Performing Accounts Payable Procedures
Performing Accounts Receivable Procedures
Prepare and reconcile a bank statement & deposit record
Checks
Conducting work within scope of education, training & ability
100
Which accounts payable is typically the largest in a medical office?
What is Payroll.
100
What is another name for a write-it-once system?
What is the Pegboard System.
100
What is the type of endorsement is used when the payee of the check signs it over to another person? Also called a third-party endorsement.
What is Special Endorsement.
100
What type of check allows the depositor to withdraw funds from her account only?
What is a Counter check.
100
What is the process of recording services provided, the fees charged, and payments received in a daily log?
What is Journalizing.
200
What is the term used for any payment the physician’s office makes for goods or services?
What is a Disbursement.
200
If you are using a pegboard system, what is the first thing you should put on the pegboard?
What is the daily log sheet, followed by a stack of superbills.
200
What is an “endorsement” that consists simply of the payee’s signature?
What is Blank Endorsement.
200
What is the type of check that states it is void after a certain time limit?
What is Limited.
200
What is the process of communicating the income and expenses of a business and its financial health?
What is Accounting.
300
What does the physician periodically review to ensure that the books balance?
What is the Trial Balance.
300
The type of statement that shows how much cash is available to cover expenses, to invest, or to take as profit?
What is the Cash flow statement.
300
What is the “endorsement” that specifies precisely how the check may be redeemed, such as only for deposit?
What is Restrictive Endorsement.
300
What type of check is purchased from a bank, written on the bank’s own checking account, and signed by a bank official?
What is a Cashier’s Check.
300
What is the part of the accounting process that consists of the systematic recording of business transactions?
What is Bookkeeping.
400
What is the preprinted number that appears as a fraction and identifies both the geographic area and the specific bank on which the check is drawn?
What is the ABA Number.
400
Where do you record payments from a patient received by mail after an office visit?
What is on the patient’s ledger card and the current day’s daily log.
400
What is the process of comparing the office financial records with the monthly statement from the bank called?
What is Reconciliation.
400
What type of check is preprinted and might be used by a physician to pay for out-of-town conference expenses?
What are Traveler’s Checks.
400
What is the process in bookkeeping that can lead to errors and omissions?
What are Skipped steps.
500
What type of statement highlights the practice’s profitability by showing the practice’s total income and subtracting all expenses?
What is the Statement of income and expense.
500
What is an important accounting step to follow because it helps control expenses?
What is Tracking, or watching for changes.
500
In the past, it was necessary to have an accountant prepare financial summaries, but what is used now to create these reports easily?
What is Practice Management Software.
500
Business or personal checks that have a perforated stub attached for recordkeeping are called?
What are Voucher Checks.
500
A double-entry bookkeeping system is based on the principle or formula that the company’s assets are equal to what?
What is its capital plus its liabilities.
M
e
n
u