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Week 6

Financial Practices

The pegboard system of bookkeeping is sometimes called the: write-it once system
NSF stands for: nonsufficient funds
A restrictive endorsement stamp is used to: stamp on the back of a check to signify "for deposit only"
When reconciling a bank statement: the checkbook entries should be checked against the bank statement
If a check has been deposited and is now returned due to insufficient funds, it will be necessary to: call the bank that returned it and verify availability of funds so the check can then be redeposited
The pegboard system consists of: day sheets, ledger cards, encounter forms, receipt forms
In cases of divorced parents where one parent has physical custody of the child and is considered the one responsible for payment if the child is not insured with a contracted insurance carrier, the parent is called: the guarantor
The Advanced Beneficiary Notification form is used primarily for: Medicare patients for the purpose of collecting payments that are not allowed
A patient encounter form: is also called a charge slip and is also called a superbill
In most practices there is a need to have cash available on a daily basis to: make change for a patient paying cash for services
When a check must be guaranteed for the amount in which it is written, a ______ is issued. cashier's check
Restricting the use of a check should it be lost or stolen may be done through: special endorsement
The system that is based on the accounting principle that assets equal liabilities plus owner's equity is the: double-entry system
Double-entry bookkeeping is expensive. True or False? False
A total practice management system has the ability to: process insurance claims electronically, manage payroll and purchases, and generate financial records
Computerization of medical facilities has increased because of: emphasis being placed on the accurate documentation of medical records and increase in managed care plans
The trial balance is created by: totaling debit balances and credit balances to confirm that total debits equal total credits
Financial records should provide the following at all times: amount earned, owed, and collected within a given period and where expenses were incurred in a given period
Examples of variable costs include: clinical supplies, equipment costs, and laboratory procedures
The accounts receivable trial balance: shows any problems between the daily journal and the ledger
Calculating and reviewing costs provide ambulatory care settings with: data to set fees and monitoring of the practice's performance
Created by: aparke27