BOOKKEEPING CHAPTER #15 EXAM
QUESTIONS AND ANSWERS
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
QUESTIONS AND ANSWERS
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
