The flashcards below were created by user
KimJ
on FreezingBlue Flashcards.
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A list of all employees and their earnings, deductions and other info is called
A Employee earnings
B Payroll tasks
C Accounts payable
D Payroll register
E Employee financial listing
D
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A payers own check that is guaranteed by the bank is called a
A counter check
B cashiers check
C money order
D guaranteed check
E certified check
E
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Recording financial transaction in a book keeping or accounting system is called
A ledger
B superbill
C Posting
D trial balance
E deducting
C
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Paper towels are considered
A incidental items
B durable items
C capital equipment
D clinical supplies
E expendable items
E
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Amounts charged with suppliers or creditors that remain unpaid are referred to as
A Bookkeeping
B accounts receivable
C account balances
D accounts payable
E assets
D
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a collection ratio is
A amount of money collected this year divided by the amount of money last year
B total collections divided by net charges
C total collections divded by gross charges
D total amount of money collected
E none of the above
B
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portion of salary withheld from payroll for taxes
A w-4 forms
B Federa unemployment tax act
C withholding
D annual tax returns
E FICA
C
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Which of the following may be used bya payer as a third party check
A payroll check
B cashiers check
C bank draft
D payers personal check
E travelers check
A
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A billing statement should include
A patients name and address
B services rendered
C balance due to the patient
D Both B and C
E All of the above
E
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Which of the following due dates for employers quarterly federal tax returns is NOT correct
A July 31
B January 31
C October 31
D April 30
E June 30
E
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Aging accounts receivable
A means the physician must collect the receivables on time
B is not necessary in a single dr office
C is a tool to show the status of each account
D involves writting off accounts that are over 1 yr past due
E involves writing off accounts that over 5 yrs past due
C
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a piece of paper describing a purchase and the amount due is known as a
A inventory
B disbursment
C vendor
D packing slip
E invoice
E
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Evaluation of collection is based on
A the collection ratio
B the accounts receivable ratio
C the bank statement balance
D Both A and B
E All of the above
D
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Which of the following statements regarding state unemployment tax is correct
A only employees mush make a payment
B only employers must make a payment
C a few states require both employees and employers to make a payment
D a few states do not make it available
E none of the above
C
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The accounts receivable ratio shows
A the dollar value of the services performed
B how fast outstanding accounts are being paid
C the number of outstanding accounts
D Both B and C
E Both A and B
B
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What is the trial balance
A a daily summary
B a way of checking the accuracy of accounts
C an accounting system
D accrual accounting
E bookkeeping
B
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Cash amounts that are paid out are called
A Disbursments
B statements
C receivables
D payables
E None of the above
A
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A vendors invoice should be kept on file for at least how long
A 1 yr
B 3 yr
C 5 yr
D 10 yr
E As long as the practice exists
D
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The reviewing of financial data to verify accuracy and completeness is called
A withholding taxes
B auditing
C annual tax returns
D accounts payable
E taking a trial balance
B
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Which of the following does debit mean
A total
B subtract
C charge
D subtotal
E balance
C
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When new supplies are received, you should
A throw out the old ones
B place them in the front of the supply area
C place them in the back of the supply area
D inventory all supplies
E Both A and D
C
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A bank draft is a check drawn by a bank
A that is not limited
B that can be used as a third party check
C that is less reliable than a cashiers check
D on the guaranteed funds of a depositor
E on its funds in another bank
E
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The credit policies of a medical facility
A should include a specification of when the practice requires payment
B should be in writing
C should vary depending on a patients circumstances
D Both A and B
E Both B and C
D
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Petty cash may be used
A for paying minor incidental expenses such as public transportation fees
B paying an invoice for supplies ordered
C paying the electric bill
D only by the physician
E only in emergencies
A
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Which type of check is used for payroll because it itemizes the purposes for the check and deductions
A bank draft
B voucher check
C limited check
D certified check
E cashiers check
B
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An amount that constitutes an addition to revenue is called
A Debit
B Credit
C Payables
D Equity
E Charge
B
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A disadvantage of single-entry bookkeeping is that it
A Is the most expensive system to set up
B is hard to learn
C makes errors hard to spot
D is time consuming
E is very rare in medical practices
C
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Which of the following statements is true about a typical purchasing procedure in a medical office
A an authorized person should be in charge of purchasing
B receipts of goods shold be recorded
C high quality goods should be ordered at the lowest price
D shipments should be checked agains packing slips
E All of the above
E
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Which of the following is an appropriate collection technique
A calling patienst at work to remind them
B threatening legal action
C calling patients at home after 10 pm
D Sending a payment reminder in the form of a statement or letter when the account is 30 past due
E None of the above is approptiate
D
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The calculation that results from adding deposits in transit and subtracting outstanding checks from the bank balance at the end of the month is the
A record of disbursements
B record of deposits
C adjusted bank balance
D checkbook balance
C
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