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Chapter 19 Bookkeeping and Banking Chapter Vocabulary Questions with correct Answers
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Chapter 19 Bookkeeping and Banking Chapter Vocabulary
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Chapter 19 Bookkeeping and BankingChapter Vocabulary
Open Accounts - answer Accounts that are open to charges made from time to time;
physicians' patient patient accounts are usually called open-book accounts. Record of
business transactions on the books that represents an unsecured account receivable
where credit has been extended without a formal written contract; payment is expected
within a specified period.
general ledger - answer Record that contains all of the financial transactions of all
accounts; it has equal debits and credits as evidenced by a trial balance
double-entry accounting - answer Bookkeeping system of financial records used in
business, whereby equal accounting debits and credits are recorded for each
transaction
petty cash fund - answer Small amount of monies readily available for minor office
expenses
liabilities - answerLegal obligations of one person to another; debts
ledger card - answerIndividual financial record indicating charges, payments,
adjustments, and balances owed
debits - answerBookkeeping entries reflecting money owed (charges); the increase of a
patient account balance, an asset, or a business expense, of the decrease of a liability
of an owner's equity
daysheet - answerRegister for recording all daily business transactions; also known as
daybook, daily journal sheet, daily record sheet, or general ledger
credits - answerBookkeeping entries reflecting a decrease in the account balance;
include payments by debtors (patients) of a sum received on their account or an
adjustment (write-off)
capital - answerPhysician's share in a business plus operating profit; also known as
owner's equity or net worth
bookkeeping - answerProcess used for analyzing and recording business transactions
for the purpose of collecting amounts due and reporting the financial condition of the
business at a future date
, balance - answerAmount owed on a credit transaction after payments and adjustments
have been recorded; also known as outstanding, running, or unpaid balance
assets - answerAny possessions, either physical objects (tangible) or resources
(intangible), having money value. Tangible assets include cash, inventory, furniture,
fixtures, and equipment; intangible assets may be a service, trademark, or goodwill
adjustment - answerCredit entry made on an account or ledger to decrease a balance
that may be due to professional discounts, courtesy adjustment (write-offs),
disallowances by insurance companies, or to correct bookkeeping errors
accounts receivable (A/R) ledger - answerRecord book (log) that lists all patients'
outstanding accounts showing how much each one owes for services rendered
accounts receivable control - answerDaily summary of dollar amounts that remain
unpaid on all accounts
accounts payable (A/P) ledger - answerRecord book that lists detailed amounts owed to
creditors for the operation of a business, such as supplies and equipment, services
rendered, or facility expenses
accounting - answerA system of recording and summarizing business and financial
transactions and analyzing, verifying, and reporting the results
account - answerFormal record of all transactions made on an individual's financial
record, listing debits, credits, and balance; may be computerized. In a medical practice
using a manual bookkeeping system, this term is referred to as a ledger or ledger card
single-entry accounting - answerType of accounting where each transaction is entered
only once in the account books. It is not self-balancing; in other words, it does not rely
on equal debits or credits.
proprietorship - answerOwner's net worth; that is, that which is equal to the assets of the
business minus the liabilities of the business; also known as owner's equity of capital
posts - answerTo record or transfer financial entries, debits or credits, to an account, for
example, daysheet, computerized account or ledger, bank deposit slip, check register,
or journal
ABA routing number - answerCoding system developed by the American Bankers
Association and used on checks to identify the location of the bank, also called bank
number or transit
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