CH # 46: Managing Practice Finances Flashcards
A 9 digit number that identifies a bank
The number is printed at the beginning of the magnetic ink character recognition(MICR) line at the bottom of a check or as a fractional form at the top right of the check under the check number
ABA routing number
Systematic recording and reporting of financial transactions
Accounting
The outstanding bills of a business
Accounts payable
Total amount owed 2 a business 4 goods and services
Accounts receivable
Accounting method in which income is entered at the time of sale or provision of service
Accrual basis of accounting
A change 2 a patient account that is neither a charge or a payment
Adjustment
In accounting, a combination of property owned and money owed 2 a business
Assets
The process of keeping detailed records of financial transactions
Bookkeeping
Accounting method in which income is entered when payment is received
Cash basis of accounting
A check drawn on a bank instead of an individual account
Cashier’s check
A check on a individual account that a bank assumes responsibility 4, usually by withdrawing funds 2 cover the check from the checking account at the time the check is created
Certified check
A form used 2 keep track of charges and payments at the time of a patient’s visit
Charge slip
A posting that is subtracted from an account balence
Credit
The record of daily transactions in the pegboard or “write it once system” and also in computer medical billing programs
Day sheet
A posting that is added 2 an account balence
Debit
