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recordkeep test 1

The systematic recording of the transactions of a business is called record keeping
Reporting the financial results of a business is called accounting
Reasons for maintaining financial records 1. plan for future 2.determines profit and loss status 3.income tax purposes
Oldest bookkeeping system; each entry is made separately: errors are common with this method Single entry system
the bookkeeping system that provides a comprehensive financial picture; requires a trained/ experienced bookkeeper or accountant Double entry system
Called the write it once system because the same data is entered on all the forms at one time peg board
Used to take care of minor expenditures petty cash
Also called a check register; whatever is spent in the health care facility is recorded here disbursement journal
Form used to control petty cash expenditures Voucher
When establishing the petty cash fund,the check is written to cash/petty cash and entered in the disbursement journal under Misc.
The information on the petty cash vouchers is transferred to a petty cash record
The average amount of a petty cash fund is 25-50 dollars
when replenishing the petty cash fund, the amount of the check is Disbursed under accounts in which it was used
Created by: lecopple1