Chapter 15 Bookkeeping Test Review Questions Exam With Solutions 100% Correct
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Bookkeeping
Institution
Bookkeeping
Chapter 15 Bookkeeping Test Review
Questions Exam With Solutions 100% Correct
Amounts owed to creditors are known as Accounts payable
Professional discounts, courtesy adjustments, and disallowances by insurance companies are
examples of Adjustments
In a manual bookkeeping system, copies of t...
Chapter 15 Bookkeeping Test Review
Questions Exam With Solutions 100% Correct
Amounts owed to creditors are known as Accounts payable
Professional discounts, courtesy adjustments, and disallowances by insurance companies are
examples of Adjustments
In a manual bookkeeping system, copies of the ledger card can be used as Patient
statements
An accounting method that is not self balancing is Single entry accounting
Cash, inventory, furniture, and equipment are types of Assets
Change for a patient who pays cash is made from the Change drawer
For minor office expenses, money should be taken from the Petty cash drawer
, Chapter 15 Bookkeeping Test Review
Questions Exam With Solutions 100% Correct
Recording the financial affairs of a business is the main purpose of all Bookkeeping
systems
Amounts paid out for the expenses of the medical practice are recorded in the Accounts
payable ledger
Payments at the time of service and payments are received by mail must be recorded
Daily
It is important that each day is cash and check receipts equal of the days total Bank
deposit
Recording each transaction on a daily ledger is referred to as Posting
Most medical practices rely on the administrative medical assistant to have solid
Bookkeeping skills
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