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Chapter 15

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show Increases in assets  
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show To record a charge, payment,or adjustment on a ledger or account To record financial transactions  
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Accounts receivables ledger   show
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show That which is owned by the business  
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Liability   show
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Daysheet   show
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Credit   show
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show The owners net worth  
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show amount of monies due to a creditor  
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show As much as needed  
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Retn   show
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p.r.n   show
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B/F   show
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pd   show
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adj   show
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show Received on account  
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show Recieved  
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Bookkeeping   show
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Accounting   show
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show Simplest bookkeeping/ system not self balancing A system of bookkeeping in which each transaction is entered in one account only  
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Double - entry   show
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show Accounting has been aa popular pare based bookkeeping method used in physicIns offices A lthough computerized systems have largely replaced it  
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show Purchases are not recorded as (expenses) until the bill is actually paid  
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ledger card   show
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show for minor office expenses, money should be taken from the  
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Payroll records   show
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show generally in a medical office only two journals are required one to record cash receipts and the other to record disbursement  
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Bookkeeping   show
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Accounts payable example   show
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show Increases in assets are termed debits. Decreases in assets are called credits.  
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show is relatively easy to learn and use and is acceptable to both federal and state authorities as a basis for filing tax returns. In this system, records include:  
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show daysheet, daily log, daybook, or charge journal, in which all fees for services rendered and payments are recorded every day  
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accounts receivable (A/R) ledger,   show
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show (check register or checkbook), which shows amounts paid out for the expenses of the business practice  
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show contains records showing monies that are available for minor office expenses and monies that have been disbursed  
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payroll records   show
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show simplest bookkeeping system not self balancing  
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show Bookkeeping system of financial records used in businesses whereby equal accounting debits and credits are recorded  
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show are anything owned by the business, such as equipment, furniture, bank accounts, buildings, accounts receivable, and so on  
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show is original investment money and other property of a corporation that is owned  
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Liabilities   show
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Proprietorship,   show
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show Physicians’ accounts are kept on what is called a ?  
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show shows one month’s transactions. Each day an entry is made in the general ledger listing incoming receipts, the bank deposit, and miscellaneous cash expenditures.  
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show To carry forward the Balance  
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show Journal in which all daily fees and payments are recorded  
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account (C)   show
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show Using pegboard accounting , at the same time that monies Recieved ( cash and checks) are recorded on the days heat they are also recorded on a  
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PATIENT ACCOUNTS   show
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show is a chronologic history of all financial transactions for a patient. In a manual bookkeeping system, the card may be photo- copied and used as a monthly statement.  
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Charges   show
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vouchers.   show
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show Total amounts owed on the PTs account for all business transactions  
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show When the contracted insurance payment plus the patient responsibility is less than the amount of the charge, the amount over the “allowed amount” is written off the books as a contract adjustment.  
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Uncollectible Debt Adjustment   show
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show A common bookkeeping abbreviation for coinsurance  
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show Patients account so new charges can be made  
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Payable   show
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show Medical practice accounts are kept on a ( cash) basis, which means they are based on money taken in as payment for services  
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Income   show
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show If an overpayment has been Recieved from an insurance company from a Patient and the account is paid in full  
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In a computerized system when are charges posted   show
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show Credit column  
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Who does the office send monthly statements to   show
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Accounts recieveable   show
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Account balance   show
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show Depending on the size of the practice a change drawer topically holds  
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show In a manual bookkeeping system copies of the ledger card Canberra used as  
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