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Kinn's Chapter 24
Term | Definition |
---|---|
accounts payable | Debts incurred and not yet paid. |
accounts receivable | Amounts owed to rhe physician. |
accounts receivable trial balance | A method of determining that the journal and the ledger are in balance. |
accrual basis of accounting | Method of accounting in which income is recorded when earned and expenses are recorded when incurred. |
assets | The entire property of a person, association,corporation, or estate applicable or subject to the payment of debts. |
balance sheet | A financial statement for a specific date that shows the total assets,liabilities,and capital of the business. |
bookkeeping | The recording of business and accounting transactions. |
cash basis of accounting | A method of accounting in which income is recorded when received and expenses are recorded when paid. |
cash flow statement | A financial summary for a specific period that shows the begining balance on hand, the receipts and disbursements during the period, and the balance on hand at the end of the period. |
controls | A standard of comparison to make sure answers obtained are accurate. |
disbursements journal | A summary of accounts paid out. |
entry | A record or notation of an occurrence,transaction,or proceeding. |
equities | The monetary value of a property or of an interest in excess of claims or liens against it. |
in balance | The state in which the total ending balances of patient ledgers equals the total of accounts receivable. |
invoice | A paper describing a purchase and the amount due. |
liabilities | Things that are owed; debts |
petty cash fund | A fund maintained to pay small,unpredictable cash expenditures. |
statement | A request for payment. |
statement of income and expense | A summary of all income and expenses for a given period. |
subsidiary | Supporting other documents or records. |
trial balance | A method of checking the accuracy of accounts. |