Accounting and Banking
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| accounts payable | amount of money the practice owes to outside vendors, rent or mortgage, supplies, salaries, and so forth
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| accounts receivable | amount of money owed to the practice for pt services performed
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| accounts receivable ratio | comparison of the amount of money charged to a practice and the amount collected by the practice
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| assets | property owned by a business, such as equipment, supplies, and accounts receivable
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| balance sheet | statement of financial condition that contains itemized assets, liabilities, and owner's equity
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| collection ratio | comparison of outstanding debt amount and amount collected
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| financial accounting | process of tracking monetary expenditures and income for outside entities, such as federal government
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| fixed costs | expenses that do not depend on the number of patients being seen in a practice
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| income statement | report of itemized monthly expenses and profits
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| liability | money owed to a creditor
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| managerial accounting | process of tracking monetary expenditures and income for a practice's managers or physician owners
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| owner's equity | amount by which business assets exceed business liabilities; also called net worth
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| variable costs | expenses that increase with an increase in the number of patients seen
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| what are the two different types of accounting practices | financial and managerial
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