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100
Term used to describe bills for rent, equipment rental and salaries.
What is: Accounts payable
100
Type of bookkeeping where transactions posted are in two different records, once as credit and once as debit.
What is: Double-entry bookkeeping
100
What must be entered on the deposit itemization record when preparing a deposit slip?
What is: ABA number
100
Differences between money market and checking accounts
What is: Checks must usually be written for a higher minimun amount.
100
What should be included in a collection letter?
What is: Specific date by which payment is required.
200
What is the function a daily journal?
What is: To keep a chonological record of transactions.
200
At what interval are charges and payments usually posted to patient accounts?
What is: Daily
200
You are purchasing an expensive piece of equipment for the office. The company you are purchasing it from wants to be sure the check clears the bank. How can the office pay for the equipement to satisfy the seller?
What is: in the form of a cashiers check
200
What type of account is used to pay a large bill?
What is: Office money market account
200
What must occur to receive payment from a patient that has filed bankruptcy under Chapter VII?
What is: The office must have a signed written credit agreement with the patient.
300
Record used to keep track of charges and payments for individuals.
What is: Patient ledger
300
First step in posting check to patient account when sent by collection agency.
What is: Post a credit adjustment labeled "Reverse Collection" in the amount of the check received.
300
Equation for accounting principle
What is: Assets=liabilites+owner's equity
300
. Information contained on the MICR line
What is: Check number, ABA number and banking routing number.
300
How should the medical office send the final bill if a patient dies?
What is: addressed "to the Estate of" and patients name and sent to pt's address.
400
When is income calculated in the cash basis of accounting?
What is: When patient's bill is paid
400
What must have occured for the office do to receive payment if patient filed a Chapter XIII?
What is: Patient must have an outstanding balance owed to the office.
400
How do you know what the usual charge is for a procedure?
What is: charge appears from computer memory whn the procedure is selected.
400
Valid system to reduce the number of manual checks that need to be written.
What is: Use an online bill payment system
400
How do you enter a check that was returned for NSF in patients account?
What is: As a debit adjustment that increases the patient's balance.
500
Major disadvantage of the single entry bookkeeping system?
What is: There is no method to crosscheck for accuracy of recording and calculations.
500
What does it mean to successfully reconcile a bank statement?
What is: There are adequate funds in the office checking account to cover anticipated expenses.
500
Function of the proof of posting area on a manual day sheet.
What is: To verify that all columns were added correctly
500
Term used to describe money owed to the medical office
What is: Accounts receivable
500
What regulations apply to the written agreement if patient agrees to monthly installments?
What is: Truth in Lending Act