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Ch.18
Accounting and Banking
| Question | Answer |
|---|---|
| accounts payable | amount of money the practice owes to outside vendors, rent or mortgage, supplies, salaries, and so forth |
| accounts receivable | amount of money owed to the practice for pt services performed |
| accounts receivable ratio | comparison of the amount of money charged to a practice and the amount collected by the practice |
| assets | property owned by a business, such as equipment, supplies, and accounts receivable |
| balance sheet | statement of financial condition that contains itemized assets, liabilities, and owner's equity |
| collection ratio | comparison of outstanding debt amount and amount collected |
| financial accounting | process of tracking monetary expenditures and income for outside entities, such as federal government |
| fixed costs | expenses that do not depend on the number of patients being seen in a practice |
| income statement | report of itemized monthly expenses and profits |
| liability | money owed to a creditor |
| managerial accounting | process of tracking monetary expenditures and income for a practice's managers or physician owners |
| owner's equity | amount by which business assets exceed business liabilities; also called net worth |
| variable costs | expenses that increase with an increase in the number of patients seen |
| what are the two different types of accounting practices | financial and managerial |
Created by:
rewebb
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