Chp 14 Flashcards
Accounting Responsibilities
the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results.
Accounting
consecutive 12-month period for financlial record keeping following either a fiscal year or the calendar year.
Accounting cycle
a record of all monies owed
Accounts payable
a record of all monies due
Accounts receivable
a change in a posted account.
Adjustment
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.
Audit
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.
Balance
organized and accurate record keeping for financial transactions.
Bookkeeping
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.
Charge slip
place to record checks that have been written.
Check register
indicates to whom a check was issued, in what amount, and on what date.
Check stub
balance in one’s favor on an account; promise to pay a bull at a later date; record of a payment received.
Credit
a daily business record of charges an payments.
Daysheet
a charge or money owed on an account.
Debit
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.
Encounter form
a federal agency that regulates and enforces various taxes.
Ineternal Revenue Service
(IRS)
a statement of debt owed; a bill.
Invoice
a record of the patient’s financial activities; a continuous record of business transactions with debits and credits.
Ledger card
amounts the paractice owes.
Liabilities
Packing slip
employee salaries
Payroll
listing financial transactions in a ledger.
Posting
statememt of income and expenditures; shows whether, in a given period, a business made or lost money and how much.
Profit-and-loss statement
a document that lists the required items to be purchased.
Purchase order
amount of money a bank or business charges for a check written with insufficient funds.
Returned check fee
a charge by the bank for various reasons.
Service charge
any report that provides a summary of activities, such as a payroll report or a profit-and-loss statement.
Summation report
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.
Take-back
