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Carnegie RecordKeep
Record Keeping Vocabulary
| Question | Answer |
|---|---|
| Accounting | Reporting of the financial results of a business |
| Accounting Equation | Assets= Liabilities + Owners equity |
| Accounts Payable | Amounts owed to( creditors) vendors |
| Accounts Receivable | Income or money owed to a business |
| Adjustment | When a change has been entered into an account record |
| Assets | Everything owned by a business/ medical practice, bank accounts, cash accounts receivable, real estate and equipment |
| Balance | Difference between the debit and the credit |
| Balance Sheet | Shows current financial condition of the practice |
| Bookkeeping | Systematic recording of the transactions of a business |
| Credit | When a payment has been received on an account |
| Daily Log | Chronological list of the charges to patients and payments received from patients each day |
| Day Sheet | All patient charges and any receipts are recorded here each day |
| Debit | When a charge has been entered into an account |
| Disbursement Journal/ Record | Summary of accounts paid out |
| Income Statement | Reports the total income received and the total expenses that make the income necessary |
| Ledger card | Provides a record of all services, charges, payments, and adjustments |
| Liabilities | Debts of a business; what they owe |
| Owners Equity | What a business is worth, Difference between the assets and the liabilities of a business |
| Payee | Person who receives payment |
| Petty Cash fund | Voucher system used to take care of minor expenditures |
| Petty cash voucher | Form used to control petty cash expenditures |
| Receipt form | Used when a patient payment is made but no service is provided on that day |
| Superbill | Used as a charge slip, receipt statement, and insurance reporting form |