Test #1 Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The systematic recording of the transactions of a business is called | Recordkeeping
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| Reporting the financial results of a business is called | Accounting
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| Reasons for maintaining financial records | plan for the future, determine profit and loss, income tax purposes
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| Oldest of the bookkeeping systems; each entry is made separately; error are common with this method | Single entry system
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| The bookkeeping system that provides a comprehensive financial picture, requires a trained/experienced bookkeeper or accountant | double entry system
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| Called "write it once" system because the same data is entered on all the forms at once | pegboard system
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| used to take care of minor expenditures | petty cash
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| called a check register, whatever is spent in the health care facility is recorded | disbursement journal
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| form used to control petty cash expenditures | voucher
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| establishing the petty cash fund, the check is written to cash/petty cash and entered in the disbursement journal under | misc.
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| when replenishing the petty cash fund, the amount of the check | spread across various accounts for which the money is used
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| information of the petty cash vouchers is transferred to a | petty cash record
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| average amount of a petty cash fund | $25. to $50.
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| what a business is worth | owners equity
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| accounting equation is | assest=liabilities+owners equity
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| Amounts owed to creditors for equipment & services not yet paid | accounts payable
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| amounts owed by the doctor's patients | accounts receivable
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| debts of a business | liabilities
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| reports the total income received by the practice and total expenses that make the income necessary | income statement
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| everything owned by a business | assets
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| shows the current financial condition of the physician's practice | balance sheet
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| entering a change into an account record | adjustment
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| when payment is received on an account | credit
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| difference between the debit and the credit | balance
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| when a charge has been entered into an account | debit
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| all patient charges and any receipts are recorded here each day | day log, daily sheet, day journal
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| used when a patient payment is made but no service is provided on that day | receipt form
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| used a s a charge slip, receipt statement, and insurance form | super bill
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| provides a record of all services, charges, payments, and adjustments | ledger card
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Created by:
wenchie040
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