Two ways for accounting in the medical practice are on a(n) _________ basis and a(n) ___________ basis.

Question

Quizplus · Accepted Answer

The two primary accounting methods in medical practice (and generally in business) are cash basis and accrual basis accounting. Cash basis accounting records revenues and expenses when they are actually received or paid, while accrual basis accounting records revenues and expenses when they are earned or incurred, regardless of when the cash transaction occurs.

Two Ways for Accounting in the Medical Practice Are on A(n)