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Quiz am Chapter 5: Bookkeeping, Credits, and Collections, erstellt von carrieleekennedy am 24/08/2014.

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Chapter 5: Bookkeeping, Credits, and Collections

Frage 1 von 28

1

Which of the following statements about double-entry bookkeeping is NOT true?

Wähle eine der folgenden:

  • It has checks and balances

  • It is expensive

  • It requires skill

  • It is accurate

  • It requires more time

Erklärung

Frage 2 von 28

1

A bookkeeping term synonymous with "debit" is

Wähle eine der folgenden:

  • charge

  • discount

  • adjustment

  • balance

  • receipt

Erklärung

Frage 3 von 28

1

The one-write system of check writing is a feature of

Wähle eine der folgenden:

  • single-entry bookkeeping

  • double-entry bookkeeping

  • pegboard bookkeeping

  • savings and loan accounts

  • checking accounts

Erklärung

Frage 4 von 28

1

The individual record of the amounts owed and pid by each patient is ound in the

Wähle eine der folgenden:

  • combined journal

  • general ledger

  • day book (daily journal)

  • patient's ledger

  • worksheet

Erklärung

Frage 5 von 28

1

Posting to the patients' ledger and to the combined journal is made from the

Wähle eine der folgenden:

  • day book (daily journal)

  • general ledger

  • special journal

  • trial balance

  • worksheet

Erklärung

Frage 6 von 28

1

The process of transferring an amount from one record, such as a journal, to another record, such as a ledger, is called

Wähle eine der folgenden:

  • debiting

  • crediting

  • posting

  • extension

  • verification

Erklärung

Frage 7 von 28

1

The word "debit" means

Wähle eine der folgenden:

  • add

  • subtract

  • debt

  • right

  • total

Erklärung

Frage 8 von 28

1

Owners' equity is a term used intercchangeaable with

Wähle eine der folgenden:

  • proprietorship

  • liability

  • professional income

  • an asset

  • income statementn

Erklärung

Frage 9 von 28

1

A daily journal is where

Wähle eine der folgenden:

  • source documents are recorded

  • items from the general ledger are tranferred

  • financial statements originate

  • the trial balance is erived

  • the petty cash account is credited

Erklärung

Frage 10 von 28

1

A liability is

Wähle eine der folgenden:

  • An expense

  • opposite of credit

  • recorded in the left column

  • a debit

  • all of these

Erklärung

Frage 11 von 28

1

The credit column in an accounting system is always

Wähle eine der folgenden:

  • the accounting base

  • recorded in the left column

  • recorded in the right column

  • payments from the practice for expenses

  • the patient's account due

Erklärung

Frage 12 von 28

1

Receipts are

Wähle eine der folgenden:

  • amounts transferred from one account to another

  • records of patients' financial accounts

  • the difference between the debit and credit columns

  • payment for professional services

  • daily bank deposits from practice

Erklärung

Frage 13 von 28

1

An accounts receivable ledger consists of

Wähle eine der folgenden:

  • a book of original entry

  • a payment for professional services

  • records of patients' current financil status

  • a journal of disbursements

  • exenses owed by the practice

Erklärung

Frage 14 von 28

1

The cash basis accounting system

Wähle eine der folgenden:

  • is the same as the accrual basis

  • uses the formula, income = payment received

  • is used by merchants

  • is recorded in the left column

  • is the difference between debit and credit columns

Erklärung

Frage 15 von 28

1

A depositor's own check that is guaranteed by the bank is called a

Wähle eine der folgenden:

  • bank draft

  • certified check

  • counter check

  • limited check

  • cashier's check

Erklärung

Frage 16 von 28

1

The accounts receivable trial balance is a/an

Wähle eine der folgenden:

  • annual summary

  • daily summary

  • monthly summary

  • weekly statement

  • income taax preliminary

Erklärung

Frage 17 von 28

1

The most active financial record in the medical office is the

Wähle eine der folgenden:

  • general journal

  • worksheet

  • cash payment journal

  • accounts receivable ledger

  • trial balance

Erklärung

Frage 18 von 28

1

The general journal, which is a record of the physician's practice, includes records of services rendered, carges make, and monies received. The general journal may be known by several other names. Which of the following is NOT another name for the general journal?

Wähle eine der folgenden:

  • daily log

  • day book

  • day sheet

  • charge journal

  • accrual accounting system

Erklärung

Frage 19 von 28

1

The cash and checks taken as payments for professional services rendered are called

Wähle eine der folgenden:

  • payables

  • disbursements

  • receivables

  • receipts

  • discounts

Erklärung

Frage 20 von 28

1

Payments made by patients are regarded as the physician's

Wähle eine der folgenden:

  • earnings

  • gross income

  • drawing

  • proprietorship

  • equity

Erklärung

Frage 21 von 28

1

Collection agencies may retain up to _____% of the account collected on an overdue medical bill

Wähle eine der folgenden:

  • 70 to 80

  • 40 to 60

  • 20 to 30

  • 10 to 25

  • 5 to 15

Erklärung

Frage 22 von 28

1

Billing statements to the patients and the patients' insurance company are made from the

Wähle eine der folgenden:

  • general journal

  • worksheet

  • cash payment journal

  • accounts receivable ledger

  • trial balance

Erklärung

Frage 23 von 28

1

Regulation Z of the Truth in Lnding Act applies to physicians who accept payment from patients

Wähle eine der folgenden:

  • in cash

  • in two installents

  • in more than four installments

  • in six or more installments

  • with credit cards

Erklärung

Frage 24 von 28

1

Statues of limitations vary from one state to another and may range from

Wähle eine der folgenden:

  • 2 to 8 years

  • 3 to 8 years

  • 4 to 7 years

  • 5 to 7 years

  • 6 to 9 years

Erklärung

Frage 25 von 28

1

Another term meaning "payroll register" is

Wähle eine der folgenden:

  • payroll journal

  • payroll check

  • employee's earnings record

  • patient ledger

  • financial record

Erklärung

Frage 26 von 28

1

The collecction percentage is obtained for a given period of time by dividing

Wähle eine der folgenden:

  • accounts receivable by amount collected

  • amount collected by accounts receivable

  • accounts receivable by total charges for all services

  • total charges for all services by acconts receivable

  • numer of accounts receivable by total number of patients

Erklärung

Frage 27 von 28

1

A list of accounts showing the title and balance of each account is called a/an

Wähle eine der folgenden:

  • income statement

  • balance sheet

  • trial balance

  • ledger

  • chart of accounts

Erklärung

Frage 28 von 28

1

Which of the following equattions is correct?

Wähle eine der folgenden:

  • asets plus liabilities equals proprietorship

  • assets plus proprietorship equals liabilities

  • assets equals liabilities plus proprietorship (owner equity)

  • assets equals liabilities minus proprietorship

  • assets equals proprietorship minus liabilities

Erklärung