What is the monthly fee for bank accounts?

What is the monthly fee for bank accounts?

• A. Service charge
• B. Petty cash
• C. Encounter form
• D. Aging schedule

Answer: (A)

The main idea here is the terminology for ongoing banking costs in a medical office’s finances. The monthly fee charged by a bank for keeping a business account is called a service charge. It represents the recurring cost of maintaining the account and providing standard services like statements, online access, and transaction processing. Petty cash refers to the small amount of cash kept on hand for minor purchases, not a bank’s recurring fee. An encounter form is used to document patient visits and the services billed. An aging schedule is a report that shows how long receivables have been outstanding.

The main idea here is the terminology for ongoing banking costs in a medical office’s finances. The monthly fee charged by a bank for keeping a business account is called a service charge. It represents the recurring cost of maintaining the account and providing standard services like statements, online access, and transaction processing.

Petty cash refers to the small amount of cash kept on hand for minor purchases, not a bank’s recurring fee. An encounter form is used to document patient visits and the services billed. An aging schedule is a report that shows how long receivables have been outstanding.