Record Keeping Vocabulary
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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| Accounting | Reporting of the financial results of a business
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| Accounting Equation | Assets= Liabilities + Owners equity
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| Accounts Payable | Amounts owed to( creditors) vendors
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| Accounts Receivable | Income or money owed to a business
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| Adjustment | When a change has been entered into an account record
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| Assets | Everything owned by a business/ medical practice, bank accounts, cash accounts receivable, real estate and equipment
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| Balance | Difference between the debit and the credit
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| Balance Sheet | Shows current financial condition of the practice
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| Bookkeeping | Systematic recording of the transactions of a business
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| Credit | When a payment has been received on an account
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| Daily Log | Chronological list of the charges to patients and payments received from patients each day
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| Day Sheet | All patient charges and any receipts are recorded here each day
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| Debit | When a charge has been entered into an account
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| Disbursement Journal/ Record | Summary of accounts paid out
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| Income Statement | Reports the total income received and the total expenses that make the income necessary
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| Ledger card | Provides a record of all services, charges, payments, and adjustments
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| Liabilities | Debts of a business; what they owe
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| Owners Equity | What a business is worth, Difference between the assets and the liabilities of a business
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| Payee | Person who receives payment
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| Petty Cash fund | Voucher system used to take care of minor expenditures
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| Petty cash voucher | Form used to control petty cash expenditures
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| Receipt form | Used when a patient payment is made but no service is provided on that day
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| Superbill | Used as a charge slip, receipt statement, and insurance reporting form
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Created by:
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