Petty cash fund - Study guides, Class notes & Summaries

PATIENT TRUST FUNDS - 1) Policy: - Must have a policy. May state that the facility will not handle monies in excess of $5,000.00. The facility may charge a reasonable fee not to exceed the ACTUAL COST of providing service. 2) Required Printed Information: - This must be given resident upon admission. A statement that the facility will handle personnal funds if no other person is available. Periodic statement of accounts (Minimum: Quarterly) 3) Procedure: American Institute of CPA -...

Internal control is the organizational plan and all the related measures designed to accomplish which of the​ following? ​(check all that​ apply) A. Ensure​ accurate, reliable accounting records B. Promote operational efficiency C. Safeguard assets D. Encourage employees to follow company policies A. Ensure​ accurate, reliable accounting records B. Promote operational efficiency C. Safeguard assets D. Encourage employees to follow company policies Which of the following are ...

There are several reasons why the petty cash fund would experience a shortage or an overage. Determine which of the actions below would result in a shortage or an overage in the petty cash fund. The petty cashier underpaid for the amount due. The petty cashier obtained a receipt for the payment. The company cashier reduced the petty cash account. The petty cashier failed to get a receipt for payment. - ANSWER The petty cashier failed to get a receipt for payment. EFTcollection and cre...

CMAA 14 Exam Questions With 100% Correct Answers. False; petty cash fund - answera change fund is used to pay for small expenditures such as supplies used in the office. False; more people = greater chance of mistake - answerit is best if several people are responsible for the petty cash fund; this reduces the chance that mistakes will be made in handling the fund. true - answerreports generated from the computer billing system provide detail on the financial health of the practice Fals...

There are several reasons why the petty cash fund would experience a shortage or an overage. Determine which of the actions below would result in a shortage or an overage in the petty cash fund. The petty cashier underpaid for the amount due. The petty cashier obtained a receipt for the payment. The company cashier reduced the petty cash account. The petty cashier failed to get a receipt for payment. - ANSWER The petty cashier failed to get a receipt for payment. EFTcollection and cr...

RMA EXAM 7Questions and Answers The inability to use a sensory organ or partial inability to move an arm or leg is referred to as which of the following psychological disorders? - ANS ️️ Conversion A person or group bringing charges in a lawsuit is called - ANS ️️ a plaintiff In which of the following are allowed charges detailed? - ANS ️️ Explanation of benefits Therapeutic phlebotomy may be performed to treat - ANS ️️ polycythemia Which of the following types of injection...

The right side of a T account is the _____. - correct answer credit side Each time cash or checks are placed in a bank account, the customer prepares a _____. - correct answer deposit slip On a work sheet, the balance of the Sales account is extended to the ____. - correct answer income statement credit column At the end of a month, even if the journal page is not filled, _____. - correct answer the journal page is proved and ruled When a business pays cash for supplies,_____. - corr...

State Of Michigan Nursing Home Administrator Exam Questions And Answers. PATIENT TRUST FUNDS - correct answer. 1) Policy: - correct answer.Must have a policy. May state that the facility will not handle monies in excess of $5,000.00. The facility may charge a reasonable fee not to exceed the ACTUAL COST of providing service. 2) Required Printed Information: - correct answer.This must be given resident upon admission. A statement that the facility will handle personnal funds ...

BOOKKEEPING CHAPTER #15 EXAM QUESTIONS AND ANSWERS Simplest bookkeeping system that is not self balancing - ANSWER-Single entry accounting Amount that is written off and not collected - ANSWER-Adjustment Amounts paid out for expenses of the business practice - ANSWER-Accounts payable Small cash fund available for minor office expenses - ANSWER-Petty cash Checks received from insurance companies - ANSWER-Voucher Increases assets - ANSWER-Debit Decreases assets - ANSWER-Credit

What are endorsements -:- -where you sign the check (blank, special, qualified, restrictive) define payee -:- one to whom the check is payable, a person or company who will receive payment on a promissory note, check, draft or money order Define outstanding check -:- check not yet presented to the bank for payment or deducted from the bank balance Deposit in transit -:- -deposits not yet added to the bank balance Service Charge -:- a fee a bank charges for handling a checking a...