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Business Practices


_________ 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