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Ch 15 business prac.
Account types, main terms, vocabulary
| Term | Definition |
|---|---|
| Debit | Bookkeeping entry that records increases in assets and expenses and decreases liabilities |
| Post | To record a charge, payment, or adjustment on a ledger or account |
| Accounts receivable | Record of all patients outstanding accounts showing how much each one owes for services rendered |
| Accounts payable | Register or checkbook that lists amounts paid out for expenses of the business practice |
| Asset | That which is owned by the business |
| Credit | Bookkeeping entry that decreases assets and increases earnings |
| Proprietorship | The owenr's net worth |
| Day sheet | Register for recording all daily business transactions of patients |
| Liability | monies owed for business expenditures |
| Single Entry accounting | Easy to learn, accepted by state and federal authorities; errors not obvious, uses day sheet, general ledger |
| Double entry accounting | Exact science, need advanced accounting skills |
| Pegboard accounting | Foundation for computerized system, accurate and easy; have to know basic bookkeeping |
| Computerized accounting | Expedites posting, expensive |
| Accounting | The system of recording and summarizing business and financial transactions |
| Bookkeepers | The recorders for accounting |
| Accounting system that increases accurate accounting, and incorporates electronic capabilities; adds credits, subtracts debits and computes running balance | Computerized accounting |
| Most popular bookkeeping method used in Physician's offices, accurate and easy to learn | Peg Board accounting |
| Accounting system that uses Basic terminology such as assets, capital, liabilities, and proprietorship, and the books must balance | Double entry accounting |
| Accounting system uses general ledger or journal, accounts payable and accounts receivable | Single entry accounting |
| Contract adjustment | Private Insurance companies |
| Courtesy Adjustment | Medicare program |
| ROA | Received on account |
| On the daysheet, the total patients paid by cash and check must equal | The total patients balance for that day |
| An amount divisible by 9 may indicate | A transposed figure |
| An amount evenly divisible by 2 May indicate | Posting to the wrong column |
| If a posting error occurs when writing 900 for 90, this type of error is called | Sliding a number |
| At EOD, to reconcile cash and change drawer, the received should equal the cash amount on the | Deposit slip |
| Petty cash is replenished | Weekly or monthly |
| When replenishing the petty cash fund add the spent (paid) to the | Leftover (cash on hand) and compare this total to amount est. for the fund; they should equal |
| Forms required using a pegboard system are | Physicians daysheet, transaction slip, ledgers, deposit slip |
| Physicians daysheet | Used as the journal sheet to record changes, adj. and payments |
| Transaction slip | Used to record each patients series; acts as charge slip, gives receipt cash/check |
| Ledgers | Used to post charges, payments and adj. for each patients services |
| Deposit slip | Used to record cash/checks for bank deposits |
| Adj | Adjustments |
| Pd | Paid |
| B/F | Balance forward |
| Recd | Recorded |
| Physician accounts are kept On an | Accrual basis |
| The accounts receivable is an | Asset |
| In a physicians practice, pt accounts are known as | Open accounts |
| A record containing listing of each pt seen in the office, services rendered, payments made, adjustments calculated in one day is called a | Daysheet or daily journal |
| Debts, credits, posting, and calculations on a ledger card is listed with | Fees posted in charge column, payments and adj in the credit column |
| To locate a transposition error you would | Divide by 9 |
| Totaling the balances of all pt accounts that indicate a balance due and comparing that total w/ the ending A/R figure on the daysheet is referred to as | Accounts receivable control |
| A change drawer would typically have | $50-$200 |
| Manual bookkeeping skills are helpful because they | Increase understandings of basic computations a computerized system usually does |
| In a medical office, daily bookkeeping tasks are usually performed by the | MA |
Created by:
Gmtassa23
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