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