AES Bookkeeping Question and answers rated A+ 2024
5 views 0 purchase
Course
Bookkeeping
Institution
Bookkeeping
AES Bookkeeping Question and answers rated A+ 2024 AES Bookkeeping, bookkeeping level 2 terms, Lecture 8 - Recondring Financial Transactions (Double Book Keeping)
When should daysheets be updated? - correct answer As each transaction takes place
Which manual bookkeeping system has a built-i...
AES Bookkeeping, bookkeeping level 2
terms, Lecture 8 - Recondring Financial
Transactions (Double Book Keeping)
When should daysheets be updated? - correct answer ✔As each transaction
takes place
Which manual bookkeeping system has a built-in way to check for errors? -
correct answer ✔Double-entry system
In which of the following ledgers must an outstanding patient balance be
recorded? - correct answer ✔Both the patient ledger and the accounts
receivable ledger
When stamped on a check, what does NSF stand for? - correct answer
✔Non-sufficient funds
Which of the following best describes an accounts payable ledger? - correct
answer ✔A book of all office debts that have not been paid
Which of these is the most appropriate way to make corrections in a manual
bookkeeping system? - correct answer ✔Draw one line through the mistake
and enter the correction above.
Which of the following best describes the term "professional courtesy"? -
correct answer ✔A fee discount for health care workers
Who decides when and to whom professional courtesy is extended? - correct
answer ✔The physician
,If a physician treats a fellow health care worker and does not collect the
remaining fee after that worker's insurance contribution is received, this is
what kind of adjustment? - correct answer ✔Professional courtesy
In which of the following ledgers would an assistant look to find the most
current bank balance? - correct answer ✔Check ledger
If an office uses a computerized bookkeeping system, understanding manual
bookkeeping is unnecessary. - correct answer ✔False
In which of the following ledgers would an assistant look to find a specific
patient's current outstanding balance? - correct answer ✔Patient ledger
In which of the following ledgers would an assistant look to find information on
all the debts owed by the medical office? - correct answer ✔Accounts
payable ledger
Payments received by mail do not have to be posted to the patient ledger. -
correct answer ✔False
Why is the pegboard system also called the "write-it-once" method? - correct
answer ✔Entries are posted to several records at once.
Which of the following definitions best describes a write-off? - correct answer
✔A cancellation of a fee
When a patient makes a payment to a collection agency, the entire amount of
that payment will be sent to the medical office. - correct answer ✔False
, What is the first step an office assistant should take after receiving an NSF
check? - correct answer ✔Inform the check-writer that the check has been
returned.
bookkeeping level 2 terms
bookkeeping - correct answer ✔the process of recording the transactions
and financial activities of a business
invoices - correct answer ✔documents issued by companies as evidence of
transactions made
purchase invoice - correct answer ✔a record of a purchase made by a
company, showing the terms and conditions for payment
purchase journal - correct answer ✔information from the purchase invoice is
recorded in what journal
sales journal - correct answer ✔information from the sales invoice is
recorded in what journal
business number - correct answer ✔what is used to reference a company's
Canadian GST and HST
cash receipts journal - correct answer ✔a specialized journal used to
systematically record all cash received from customers payments on account,
and from other sources such as cash sales, interest and sales taxes
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller flyhigher329. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
