Bookkeeping definitions Questions with complete solution 2024
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping definitions Questions with complete solution 2024 Bookkeeping definitions, Basic Bookkeeping, TLE Bookkeeping Grade 10, BASIC BOOKKEEPING - CHAPTER 1 - AN INTRODUCTION TO BOOKKEEPING,
accounts payable - correct answer The management of debit incurred and not yet paid; money the pr...
Bookkeeping definitions, Basic
Bookkeeping, TLE Bookkeeping Grade
10, BASIC BOOKKEEPING - CHAPTER 1
- AN INTRODUCTION TO
BOOKKEEPING,
accounts payable - correct answer ✔The management of debit incurred and
not yet paid; money the provider owes to others.
accounts receivable - correct answer ✔Money that is expected but has not
yet been received
adjustments - correct answer ✔Credits posted to the patient account record
when the provider's fee exceeds the amount allowed stated on the EOB
bookkeeping - correct answer ✔The recording of financial transactions in the
patient account records
collections - correct answer ✔The process of using all legal resources
available to collect payment for past due patient account balances
credit - correct answer ✔A bookkeeping entry that increases accounts
receivable; money owed to the provider; money counted as received by the
provider.
guarantor - correct answer ✔The individual who subscribes to an insurance
plan and accepts financial responsibility for the patient; responsibility for
payment
,invoice - correct answer ✔A list of products or services provided to the
healthcare facility for payment; billing statement that lists the amount owed for
goods or services provided
medically indigent - correct answer ✔Patients that are in need of medical
care, yet cannot pay
non-sufficient funds check (NSF) - correct answer ✔When a patient pays a
check without having sufficient funds in the bank to cover the payment so it is
returned to the provider unpaid
balance - correct answer ✔Amount available in an account for withdrawl or
use; total of the charges and credits
provider's fee schedule - correct answer ✔Fees established by the provider
for services rendered
liability - correct answer ✔the state of being responsible for something,
especially by law
asset - correct answer ✔Someone or something regarded by the company
as having value
debit - correct answer ✔money owed to the patient: paper says; money listed
as owed to the provider
patient account - correct answer ✔a running balance of all financial
transactions under the patient's account record
, encounter form - correct answer ✔document services rendered by capturing
the diagnosis and procedure codes
payments - correct answer ✔the action or process of paying someone or
something or of being paid
patient account statement - correct answer ✔provides a running balance, the
result of all the different financial transactions performed in the account,
including charges, payments, adjustments and credits
account - correct answer ✔a record in the general ledger used to collect and
store debit and credit amounts. Lists unpaid customer invoices: formal record
of the debits and credits relating to the person business etc.
posting - correct answer ✔balances in subledgers are shifted into the
general ledger; recording debits and credits on accounting Ledger
alpha search - correct answer ✔in the EMR, you search for the first three
letters of the patients name and their name appears
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