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Test #1 Review

The systematic recording of the transactions of a business is called Recordkeeping
Reporting the financial results of a business is called Accounting
Reasons for maintaining financial records plan for the future, determine profit and loss, income tax purposes
Oldest of the bookkeeping systems; each entry is made separately; error are common with this method Single entry system
The bookkeeping system that provides a comprehensive financial picture, requires a trained/experienced bookkeeper or accountant double entry system
Called "write it once" system because the same data is entered on all the forms at once pegboard system
used to take care of minor expenditures petty cash
called a check register, whatever is spent in the health care facility is recorded disbursement journal
form used to control petty cash expenditures voucher
establishing the petty cash fund, the check is written to cash/petty cash and entered in the disbursement journal under misc.
when replenishing the petty cash fund, the amount of the check spread across various accounts for which the money is used
information of the petty cash vouchers is transferred to a petty cash record
average amount of a petty cash fund $25. to $50.
what a business is worth owners equity
accounting equation is assest=liabilities+owners equity
Amounts owed to creditors for equipment & services not yet paid accounts payable
amounts owed by the doctor's patients accounts receivable
debts of a business liabilities
reports the total income received by the practice and total expenses that make the income necessary income statement
everything owned by a business assets
shows the current financial condition of the physician's practice balance sheet
entering a change into an account record adjustment
when payment is received on an account credit
difference between the debit and the credit balance
when a charge has been entered into an account debit
all patient charges and any receipts are recorded here each day day log, daily sheet, day journal
used when a patient payment is made but no service is provided on that day receipt form
used a s a charge slip, receipt statement, and insurance form super bill
provides a record of all services, charges, payments, and adjustments ledger card
Created by: wenchie040