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Ch. 15: Bookkeeping Questions and Answers $10.49   Add to cart

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Ch. 15: Bookkeeping Questions and Answers

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Ch. 15: Bookkeeping 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 pat...

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  • August 4, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Ch. 15: Bookkeeping
  • Ch. 15: Bookkeeping
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Ch. 15: Bookkeeping
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
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

What is the term used that refers to the recording of each transaction on the daily
ledger known as? - Answer- Posting

Most medical practices rely on the administrative medical assistant to have solid -
Answer- Bookkeeping skills

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