Blesi8e Ch33 Terms Word Scramble
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| Term | Definition |
| accounting | involved the process of identifying, recording and communicating economic events |
| accounting formula | the formula that is considered the basis for all financial accounting; assets minus liabilities equals net worth |
| accounts payable (A/P) | the total amounts owed by the practice to suppliers |
| accounts receivable (A/R) ratio | the total dollar amount of the outstanding payments or claims due to the office from patients and customers |
| assets | anything owned that has exchange value |
| balance sheet | reveals a company's assets, liabilities and owner's equity (net worth) |
| collection ratio | a formula that determines how efficiently and timely an office is collecting payments for services rendered by the physicians |
| cost ratio | a formula that demonstrates the cost of a specific procedure or service |
| cost-benefit analysis | an analysis that allows for program evaluation by demonstrating whether the benefits received will outweigh its costs |
| depleted | consumed, emptied, exhausted |
| double-entry | an accounting method of recording transactions that provides an equality of debits and credits |
| equity | the value of property beyond the total amount owed on it; net worth |
| expenditure | actual payment of cash or cash equivalent for goods or services |
| financial records | records that reflect the financial status of the medical office or business |
| gross collection ratio | includes the total payments received by a practice for a specific period of time |
| income statement | demonstrates the profit and expenses for a given month |
| invoice | a document that includes itemization of goods and purchases or services provided together with the charges and terms of the agreement |
| liabilities | debts or accounts payable owed by the business |
| managerial accounting | the study and analysis of financial data as it applies to operational issues within a company |
| net collection ratio | calculated by taking the total payments for a specific period of time divided by the total charges |
| net worth | assets minus liabilities, which demonstrates the value of a business |
| operating information | the information that is needed on a day-to-day basis in order for a company to conduct business |
| pegboard | a manual bookkeeping system that uses a lightweight board with pegs to track the physicians day sheet transactions, patient ledgers and deposits |
| petty cash | a small amount of cash available for small business expenses; used for postage stamps, inexpensive office supplies and small charitable donations |
| trial balance | a bookkeeping worksheet used to ensure the entries in a company's bookkeeping system are mathematically correct. |
| voucher | a document that serves as proof that the terms of a transaction have been met |
| write-offs | an expense usually deemed uncollectable by any business |
Created by:
MaesterRay
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