Question

1. Define (a)cost (b) expired costs (c) unexpired costs and (d) revenues.
2. The term third-party refers to which of the following: Procedure, provider, patient, payer?

Answer 1

Define:

a) Cost

Cost is defined as the price paid to acquire, produce, accomplish, or maintain anything

b) Expired Costs

An expired cost is a cost that has been recognized as an expense. This happens when an entity fully consumes or receives benefit from a cost. An expired cost may also be construed as the total loss in value of an asset.

c) Unexpired costs

The unused part of the economic benefit of an expenditure that remains as an asset for future use.

d) Revenues

Revenue, also called a sale, is an increase in equity related to the sale of a product or service that earned income. In other words, revenue is income earned by the company from its business activities.

Question: The term third-party refers to which of the following:

Answer: payer