RMA 1

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

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

Recording financial transaction in a book keeping or accounting system is called

A ledger
B superbill
C Posting
D trial balance
E deducting

Paper towels are considered

A incidental items
B durable items
C capital equipment
D clinical supplies
E expendable items

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

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

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

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 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

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

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

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

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

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

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

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

Cash amounts that are paid out are called

A Disbursments
B statements
C receivables
D payables
E None of the above

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

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

Which of the following does debit mean

A total
B subtract
C charge
D subtotal
E balance

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

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

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

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

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

An amount that constitutes an addition to revenue is called

A Debit
B Credit
C Payables
D Equity
E Charge

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

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

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

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