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RMA Chapt. 13
| Question | Answer |
|---|---|
| A list of all employees and their earnings, deductions, and other information is called | Payroll register |
| A payer's own check that is guaranteed by the bank is called a | Certified check |
| Copying an amount from a journal onto a ledger is an example of | Posting |
| Paper towels are considered | Expendable items |
| Amounts charged with suppliers or creditors that remain unpaid are referred to as | Accounts payable |
| A collection ratio is | The total collections divided by net charges |
| The portion of salary held back from payroll checks for the purpose of paying government income taxes is known as | Withholding |
| Which of the following may be used by a payer as a third-party check? | Payroll check |
| A patient ledger card should include | The patient's name and address, Description of services, Balance due from the patient, Patient's insurance policy number, All of the choices are correct |
| Which of the following due dates for Employer's Quarterly Federal Tax Returns is not correct? | June 30 |
| When a patient’s account has a credit balance, which of the following should be circled on the daysheet and ledger? | Payments |
| A manufacturer offers a 15% discount when ordering 10 or more items. Each item costs $30. How much will 10 items cost? | $255 |
| Traveler’s checks can be purchased at which of the following locations? | Bank |
| Which of the following is the purpose of petty cash? | To pay for incidentals |
| Which of the following provides up-to-date information about a medical office’s accounts receivable status? | Balance sheet |
| Spreadsheets are used most commonly for which of the following tasks? | Accounting |
| A medical office uses 8 reams of photocopier paper every two weeks. How many reams will be used in 6 months? | 96 |
| Which of the following terms describes a record of all outstanding accounts and the amounts that are due? | Accounts receivable |
| The disbursement journal maintains a record of business expenses for each | Month |
| If a patient writes a check but there are insufficient funds to cover it, this should be posted in which of the following columns of the daysheet? | Debit |
| A ledger provides up-to-date financial information pertaining to which of the following? | Patients |
| Which of the following forms is filed with an employee’s state income tax return? | 941 |
| Which of the following checks is also referred to as a treasurer’s check? | Cashier’s |
| Which of the following is a form used to identify the number of withholding allowances chosen by an employee? | W-4 |
| Accounts receivable age analysis | Is a tool to show the status of each account |
| A piece of paper describing a purchase and the amount due is known as a(n) | Invoice |
| Which of the following terms defines the collection ratio and the accounts receivable ratio? | Evalatuion process |
| Which of the following is true regarding states requiring both employees and employers to make a payment to state unemployment tax? | A few states require both employees and employers to make a payment |
| The accounts receivable ratio shows | How fast outstanding accounts are being paid |
| What is the trial balance? | A way of checking the accuracy of accounts |
| Amounts that are paid by cash or check called | Disbursements |
| Copies of bills for supplies should be kept on file for at least how long | 7 years |
| The reviewing of financial data to verify accuracy and completeness is called | Auditing |
| What does debit mean? | Charge |
| When new supplies are received, you should | Place them in the back of the storage area |
| A bank draft is a check drawn by a bank | On its funds in another bank |
| The credit policies of a medical facility | Should include a specification of when the practice requires payment, which should be in writing |
| Petty cash may be used | For paying minor expenses such as parking fees |
| Which type of check is frequently used for payroll because it itemizes the purposes for the check and deductions? | Voucher check |
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PRILEN8176