Radiologists have been dictating their patient reports over the years and transcriptionists used to figure out what they are saying. As the healthcare system progresses, technology like EHRs and speech recognition are turning difficulties during the transcription phase into serious challenges. As still many radiologists are dictating and self-editing their reports, there is still significant transcription activity.
An art gallery can be a type of business that uses a periodic inventory method.
<h3>What is a periodic inventory method?</h3>
It corresponds to a system used by companies to control and evaluate their stock. In this periodic system, the inventory account would be closed only after an accounting period, such as 1 month or 1 year for example.
In the periodic inventory, the stock accounts would not be updated after each sale and purchase, and the company would be able to analyze and track its stock only after the end of the stipulated accounting period.
Therefore, an art gallery would probably be a company that would use the periodic inventory system because it offers works of art that are generally unique and do not have more than one piece in stock, and sell few units per month.
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Answer:
The Solution is given below in the
Explanation:
Requirement 1: Solution
Entries Debit Credit
Employee Benefits Expense $55,500
Medical insurance payable $45,500
Retirement program $10,000
Requirement 2: Solution
As the retirement program money is paid after 5 years it should be classified as a non-current liability as per the International accounting standard(Presentation of financial statements).
