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Recordkeeping

Recordkeeping Vocabulary

QuestionAnswer
Accounting Reporting of the financial results of a business
Accounting Equation Assets=Liabilities+owner's equity
Accounts Payable Amounts owed to (creditors), vendors
Accounts Receivable Income or money owed to a business
Adjustment When a change has been entered into an account record
Assets Everything owned by a business/medical practice, bank accounts, cash accounts receivable, real estate and equipment
Balance Difference between the debit (money owed) and the credit, (money paid)
Balance Sheet Shows current financial condition of the practice
Bookkeeping (recording) Systematic recording of the transactions of a business
Credit When a payment has been received on an account
Daily Log Chronological list of the charges to patients and payments received from patients each day
Day Sheet All patient charges and any receipts are recorded here each day
Debit When a charge has been entered into an account
Disbursement journal/record Summary of accounts paid out
Income Statement Reports the total income received and the total expenses that make the income necessary
Ledger Card Provided a record of all services, charges, payments, ;and adjustments
Liabilities Debts of a business, what they owe
Owners Equity What a business is worth, (proprietorship, capital or net worth) Difference between the assets and the liabilities of a business
Payee Person who receives payment
Petty cash fund Voucher system used to take care of minor expenditures
Petty cash voucher Form used to control petty cash expenditures
Receipt form Used when a patient payment is made but no service is provided on that day
Superbill Used as a charge slip, receipt statement, and insurance reporting form
Created by: wenchie040
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