Petty cash fund - Study guides, Class notes & Summaries

Float correct answer: In the petty cash box there will normally be a small amount of cash available to make payments, this is called a float. Gains correct answer: This is non-standard income for the business. Their trade may be in selling clothing, but occasionally they may sell an asset, such as a van or piece of equipment, and it will give rise to a gain. This is gains income, and may also be called a profit on sale of a non-current asset. General ledger correct answer: a ledger cont...

MATPA topic 2 Exam Questions and Answers A group of physicians who have a contract to provide services to subscribers of a plan for a set fee are part of a/an - Answer-PPO The daysheet is: - Answer-A daily record of changes and payments Which of the following acts states that if a physician agrees to extend credit to one patient, the same financial statement must be extended to all patients who represent it: - Answer-The Equal Credit Opportunity Act The modified block letter format, each ...

I. Cash and Cash Equivalents – Theories and Problems 1. Which of the following statements about cash equivalents is true? a. Cash equivalents include treasury bills, money market instruments, equity securities, commercial papers, and preference share with a specified redemption date b. It presents an insignificant risk of changes in value because of the changes in inflation rate c. Investments that have a maturity of 90 days or less is considered as a cash equivalent d. It is shown on the...

KENTUCKY STATE BOARD FUNERAL DIRECTOR'S EXAM 2024 LATEST STUDY QUESTIONS WITH ANSWERS (100% VERIFIED) | RATED A+ Assets - Answer>>>property of monetary value owned by a business Current Assets - Answer>>>Cash and other assets that will be converted into cash or consumed within one year Cash - Answer>>>coins, currency/paper money, checks, credit card receipts and money orders received from others, as well as money deposited in the bank Petty Cash Fund - Answer>&...

PATIENT TRUST FUNDS 1) Policy: Must have a policy. May state that the facility will not handle monies in excess of $5,000.00. The facility may charge a reasonable fee not to exceed the ACTUAL COST of providing service. 2) Required Printed Information: This must be given resident upon admission. A statement that the facility will handle personnal funds if no other person is available. Periodic statement of accounts (Minimum: Quarterly) 3) Procedure: American Institute o...

MATPA topic 2 Exam Questions and Answers A group of physicians who have a contract to provide services to subscribers of a plan for a set fee are part of a/an - Answer-PPO The daysheet is: - Answer-A daily record of changes and payments Which of the following acts states that if a physician agrees to extend credit to one patient, the same financial statement must be extended to all patients who represent it: - Answer-The Equal Credit Opportunity Act The modified block letter format, each ...

What is accounts payable? - ANSWER-Amount owed to creditors Give examples of why a medical practice makes adjustments (write off) accounts? - ANSWER-Professional discounts Courtesy adjustment Disallowances by insurance company In manual bookkeeping systems, the patient statements may be created by copying what? - ANSWER-Patient ledger card Which accounting method is not self balancing? - ANSWER-Single entry accounting Name examples of Assets a company may have - ANSWER-Cash Inve...

MDOF 203 MIDTERM Exam Actual Questions and Answers with complete solution invoice A form describing the goods or services sold, the quantity, and the price receipt a document that represents proof of a financial transaction receivables money owed to the business for work or goods sold to clients payable money owed by a business to its suppliers patient/client account a bank account statement a document of transactions and balances of an account, copy of patient/client account rece...

Maryland Law Questions and Answers Already Passed MD LAW - 1 A real estate broker is any person, association, partnership or corporation who: a. buys, sells, or exchanges real estate for a fee b. hold in good faith a power of attorney c. offers real estate by verbal solicitation d. offers their primary residence for sale a. buys, sells, or exchanges real estate for a fee MD LAW - 2 The Real Estate Commission is part of the: a. Executive office of the state legislature b. Department of H...

Money - answer-Standard medium of exchange in business transactions Currency and coins - answer-Form of money Cash - answer-Money and any other negotiable instrument that is payable in money and acceptable by the bank for deposit and immediate credit PAS 1, paragraph 66 - answer-An entity shall classify an asset as current when the asset in cash or a cash equivalent UNLESS it is restricted from being exchange or used to settle a liability for at least twelve months after the end of the ...