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Business Practices
Bookkeeping
| Question | Answer |
|---|---|
| _________ is a persons' ownership plus operating profit also known as net worth | capital |
| Assets are the same as liabilities. True or False | False |
| In a medical practice computerized accounting is used to | Reduce paper, etc. |
| An individual ledger contains a record of all fees charged on one date. True or False | False |
| A ____________ is made on an account when the contracted insurance payment plus the pt responsibility is less than the amount of the charge | Adjustment |
| When you make a payment on a debit your liability ____________ | Decreases |
| Petty cash should only be used for small purchases. True or False | True |
| When single entry accounting is used, mistakes __________________ | Aren't obvious |
| Accounts owed to creditors are known as | accounts payable |
| Professional discount, courtesy adjustments and disallowances by ins cos are examples of | adjustments |
| In a manual bookkeeping system copies of a ledger card can be used as | pt statements |
| An accounting method that is not self-balancing is | Single-entry accounting |
| Cash, inventory, furniture and equipment are | assets |
| Change is made from | change drawer |
| minor office expenses use | petty cash fund |
| recording financial affairs of a business is the main purpose of all | bookkeeping systems |
| Amounts paid out for expenses are | accounts payable |
| Payments must be recorded | Daily, at time of service |
| Each days cash and check receipts must equal that day's | bank deposit |
| Medical practices MOA mst have | bookkeeping skills |
| Fees for office visits, lab tests, etc, are | charges |
| Abbreviation for coinsurance is | COINS |
| Using pegboard accounting at the same time that monies received are recorded on the daysheet are also recorded on | bank deposit slip |
| Change drawer is typically | $50 - $200 |
| Overpayment = | Refund adjustment |
| Bookkeeping is | A record of all transactions in the accounting system |
| Computerized accounting allows | simultaneous posting through the computer database |
| In a computerized system, charges are posted | automatically when inputting the correct procedure code |
| In manual bookkeeping, an adjustment is posted | under the credit column |
| when the pt doesn't pay it is | uncollectable debt adjustment |
| Statements are sent | to all pts with an outstanding balance |
| An accounts receivable control | Is at the end of each month and brings forth any error calculations |
| Record showing the amounts owed by pts is | accounts receivable ledger |
| Total amount owed on a pt account is | account balance |
| Original investment money & other property owed is | capital |
| This increases assets | debit |
| Amounts written off and not collected are | adjustments |
| The main purpose of _______________ system is to record the financial affairs of the business | Bookkeeping |
| _________________ records are part of all accounting systems and they document salaries and wages | Payroll |
| There are 2 journal entries, 1 for cash record receipts and 1 for ____________________ | disbursements |
| 4 types of inaccurate entries | missed figure, miskeyed figure, posted in wrong column, sliding a # |
| Steps used to establish an accounts receivable control to verify posting and balances | 1. total the balances of all pt acct records that indicate a balance due. 2. compare that to the months end total A/R figure on the daysheet. If they do not match you have an error you need to correct |
Created by:
Megpalace
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