AES Bookkeeping Question and answers rated A+ 2024
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Module
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
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