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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