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Everest345modcwk1
Everest 345 mod c wk 1
| Question | Answer |
|---|---|
| assets | an item of value |
| bankruptcy | state of financial ruin |
| bookkeeping | process of keeping the accounts for a business |
| ledger | record of all services and charges |
| accounting | reporting financial results to a business |
| posting | entering amounts into record |
| trial balance | first estimate of debits to credits |
| cash basis | payment in cash only |
| day sheet | used to list each day's financial transactions |
| account | statement of financial transactions |
| debit | indicates when a charge has been entered into the account |
| credit | when payments is received on an account |
| balance | difference between the debit and credit |
| credit balance | payment exceeds charge |
| accounts receivable | money owed to the physician |
| accounts payable | money the physician owes to others |
| checking | allows for checks to be written against an account |
| savings | to put money aside for interest |
| adjustment | any changes made into an account; discount, writeoff, or disallowance |
| aging accounts | process of determining how long an account is past due |
| collection | accumulation |
| fee schedule | predetermined charges |
| delinquent | overdue in payment |
| itemized statement | record of all transactions for an account |
| reconciliation | to adjust records against bank statement |
| endorsement | allows for transfer of money from one person to another |
| disbursement | payment of funds |
| deduction | taking away |
| transaction | exchange of goods |
| peg board | write it once system of documenting bills and payments |
| hospice | program designed to provide care for terminally ill |
| inpatient | person in the hospital overnight |
| medical privileges | right to admit and practice medicine at a hospital |
| cashiers checks | written on bank checks |
| money orders | purchased for cash value typed on the check |
| traveler's checks | checks preprinted in specific amounts |
| claim | a demand for something due |
| coding | system for converting services into numbers |
| coinsurance | joint assumption of risk |
| blank endorsement | has signatures of payee; not used in business |
| ABA number | identifies the area and the bank on which the check is written |
| deductible | the amount the insured is responsible to pay |
| preauthorization | obtaining permission before service given |
| premium | amount paid for isurance coverage |
| risky checks | third party checks |
| rider | an exception to insurance contract |
| ledger card | contains all charges and services |
| super bill | patient record of account activity |
| assignment of benefits | patient's authorization giving insurance the right to pay directly to physician |
| W-4 | determines amount of taxes to be withheld from each employees paycheck |
Created by:
everest
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