Chapter 2: Basic Bookkeeping Principles Flashcards

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1
Q

What is Bookkeeping?

A

The daily recording of the financial transactions of a business.

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2
Q

What is Bookkeeping a necessary function?

A

To manage the accounts receivable and accounts payable of an ambulatory care setting.

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3
Q

What is are Accounts Receivable (A/R)

A

The amount the patients owe to the medical practice for services rendered.

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4
Q

What are Accounts Payable (A/P)?

A

The payments that the medical practice owes to other for services that the practice has received.

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5
Q

The patient’s financial record is known as?

A

The patient account or patient ledger.

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6
Q

What is the permanent record of all financial transactions between the patient and the medical practice?

A

The patient account or patient ledger.

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7
Q

The provider posts the charges to the account, along with?

A

All personal and third-party payer payments.

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8
Q

Why the providers use patient account numbers?

A

To identify the patient in the practice management system.

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9
Q

What does the patient’s account numbers consist of?

A

Numbers, letters or a combination of both.

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10
Q

If all adult patient has their own account, what does the providers do to identify a minor patient?

A

A responsible party for each minor patient.

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11
Q

What does all patient accounts with outstanding balances make up?

A

The accounts receivable.

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