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Chapter 19 Bookkeeping and Banking Chapter Vocabulary Questions and Answers $10.49
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Chapter 19 Bookkeeping and Banking Chapter Vocabulary Questions and Answers
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Chapter 19 Bookkeeping and Banking Chapter Vocabulary Open Accounts - Answer- Accounts that are open to charges made from time to time; physicians' patient patient accounts are usually called open-book accounts. Record of business transactions on the books that represents an unsecured account re...

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  • August 4, 2024
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  • 2024/2025
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Chapter 19 Bookkeeping and Banking
Chapter Vocabulary
Open Accounts - Answer- Accounts that are open to charges made from time to
time; physicians' patient patient accounts are usually called open-book accounts.
Record of business transactions on the books that represents an unsecured account
receivable where credit has been extended without a formal written contract;
payment is expected within a specified period.

general ledger - Answer- Record that contains all of the financial transactions of all
accounts; it has equal debits and credits as evidenced by a trial balance

double-entry accounting - Answer- Bookkeeping system of financial records used in
business, whereby equal accounting debits and credits are recorded for each
transaction

petty cash fund - Answer- Small amount of monies readily available for minor office
expenses

liabilities - Answer- Legal obligations of one person to another; debts

ledger card - Answer- Individual financial record indicating charges, payments,
adjustments, and balances owed

debits - Answer- Bookkeeping entries reflecting money owed (charges); the increase
of a patient account balance, an asset, or a business expense, of the decrease of a
liability of an owner's equity

daysheet - Answer- Register for recording all daily business transactions; also known
as daybook, daily journal sheet, daily record sheet, or general ledger

credits - Answer- Bookkeeping entries reflecting a decrease in the account balance;
include payments by debtors (patients) of a sum received on their account or an
adjustment (write-off)

capital - Answer- Physician's share in a business plus operating profit; also known as
owner's equity or net worth

bookkeeping - Answer- Process used for analyzing and recording business
transactions for the purpose of collecting amounts due and reporting the financial
condition of the business at a future date

balance - Answer- Amount owed on a credit transaction after payments and
adjustments have been recorded; also known as outstanding, running, or unpaid
balance

, assets - Answer- Any possessions, either physical objects (tangible) or resources
(intangible), having money value. Tangible assets include cash, inventory, furniture,
fixtures, and equipment; intangible assets may be a service, trademark, or goodwill

adjustment - Answer- Credit entry made on an account or ledger to decrease a
balance that may be due to professional discounts, courtesy adjustment (write-offs),
disallowances by insurance companies, or to correct bookkeeping errors

accounts receivable (A/R) ledger - Answer- Record book (log) that lists all patients'
outstanding accounts showing how much each one owes for services rendered

accounts receivable control - Answer- Daily summary of dollar amounts that remain
unpaid on all accounts

accounts payable (A/P) ledger - Answer- Record book that lists detailed amounts
owed to creditors for the operation of a business, such as supplies and equipment,
services rendered, or facility expenses

accounting - Answer- A system of recording and summarizing business and financial
transactions and analyzing, verifying, and reporting the results

account - Answer- Formal record of all transactions made on an individual's financial
record, listing debits, credits, and balance; may be computerized. In a medical
practice using a manual bookkeeping system, this term is referred to as a ledger or
ledger card

single-entry accounting - Answer- Type of accounting where each transaction is
entered only once in the account books. It is not self-balancing; in other words, it
does not rely on equal debits or credits.

proprietorship - Answer- Owner's net worth; that is, that which is equal to the assets
of the business minus the liabilities of the business; also known as owner's equity of
capital

posts - Answer- To record or transfer financial entries, debits or credits, to an
account, for example, daysheet, computerized account or ledger, bank deposit slip,
check register, or journal

ABA routing number - Answer- Coding system developed by the American Bankers
Association and used on checks to identify the location of the bank, also called bank
number or transit

automatic transfer of funds - Answer- Withdrawal of funds from one account and
transfer to another, in specific amounts, at specified time, and according to a prior
written agreement

Bank statement - Answer- Monthly itemization of all transactions of a checking
account, showing checks paid, deposits made, service charges, and beginning and
ending balances; may be accompanied by canceled checks, photocopies of checks,

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