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Which of the following accounts payable is typically the largest in the medical office?
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Any payment the physicians office makes for goods or services is called________.
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Chapter 21
| Question | Answer |
|---|---|
| Which of the following accounts payable is typically the largest in the medical office? | Payroll |
| Any payment the physicians office makes for goods or services is called________. | A disbursement |
| One of the most common or numerous disbursements is payment for______. | Office supplies |
| Business checks with stubs attached are________checks. | Voucher |
| A type of check that states it is void after a certain time limit is a______ check. | Limited |
| Which type of check is purchased from a bank, written on the banks own checking account, and signed by a bank official? | Cashiers |
| A standard personal or business check that the bank verifies and then sets aside the funds to guarantee payment is a ________check. | Certified |
| A special bank that allows the depositor to withdraw funds from her account only is called a_______ check. | Counter |
| Which type of checks are preprinted in $10, $20, $50, and $100 denominations? | Travelers |
| Which of the following is important because it helps to control expenses? | Tracking |
| Today, a practices financial summary is generally prepared by_______. | Practice management software |
| Which of the following demonstrates the practices profitability by illustrating the practices total income and expenses? | Statement of income and expense |
| Which of the following shows how much cash is available to cover expenses, to invest, or to take as profit? | Cash flow statement |
| The process of communicating the income and expenses of business and it’s financial health is known as_______. | Accounting |
| The part of the accounting process that consists of the systematic recording of business transactions is _______. | Bookkeeping |
| Which of the following is not an advantage of using a computerized bookkeeping system? | The bookkeeping system is available even if the power goes out. |
| Another term for a write it once system is ________ system. | Pegboard |
| The process of recording services provided, the fees charged, and payments received in a daily log is known as________. | Journalizing |
| If your receive payment from a patient by mail after the office visit, you should record it________. | On the patients ledger card and the current days daily log |
| When a patient has a credit balance,___________. | The practice owes the patient money |
| The part of a check that takes the form of a fraction and identifies the specific back on which a check is drawn is the_______. | ABA number |
| An endorsement that consists simply of the payees signature is a_______. | Blank endorsement |
| A third party endorsement is also known as a __________. | Special endorsement |
| An endorsement that specifies precisely how the check may be redeemed, such as only for deposit in the practices bank account, is a_________. | Restrictive endorsement |
| The process of comparing the office financial records with the monthly statement from the bank is known as________. | reconciliation |
| An overpayment to a physician results in a negative number, or_________ balance, the patients account. | Credit |
| Another term for a statement of income and expense is_________ statement. | Profit and loss |
| The________ appears as a fraction on the upper edge of all printed checks and identifies the geographic area and specific bank on which the check is drawn | ABA number |
| Goods and properties that have a dollar value, such as the medical practice building, bank accounts, office equipment, and accounts receivable, are called________. | Assets |
| The process of communicating the income and expenses of a business and it’s financial health is known as_______. | Accounting |
| A _________ statement shows how much cash is available to cover expenses, to invest, or to take as profits. | Cash flow |
| A_______ check is a check issued on bank paper and signed by a bank representative; it is usually purchased by people who do not have checking accounts | Cashiers |
| A__________, which is sometimes called an encounter form or superbill, is the original record of the doctors services and the charge for those services | Charge slip |
| The physician may use a ________ check to withdraw money without having his or her checkbook because this type of check permits her to withdraw funds from her account only. | Counter |
| The process of keeping a daily log of the patient charges and payments received from patients each day is called_______. | Journalizing |
| A________check states that it is void after a certain amount of time and is sometimes used for payroll. | Limited |
| In order to be considered__________, or legally transferable from one person to another, a check has to be written and signed by the payer and include the amount of money to be paid. | Negotiable |
| The person to whom a check is written is the_________. | Payee |
| In order to be considered negotiable, a check must be signed by the_________. | Payer |
| The_______ system allows you to wire each transaction once while recording it on four different accounting forms. | Write it once |
| A_______ gives a person the legal right to handle to financial matters for another person who is unable to do so. | Power of Attorney |
| ________, or watching for changes on disbursements, is important because it helps control expenses | Tracking |
| Most practices may use checks from a standard checkbook or________checks, which often come in a three ring binder and provide a stub for record keeping | Voucher |
| The part of the accounting process known as_______ is the systematic recording of business transactions | Bookkeeping |
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Ejackson533