Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

practice management > part 3 > Flashcards

part 3 Flashcards

1
Q

what do all businesses require for success

A

strong management and control of financial records

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what does the accountant do at a dental office

A

works hand in hand with the dental office administrator to provide financial and legal protection for the dentist

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

who’s responsibility is simple bookkeeping

A

office administrator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

accounting

A

the classifying, recording and summarizing of all financial transactions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

bookkeeping

A

the recording of the process of accounting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

two types of bookkeeping h systems used in a dental office

A

accounts payable
accounts receivable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

accounts receivable

A

represent all charges, payments and outstanding balances owed TO the dental office

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

accounts payable

A

represent money owed BY the office

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what is the foundation of accurate record keeping

A

a good understanding of the basic principles of bookkeeping, and good math skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

one write bookkeeping system

A

where you write in one paper and it’s seeps through to a second and third one saving time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

basic parts of the one wrote pegboard system

A

receipt
daily journal page
patient ledger card

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

receipt

A

act as charge slips to record the fee charged and payments made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

daily journal page

A

record of every patient in the office for the day

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

patient ledger card

A

final destination of all daily recordings on fees and payments for each patient

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

NSF stands for….

A

Not sufficient funds or insufficient funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

when should all financial arrangements be done

A

prior to treatment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

4 payment methods

A
  • cash
  • credit cards
  • current dates checks
  • post dated checks
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

4 bank credit cards

A
  • visa
  • mastercard
  • amex
  • debit cards
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what do you have to do before you can accept credit cards

A

set up a merchant account through the bank or with providers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

petty cash system

A

spare cash in the office in case a quick purchase is necessary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

how often do you send out account statements

A

same day each month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

collection letters

A

series of carefully crafted letters that should be sent at varying point in time with an account becomes overdue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Collection agencies

A

Agencies that collect money from people who have not paid, take anywhere from 25 to 50% of the collection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

who’s decision is it to bring in a collection agency

A

the dentist

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

what 3 tasks should the OA be confident in doing

A

writing cheques
making banks deposits
maintaining petty cash records

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

disbursement journal

A

a record of all financial transactions made to maintain the office

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

continuous bank balance

A

funds that are constantly available for needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

who should all bills be approved by

A

the dentist

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

disbursements

A

payments of money owed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

who is the disbursement journal maintained by

A

the OA or an accountant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

the disbursement journal should include a record of what 3 things

A

deposits
bank charges
cheques that are written

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

two main types of expenses

A

fixed
variable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

fixed expenses

A

expenses that continue all the time

34
Q

variable expenses

A

expenses that fluctuate or change based on type of services rendered

35
Q

5 components of a cheque

A

payee
payer
endorsement
body and figures
date

36
Q

payee on a cheque

A

to whom the cheque is paid

37
Q

payer on a cheque

A

the dental office whose account the funds are coming out

38
Q

endorsement on a cheque

A

signature of the payer

39
Q

body and figures on a cheque

A

amount of the cheque in numerical and written in words must be the same

40
Q

date on a cheque

A

date the cheque is issued

41
Q

void cheque

A

cheque that is not meant to be given to someone

42
Q

what happens is a cheque is not signed

A

it is void

43
Q

what happens if a void cheque is signed

A

the signature should be torn off to be safe

44
Q

petty cash fund

A

small fund of cash for smaller quick purchases in the office

45
Q

inventory control

A

should be assigned to the OA , replenish and order inventory so the office does not run out of any supplies

46
Q

where could the dental office face penalties for payroll

A

1) deductions are withheld from and incorrectly paid

2) when late in paying remittances

47
Q

time record

A

a record of the hours you have worked including regular, overtime and vacation

48
Q

time record accumulate information for what?

A

tax returns
indicates when earnings have reached a max amount for CPP and EI deductions
supplies data for T4

49
Q

how long must payroll records be kept

A

6 years

50
Q

2 types of TD1 forms

A

federal
provincial

51
Q

what should be obtained from a new employee

A

SIN
employee full name
address
date hired
tax claim code
hourly rate

52
Q

social insurance number

A

used to identify canada pension plans and employee insurance claims

53
Q

what does the first digit of the SIN number indicate

A

region of the country where the card was issued

54
Q

what does it mean if the SIN number begins with a 9

A

foreign citizen

55
Q

private contractor

A

responsible for paying their own duties

56
Q

source deductions

A

deductions from the gross earnings of every employee

57
Q

gross rate

A

the pay before deductions are withheld

58
Q

net pay

A

pay that remains after deductions

59
Q

what payroll tax deductions should be withheld from employees

A

income tax
CPP
EI

60
Q

employer guide to payroll deductions

A

a website that explains the the rules and regulations for computing the payroll statutory deductions

61
Q

what age range is CPP deducted from

A

18-70

62
Q

how much does your employer pay for your CPP

A

they match the employee CPP deduction

63
Q

how much EI does your employer pay for you

A

1.4 times the amount the employee pays

64
Q

when is the deadline for remitting deductions

A

the 15th of the following month

65
Q

who should the cheque be written out for remittances

A

receiver general for canada

66
Q

when must T4 slips be forwarded to the taxation centre

A

last day of february

67
Q

how many copies of the T4 should be made and where do they go

A

1) revenue canada
2) to the employee
3) also to the employee
4) dental office file

68
Q

when does vacation pay kick in

A

after the first full year of employment

69
Q

how much vacation pay does an employee get

A

4% or two weeks

70
Q

record of employment

A

A Farm, for when there is termination of employment, or when an interruption of earning arises

71
Q

when must the record of employment be issued

A

Within five days of the employer, becoming aware of the interruption of earnings

72
Q

7 basic responsibilities of the OA

A

1) oversee all payments received
2) ensure payments are all properly deposited
3) to maintain a consecutive bank balance
4) preform basic bank services
5) write cheques
6) to prepare deposit slips
7) to reconcile the bank statement monthly

73
Q

current accounts

A

refers to a commercial or business cheating account

74
Q

a future dated cheque is..

A

post dated

75
Q

what should all cheques received be stamped with what?

A

a restrictive endorsement stamp

76
Q

what should you use to write a check

A

a pen

77
Q

NSF

A

not sufficient funds

78
Q

stop payments

A

stopping cheques that have been given but not cashed

79
Q

deposit slip

A

an itemized memorandum of the currency, cheques and sometimes credit card summaries

80
Q

4 payment options

A

1) cash
2) current dated cheque
3) post dated cheque
4) credit card

81
Q

3 types of credit cards

A

visa
mastercard
amex

82
Q

bank reconciliation

A

a complication of the months bank statement and disbursements

practice management (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions