Finance

Question 1

Expense

Answer 1

Money spent costing to general revenue

Question 2

Accounts receivable

Answer 2

Money OWED to the office

Question 3

Accounts payable

Answer 3

Money owed by the practice

Question 4

Collection

Answer 4

Unpaid accounts should be referred for collection - credit and recovery services.

Question 5

NSF

Answer 5

When an account has less funds then what is meant to be withdrawn

Question 6

Day sheet

Answer 6

A detailed record of financial transactions in the Dental office

Question 7

Credits

Answer 7

Payments made to a clients account

Question 8

Debits

Answer 8

Charges made to a patients account

Question 9

Fixed expense

Answer 9

Business expenses which continue whether or not the office is open

Question 10

Variable expense

Answer 10

Are expenses such as sundry supplies, lab fees, and repairs, that change depending on the type of services rendered and the amount consumed.

Question 11

Drawings

Answer 11

Money which can be transferred to the dentists personal account

Question 12

Dividends

Answer 12

If a practice is incorporated, dentists may draw income from practice

Question 13

TD1

Answer 13

All new employees should have it

Question 14

SIN

Answer 14

Used to identify Canada Pension Plan contributions as well as employment insurance claims

Question 15

Gross pay

Answer 15

The amount BEFORE deductions, salary before tax

Question 16

Net pay

Answer 16

Salary after tax, the remaining amount after deductions from the gross salary

Question 17

Income tax

Answer 17

Deducted from gross earnings

Question 18

Remittance

Answer 18

The action of sending money in payment

Question 19

CPP

Answer 19

Canadian Pension Plan is a contributory, earnings-related social insurance program. It forms one of two major components of Canada’s public retirement income system

Question 20

ROE

Answer 20

Record of employment- when employee leaving the job and indicated last 20 weeks of earnings

Question 21

Endorsement

Answer 21

Signature on back of cheques

Question 22

Ledger

Answer 22

A record that shows charges (fees) payments and balances owed for each patient or family

Question 23

Reconciliation

Answer 23

Is an accounting process that uses two sets of records to ensure are correct in agreement

Question 24

Post dated cheque

Answer 24

A cheque written with a cuter date - cannot cash the cheque until the date noted on cheque