[MO2] Accounts Payable [Tier 01]
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| accounting | involved the process of identifying, recording and communicating economic events
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| accounting formula | the formula that is considered the basis for all financial accounting; assets minus liabilities equals net worth
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| accounts payable (A/P) | the total amounts owed by the practice to suppliers
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| accounts receivable (A/R) ratio | the total dollar amount of the outstanding payments or claims due to the office from patients and customers
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| assets | anything owned that has exchange value
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| balance sheet | reveals a company's assets, liabilities and owner's equity (net worth)
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| collection ratio | a formula that determines how efficiently and timely an office is collecting payments for services rendered by the physicians
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| cost ratio | a formula that demonstrates the cost of a specific procedure or service
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| cost-benefit analysis | an analysis that allows for program evaluation by demonstrating whether the benefits received will outweigh its costs
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| depleted | consumed, emptied, exhausted
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| double-entry | an accounting method of recording transactions that provides an equality of debits and credits
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| equity | the value of property beyond the total amount owed on it; net worth
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| expenditure | actual payment of cash or cash equivalent for goods or services
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| financial records | records that reflect the financial status of the medical office or business
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| gross collection ratio | includes the total payments received by a practice for a specific period of time
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| income statement | demonstrates the profit and expenses for a given month
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| invoice | a document that includes itemization of goods and purchases or services provided together with the charges and terms of the agreement
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| liabilities | debts or accounts payable owed by the business
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| managerial accounting | the study and analysis of financial data as it applies to operational issues within a company
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| net collection ratio | calculated by taking the total payments for a specific period of time divided by the total charges
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| net worth | assets minus liabilities, which demonstrates the value of a business
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| operating information | the information that is needed on a day-to-day basis in order for a company to conduct business
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| pegboard | a manual bookkeeping system that uses a lightweight board with pegs to track the physicians day sheet transactions, patient ledgers and deposits
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| petty cash | a small amount of cash available for small business expenses; used for postage stamps, inexpensive office supplies and small charitable donations
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| trial balance | a bookkeeping worksheet used to ensure the entries in a company's bookkeeping system are mathematically correct.
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| voucher | a document that serves as proof that the terms of a transaction have been met
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| write-offs | an expense usually deemed uncollectable by any business
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