Exam (elaborations)
Ch. 15: Bookkeeping Questions and Answers Graded A+
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Exam of 4 pages for the course Bookkeeping at Bookkeeping (Ch. 15: Bookkeeping)
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Ch. 15: BookkeepingWhat 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
Inventory
Furniture
Equipment
What is the primary use of the change drawer in a medical office? - answer Make
chance when patient gives copayment or private pay in cash
Why is there a petty cash fund in the office? - answer Minor office expenses
What is a petty cash fund used for? - answer Coffee
Small quantities of office supplies
Postage due fees
Office refreshments
Recording the financial affairs of a business is the main purpose of all - answer
Bookkeeping systems
State why an accounts payable ledge is used - answer Shows amounts paid out for the
expenses of the medical practice (it's where it is recorded)
How often should payments received in the office and by mail be recorded? - answer
Daily
At the end of the day the total bank deposit should match the - answer Days cash and
check receipt total
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