Chp 14

Question 1

the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results.

Answer 1

Accounting

Question 2

consecutive 12-month period for financlial record keeping following either a fiscal year or the calendar year.

Answer 2

Accounting cycle

Question 3

a record of all monies owed

Answer 3

Accounts payable

Question 4

a record of all monies due

Answer 4

Accounts receivable

Question 5

a change in a posted account.

Answer 5

Adjustment

Question 6

may be informal (on-house) and used to assist the practice’s accountant with tax preparation, or it may be a formal audit by the IRS.

Answer 6

Audit

Question 7

equality between the debit and credit sides of an accounting equation; that which is left over after additions and subtractions have been made to an account; remainder; amount due.

Answer 7

Balance

Question 8

organized and accurate record keeping for financial transactions.

Answer 8

Bookkeeping

Question 9

a preprinted three-part form that can be placed on a daysheet to record the patient’s charges and payments along with other information in an encounter form.

Answer 9

Charge slip

Question 10

place to record checks that have been written.

Answer 10

Check register

Question 11

indicates to whom a check was issued, in what amount, and on what date.

Answer 11

Check stub

Question 12

balance in one’s favor on an account; promise to pay a bull at a later date; record of a payment received.

Answer 12

Credit

Question 13

a daily business record of charges an payments.

Answer 13

Daysheet

Question 14

a charge or money owed on an account.

Answer 14

Debit

Question 15

a preprinted statement that lists codes for basic office charges and has sections to record charges incurred in an office visit, the patient’s current balance, and next appointment.

Answer 15

Encounter form

Question 16

a federal agency that regulates and enforces various taxes.

Answer 16

Ineternal Revenue Service
(IRS)

Question 17

a statement of debt owed; a bill.

Answer 17

Invoice

Question 18

a record of the patient’s financial activities; a continuous record of business transactions with debits and credits.

Answer 18

Ledger card

Question 19

amounts the paractice owes.

Answer 19

Liabilities

Answer 20

Packing slip

Question 21

employee salaries

Answer 21

Payroll

Question 22

listing financial transactions in a ledger.

Answer 22

Posting

Question 23

statememt of income and expenditures; shows whether, in a given period, a business made or lost money and how much.

Answer 23

Profit-and-loss statement

Question 24

a document that lists the required items to be purchased.

Answer 24

Purchase order

Question 25

amount of money a bank or business charges for a check written with insufficient funds.

Answer 25

Returned check fee

Question 26

a charge by the bank for various reasons.

Answer 26

Service charge

Question 27

any report that provides a summary of activities, such as a payroll report or a profit-and-loss statement.

Answer 27

Summation report

Question 28

the process of witholding of reimbursement to a provider on a patient’s account by an insurance company in order to apply it to a previous overpayment on another account.

Answer 28

Take-back