Chapter 24 Flashcards
accounts payable
debts incurred and not yet paid
accounts receivable
amounts owed to the physician
accounts receivable trial balance
a method of determining that the journal and the ledger are in balance
admonition
counsel or warning against fault or oversight
assets
the entire property of a person, association, corporation, or estate applicable or subject to the payment of debts
balance sheet
a financial statement for a specific date that shows the total assets, liabilities, and capital of the business
bookkeeping
the recording of business and accounting
cash basis of accounting
a method of accounting in which income is recorded when received and expenses are recorded when paid
cash flow statement
a financial summary for a specific period that shows the beginning balance on hand, the receipts and disbursements during the period, and the balance on hand at the end of the period
controls
a standard of comparison to make sure answers obtained are accurate
disbursements journal
a summary of accounts paid out
entry
a record or notation of an occurrence, transaction, or proceeding
in balance
the state in which the total ending balances of patient ledgers equals the total accounts
invoice
a paper describing a purchase and the amount due
liabilities
things that are owed; debts
