Ch. 15: Bookkeeping
What is accounts payable? - Answer- Amount owed to creditors
Give examples of why a medical practice makes adjustments (write off) accounts? - Answer- Professional discounts
Courtesy adjustment
Disallowances by insurance company
In manual bookkeeping systems, the pat...
Ch. 15: Bookkeeping
What is accounts payable? - Answer- Amount owed to creditors
Give examples of why a medical practice makes adjustments (write off) accounts? -
Answer- Professional discounts
Courtesy adjustment
Disallowances by insurance company
In manual bookkeeping systems, the patient statements may be created by copying
what? - Answer- Patient ledger card
Which accounting method is not self balancing? - Answer- Single entry accounting
Name examples of
Assets a company may have - Answer- Cash
Inventory
Furniture
Equipment
What is the primary use of the change drawer in a medical office? - Answer- Make
chance when patient gives copayment or private pay in cash
Why is there a petty cash fund in the office? - Answer- Minor office expenses
What is a petty cash fund used for? - Answer- Coffee
Small quantities of office supplies
Postage due fees
Office refreshments
Recording the financial affairs of a business is the main purpose of all - Answer-
Bookkeeping systems
State why an accounts payable ledge is used - Answer- Shows amounts paid out for
the expenses of the medical practice (it's where it is recorded)
How often should payments received in the office and by mail be recorded? -
Answer- Daily
At the end of the day the total bank deposit should match the - Answer- Days cash
and check receipt total
What is the term used that refers to the recording of each transaction on the daily
ledger known as? - Answer- Posting
Most medical practices rely on the administrative medical assistant to have solid -
Answer- Bookkeeping skills
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