Which of the following reports are used to determine the cost of operating the dental practice?
A)Financial reports
B)Accounts receivable reports
C)Profit and loss statements
D)Aging reports

Question

Quizplus · Accepted Answer

The profit and loss statement is a report that shows the revenue, expenses, and profit or loss of the dental practice over a specific period. This report is crucial in determining the cost of operating the practice as it provides a breakdown of all the expenses incurred, such as rent, salaries, supplies, and utilities. By analyzing this report, the practice owner can identify which expenses are high and find ways to reduce them. Financial reports, accounts receivable reports, and aging reports are also essential in managing the financial aspects of the practice, but they do not directly provide information about the cost of operating the practice.

Which of the Following Reports Are Used to Determine the Cost