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Medical Office Procedures: Chapter 9 Exam Questions And Correct Answers
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©THEBRIGHT EXAM STUDY SOLUTIONS 8/22/2024 12:54 PM Medical Office Procedures: Chapter 9 Exam Questions And Correct Answers Absolute Accuracy - answerCorrectness that is 100 percent; correctness without error, required for handling financial transactions. Accounting - answerA system used to cl...

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  • August 28, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • medical office procedures chapter 9 exam question

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©THEBRIGHT EXAM STUDY SOLUTIONS 8/22/2024 12:54 PM



Medical Office Procedures: Chapter 9 Exam
Questions And Correct Answers

Absolute Accuracy - answer✔✔Correctness that is 100 percent; correctness without error,
required for handling financial transactions.

Accounting - answer✔✔A system used to classify, record, and summarize financial transactions.

Accountable payable (A/P) - answer✔✔The unpaid amounts of money owed by the practice to
creditors and/or suppliers.

Accounts receivable (A/R) - answer✔✔The unpaid amounts of money owed to the medical
practice by patients and third-party payers.

Accrual method - answer✔✔The accounting method whereby income is recorded as soon as it is
earned, whether or not payment is received; expenses are recorded when they are incurred.

Aging reports - answer✔✔Reports that show the passage of time between the issuing of a
request for payment (invoice) and the receipt of payment; used to determine late payments and
collect them.

Annual Summary - answer✔✔A report providing the monthly charges and payments for an
entire year.

Audit - answer✔✔A review of all financial data by an independent party outside the practice-the
IRS or an accountant-to ensure the accuracy and completeness of all financial transactions.

Balance sheet - answer✔✔A report for a stated period indicating the practice's complete assets,
liabilities, and capital.

Bank reconciliation - answer✔✔The process of comparing the balance on the monthly bank
statement with the checkbook balance to determine whether there is agreement or a difference in
the amounts.

Blank endorsement - answer✔✔The presence of only a signature to enable a check to be cashed
or deposited; the most common form of endorsement.

Bookkeeping - answer✔✔The accurate recording of financial transactions.

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