounts receivable is money owed to a company by its debtors. The medical office has the responsibility to maximize its revenue potential by ensuring cash flow sufficiently for effective management. The overall goal is to achieve the shortest collection period possible. Account Receivable (AR) management involve almost all areas of the medical office. The legal concept include following and understanding Federal and State regulations, because this area in regards to Medicare, Medicaid, and other

Accounts Receivable Turnover: (Net Sales / Ending Accounts Receivable) Accounts receivable turnover measures the efficiency of a business in collecting its credit sales during the period. Apple Inc. had an accounts receivable turnover ratio of 14.32 in 2012, 13.04 in 2013 and 10.47 in 2014. HP’s ratio was 4.75, 4.56, and 5.33 in the past three years. Since HP has lower values than Apple on accounts receivable turnover, it because that HP has a high amount of cash receivables for collection from its

Affections is having difficulty collecting their accounts receivable due to a sluggish economy. Although offering this generous discount deal will most likely boost sales, the chance of accumulating higher uncollectable accounts greatens. 2. Allow a 30-day grace period on all accounts receivable overdue at the end of the year. As these accounts will no longer be overdue, the company will not need an allowance for overdue accounts. When an account receivable is determined to be uncollectable it is no

A. What is an account receivable? What other names does it go by? Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services on credit. These receivables are generally expected to be collected within 30 to 60 days. They are typically the most significant type of claim held by a company. Accounts receivable and notes receivable resulting from sales are also known as trade receivables. Accounts receivable resulting from sales are referred to

CHAPTER 7 Cash and Receivables ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. Accounting for cash. Accounting for accounts receivable, bad debts, other allowances. Accounting for notes receivable. Assignment and factoring of accounts receivable. Analysis of receivables. Petty cash and bank reconciliations. Questions 1, 2, 3, 4, 21 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 14, 15 16, 17, 18, 19 20 22 Brief Exercises 1 2, 3, 4, 5 Concepts Exercises 1, 2 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 18, 19

0 out of a maximum of 10 (0%) | ------------------------------------------------- Top of Form Question1 Marks: 1 Cash consists of all of the following except Choose one answer. | a. compensating balances.  | | | b. deposits in savings accounts.  | | | c. IOUs from customers.  | | | d. money orders from

calculate the real value of accounts receivables and fixed assets. Uncollectible accounts receivables and depreciation reflect the offsets reported on financial statements. In accordance with generally accepted accounting principles (GAAP); two methods compute the uncollectible accounts receivable expense. Just like uncollectible accounts offset the value of accounts receivables; so do depreciation expenses counteract the value of fixed assets. Also called contra accounts, the journal entries accumulate

supermarkets. Horngren/Accounting/7e,2013 Q.7 Purchase Under the Periodic System the journal entry appears like DR: Purchases 700,000 CR: Cash or Accounts

occurrence Audit Objectives: Substantiate the existence of receivables and the occurrence of revenue transactions. Prove none of the account receivables are fictitious. Completeness Audit objectives: Establish the completeness of receivables and revenue transactions. Rights and obligations Audit objectives: Determine the client has rights to the recorded receivables. Prove the accounts receivable are collectible in the normal course of business and