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Admin Procedures
Ch 14 Banking
| Question | Answer |
|---|---|
| A joint checking account requires: | the signature of one or both parties depending on how the account is set up |
| A system by which preauthorized transfers are made from saving to checking accounts is known by the abbreviation | EFTS |
| The "drawee" is | the financial institution where the money is deposited in a checking account |
| If the numerical and written amounts of a check do not agree: | the payee receives the amount that is spelled out |
| If the endorser's name is written incorrectly on the face of a check: | the incorrect and correct name should both be used to endorse the check |
| All checks received in a medical office should: | be stamped with a restrictive endorsement upon receipt |
| Select the correct statement about bank deposits. | a. Bank deposits are routinely prepared by the administrative medical assistant b. Bank deposits should be made promptly to prevent payment from being lost, misplaced, or stolen c. Timely deposits reduce the possibility of a check being returned due to |
| Continuation to Select the correct statement about bank deposits | c. insufficient funds. d. It is an act of courtesy to cash checks promptly so payers' bank statements can be more easily reconciled. e. all of the above |
| ATM PIN numbers: | should be memorized and shared with no one |
| If a check is not written properly, financial responsibility for any loss is borne by the: | drawer |
| When reconciling a bank statement: | subtract the total of outstanding checks and withdrawals |
| withdrawal or subtraction from a bank | debit |
| the person named on a check as the recipient of the amount shown | payee |
| a check stub | voucher |
| bank or transit number | ABA number |
| the person signing a check to pay out funds from a checking account | payer |
| deposit or addition to a bank account | credit |
| NSF | Not Sufficient Fund or nonsufficient fund |
| EFTS | electronic funds transfer system |
| POS | Point-of Sale |
| MICR | Magnetic Ink Character Recognition |
| ATM | automated teller machine |
| Name the most common types of checking accounts | a. Individual or joint checking acct b. Business or commercial checking acct |
| Answer the following questions regarding inspecting a check presented for payment in a physician's office. | a. What ID should be requested?State driver's license & 2nd form of ID b. What should you do if a patient presents an out-of-state check? req addit info like a credit card c. What do you compare the info on the check to when verifying it? DL and system |
| For deposit only (Jane Garner) | restrictive endorsement |
| Ronald P. Yeager | blank endorsement |
| Pay to the order of Stationer's Corporation Betty T. White Harold M. Jeffers | full endorsement |
| Explain what procedures you should follow if an error is made in writing or tying a check | Draw a diagonal line across the face of the check and void and write another one, or correct the error and initial it |
| Name three options you have when a check is missing the payer's signature. | a. 1st try to obtain signature by asking pt to come to office to sign check b. type over on the check where customer normally signs c. type lack of signature guaranteed just send back the check |
| outstanding checks | subtract |
| bank service charges | subtract |
| deposits not shown on the bank statement | add + interest |
Created by:
Ding_Ding