BOOKKEEPING STUDY GUIDE EXAM
REVIEW QUESTIONS AND ANSWERS
Amounts owed to creditors are known as - ANSWER-Accounts payable
Professional discounts, courtesy adjustments, and disallowances by insurance
companies are examples of - ANSWER-Adjustments
In a manual bookkeeping system, copies of the ledger card can be used as - ANSWER-
Patient statements
An accounting method that is not self balancing is - ANSWER-Single entry accounting
Cash, inventory, furniture, and equipment are types of - ANSWER-Assets
Change for a patient who pays cash is made from the - ANSWER-Change drawer
For minor office expenses, money should be taken from the - ANSWER-Petty cash
drawer
Recording the financial affairs of a business is the main purpose of all - ANSWER-
Bookkeeping systems
Amounts paid out for the expenses of the medical practice are recorded in the -
ANSWER-Accounts payable ledger
Payments at the time of service and payments are received by mail must be recorded -
ANSWER-Daily
It is important that each day is cash and check receipts equal of the days total -
ANSWER-Bank deposit
Recording each transaction on a daily ledger is referred to as - ANSWER-Posting
Most medical practices rely on the administrative medical assistant to have solid -
ANSWER-Bookkeeping skills
Fees for office visits, laboratory tests, medical supplies, and other services for patients
are - ANSWER-Charges
A common book keeping abbreviation for coinsurance is - ANSWER-COINS.
REVIEW QUESTIONS AND ANSWERS
Amounts owed to creditors are known as - ANSWER-Accounts payable
Professional discounts, courtesy adjustments, and disallowances by insurance
companies are examples of - ANSWER-Adjustments
In a manual bookkeeping system, copies of the ledger card can be used as - ANSWER-
Patient statements
An accounting method that is not self balancing is - ANSWER-Single entry accounting
Cash, inventory, furniture, and equipment are types of - ANSWER-Assets
Change for a patient who pays cash is made from the - ANSWER-Change drawer
For minor office expenses, money should be taken from the - ANSWER-Petty cash
drawer
Recording the financial affairs of a business is the main purpose of all - ANSWER-
Bookkeeping systems
Amounts paid out for the expenses of the medical practice are recorded in the -
ANSWER-Accounts payable ledger
Payments at the time of service and payments are received by mail must be recorded -
ANSWER-Daily
It is important that each day is cash and check receipts equal of the days total -
ANSWER-Bank deposit
Recording each transaction on a daily ledger is referred to as - ANSWER-Posting
Most medical practices rely on the administrative medical assistant to have solid -
ANSWER-Bookkeeping skills
Fees for office visits, laboratory tests, medical supplies, and other services for patients
are - ANSWER-Charges
A common book keeping abbreviation for coinsurance is - ANSWER-COINS.
