RMA 12

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  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
  2. A payers own check is guaranteed by the bank is called a?

    A Counters check
    B Cashiers check
    C Money order
    D Guaranteed check
    E Certified check
  3. Recording financial transaction in a book-keeping or accounting system is called?

    A Ledger
    B Superbill
    C Posting
    D Trial balance
    E Deducting
  4. Paper towels are considered?

    A Incidental items
    B Durable items
    C Capital equipment
    D Clinical supplies
    E Expendable items
  5. 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
  6. A colection ratio is?

    A The amount of money collected this year divided by the amount of money collected last year
    B The total collections divided by net charges
    C The total collections divided by gross charges
    D The total amount of money collected divided by any discounts
    E None of the above
  7. The portion of salary held back from payroll checks for the purpose of paying government taxes is known as?

    A W-4 forms
    B Federal Unemployment Tax Act
    C Withholding
    D Annual tax returns
    E FICA
  8. Which of the following may be used by a payer as a third-party check?

    A Payroll check
    B Cashiers check
    C Balance due to the patient
    D Both B and C
    E All of the above
  9. A billing statement should include?

    A The patients name and address
    B Services rendered on each date
    C Balance due to the patient
    D Both B and C
    E All of the above
  10. 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
  11. Aging accounts receivable

    A Means that the physician must collect the receivables on time
    B Is not necessary in a single physician office
    C Is a tool to show the status of each account
    D Invvolves writitng off accounts that are over 1 year past due
    E Involves writing off accounts that are over 5 years past due
  12. A piece of paper describing a purchase and the amount due is known as?

    A Inventory
    B Disbursement
    C Vendor
    D Packing slip
    E Invoice
  13. Evaluation of collection is based on?

    A The collection ratio
    B The accounts receibvable ratio
    C The bank statement balance
    D Both A and B
    E All of the above
  14. Which of the following statements regarding state unemployment tax is correct?

    A Only employees must 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
  15. 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
  16. 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
  17. Cash amounts that are paid out are called?

    A Disbursements
    B Statements
    C Receivables
    D Payables
    E None of the above
  18. A vendors invoice should be kept on file for at least how long?

    A 1 year
    B 3 year
    C 5 year
    D 10 years
    E Taking a trial balance
  19. Which of the following does debit mean?

    A Total
    B Subtract
    C Charge
    D Subtotal
    E Balance
  20. The reviewing of financial data to verify accuracy and completeness is called?

    A Withholding taxes
    B Auditing
    C Annual tax return
    D Accounts payable
    E Taking a trial balance
  21. 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
  22. 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
  23. 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
    D Both A and B
    E Both B and C
  24. Petty cash may be used?

    A For paying minor incidental expenses such as public transportation fares
    B For paying an invoice for supplies ordered
    C For paying the electric bill for the facility
    D Only by the physician
    E Only in emergencies
  25. Which type of check is frequently 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
  26. An amount that constitutes an addition to revenue is called?

    A Debit
    B Credit
    C Payables
    D Equity
    E Charge
  27. A disadvantage of single-entry bookkeepinhg is tha 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
  28. 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 should be recorded
    C High quality goods should be ordered at the lowest price
    D Shipments should be checked against packing slips
    E all of the above
  29. Which of the following is an appropriate collection technique?

    A Calling patients at work to remind them of their financial obligation and to offer to work with them
    B Threatening legal action, even tho your office rarely undertakes legal action to collect
    C Calling patients at home after 10pm
    D Sending a payment reminder in the form of a statement or letter when the account is 30 days past due
    E None of the above is an appropriate collection technique
  30. 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
Card Set
RMA 12
RMA 12
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