Cat
What accounting system or practice is based on:
assets=liabilities+equity
Double entry
What accounting system utilizes forms that are layered?
pegboard
Which type of accounting provides information primarily for external entities?
Financial accounting
Which accounting process includes a daily journal or log, patients' statements, ledgers, checks, and disbursement records?
Single-entry
Which fidelity bond covers all employees?
Blanket-position bond
In which account are outstanding office expenses and services entered?
Accounts payable
If total monthly receipts are $50,000 and total monthly charges are $60,000 for the same month, what is the collection ratio?
83%
receipts divided by charges
Which bookkeeping/accounting system requires significant training of staff?
Computerized
Can a computerized accounting system be customized to the individual care setting?
Yes
Can a computerized accounting system create day-end summaries?
Yes
Which financial report shows cumulative monthly profit and loss?
Income statement
What is created to confirm total debits equals total credits?
Trial balance
Which type of accounting helps determine the cost of providing services in an ambulatory care setting?
Cost accounting
Which accounting process provides a comprehensive financial picture with built-in accuracy controls?
Double entry
Which of the following is not part of a ledger or journal entry: data of transaction, account names involved, amount of charges, or total receipts?
Total receipts
Can a computerized accounting system include most common procedure and diagnostic codes?
Yes!
What is the recommended turnaround time for an efficient billing and collection policy?
2 months
Which ratio is calculated by dividing total expenses by the total number of procedures for 1 month?
Cost
Which account is used to pay for credit purchases or services?
Accounts payable
Does a family practice bond protect practices against embezzlement?
No. The position-scheduled bonds, blanket-position bonds, and personal bonds do.
Which bookkeeping system includes charge slips or encounter forms?
Pegboard
What is the common name for an employee withholding allowance certificate?
W-4
Which of the following are not part of an itemized balance sheet: liabilities, assets, cost ratio, owner's equity
cost ratio
Can embezzlement be minimized by allowing many employees to use a signature stamp?
No
audits, separate duties among employees, and hire honest employees
If your clinic chooses not to purchase accounting software or have an accountant on staff, what could they use instead?