Certified Medical Assistant Practice Exam

Which term is used when describing the amount of money owed by the medical office for products and services purchased on credit?

1. Accounts receivable

2. Accounts payable

3. Net income

4. Operating expenses

The correct answer is: Accounts payable

Accounts payable is the correct answer because this term specifically refers to the amount of money owed by a company for products or services that have not yet been paid for. Accounts receivable, on the other hand, describes the money owed to a company by its customers for products or services they have not yet paid for. Net income and operating expenses are not relevant in this context as they refer to the profitability and expenses of a company, rather than specific amounts owed.