MDOF 203 MIDTERM Exam Actual Questions and
Answers with complete solution
invoice
A form describing the goods or services sold, the quantity, and the price
receipt
a document that represents proof of a financial transaction
receivables
money owed to the business for work or goods sold to clients
payable
money owed by a business to its suppliers
patient/client account
a bank account
statement
a document of transactions and balances of an account, copy of patient/client account
receipts journal
a listing of the receipts received or invoices that must be paid
petty cash
cash available on hand to spend, a fund help by the office to pay for small cash
expenses
review
to verify or check over the recorded information
debit
left side of the account
credit
right side of the account
proper bookkeeping procedures in a medical office can aid in ...
- providing information on the amount of money being spent in certain areas
- helping to create future budgets
- helping to maintain the current budget
since bookkeeping provides financial information for decision making, it must
be ...
CAT
C: complete
A: accurate
T: timely
what is the patients responsibility
uninsured services
a record must be generated for every patient payment transaction
MOA responsibility
- obtain payment for uninsured services or supplies
how to process credit card card payments
- verify cardholder
- finalize
, - signature/PPIN required
- receipts (patient & client)
how to process debit card payments
- verification number provided when payment processed
- receipts (patient office)
how to process cheque payments
- verify client information
- write the cheque number on receipts
- notify client of NSF policy
when issuing receipts for medical services you have to include
- date of payment
- person making the payment
- person for whom the payment was made
- amount of payment
- description of the medical service
- method of payment
- verification number (credit and debit only)
- check number (if applicable)
- name/initials of staff member issuing the receipt
when issuing receipts
- all receipts must be duplicated (client & office)
special account payments are divided into 3 account categories
- overpayments (credit entry): if a client has partial coverage for a procedure or
product and the amount paid from the insurance company is greater than expected or
the amount paid by the client is greater than necessary; this requires a credit entry on
the patient/client account ledger
- refunds/product returns: when a patients account is overpaid, a refund may be
offered or the patient may request to have the credit balance remain on their account
- NSF cheques
to review receipts journal
make sure each recipe is documented correctly
DAILY: verify the amount of the receipts is equal to the amount of money collected
MONTHLY: verify that the monthly bank account total matches monies collected
to review payables journal
- make sure each suppliers invoice is properly recorded and attached to the journal
- add up the invoices and payables journal. these amounts must match
to review petty cash journal
- total the receipts and then total the cash remaining in the petty cash fund
- add these together and this should total the original amount of the petty cash fund
public administration
- manage by public authority
- non profit basis
- subject to federal inspections and financial audits
comprehensiveness
those eligible receive all services designated medically necessary
universality
Answers with complete solution
invoice
A form describing the goods or services sold, the quantity, and the price
receipt
a document that represents proof of a financial transaction
receivables
money owed to the business for work or goods sold to clients
payable
money owed by a business to its suppliers
patient/client account
a bank account
statement
a document of transactions and balances of an account, copy of patient/client account
receipts journal
a listing of the receipts received or invoices that must be paid
petty cash
cash available on hand to spend, a fund help by the office to pay for small cash
expenses
review
to verify or check over the recorded information
debit
left side of the account
credit
right side of the account
proper bookkeeping procedures in a medical office can aid in ...
- providing information on the amount of money being spent in certain areas
- helping to create future budgets
- helping to maintain the current budget
since bookkeeping provides financial information for decision making, it must
be ...
CAT
C: complete
A: accurate
T: timely
what is the patients responsibility
uninsured services
a record must be generated for every patient payment transaction
MOA responsibility
- obtain payment for uninsured services or supplies
how to process credit card card payments
- verify cardholder
- finalize
, - signature/PPIN required
- receipts (patient & client)
how to process debit card payments
- verification number provided when payment processed
- receipts (patient office)
how to process cheque payments
- verify client information
- write the cheque number on receipts
- notify client of NSF policy
when issuing receipts for medical services you have to include
- date of payment
- person making the payment
- person for whom the payment was made
- amount of payment
- description of the medical service
- method of payment
- verification number (credit and debit only)
- check number (if applicable)
- name/initials of staff member issuing the receipt
when issuing receipts
- all receipts must be duplicated (client & office)
special account payments are divided into 3 account categories
- overpayments (credit entry): if a client has partial coverage for a procedure or
product and the amount paid from the insurance company is greater than expected or
the amount paid by the client is greater than necessary; this requires a credit entry on
the patient/client account ledger
- refunds/product returns: when a patients account is overpaid, a refund may be
offered or the patient may request to have the credit balance remain on their account
- NSF cheques
to review receipts journal
make sure each recipe is documented correctly
DAILY: verify the amount of the receipts is equal to the amount of money collected
MONTHLY: verify that the monthly bank account total matches monies collected
to review payables journal
- make sure each suppliers invoice is properly recorded and attached to the journal
- add up the invoices and payables journal. these amounts must match
to review petty cash journal
- total the receipts and then total the cash remaining in the petty cash fund
- add these together and this should total the original amount of the petty cash fund
public administration
- manage by public authority
- non profit basis
- subject to federal inspections and financial audits
comprehensiveness
those eligible receive all services designated medically necessary
universality
