Chapter 15 Bookkeeping Test Review Questions and answers verified to pass 2024
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Course
Bookkeeping
Institution
Bookkeeping
Chapter 15 Bookkeeping Test Review Questions and answers verified to pass 2024 Chapter 15 Bookkeeping Test Review Questions, Double Entry Book Keeping ( Chapter 6 ), Bookkeeping, Chapter 19 Bookkeeping and Banking Chapter Vocabulary,
The double entry system of book-keeping
Amounts owed to cred...
Chapter 15 Bookkeeping Test Review
Questions, Double Entry Book Keeping
( Chapter 6 ), Bookkeeping, Chapter 19
Bookkeeping and Banking Chapter
Vocabulary,
The double entry system of book-
keeping
Amounts owed to creditors are known as - correct answer ✔Accounts
payable
Professional discounts, courtesy adjustments, and disallowances by
insurance companies are examples of - correct answer ✔Adjustments
In a manual bookkeeping system, copies of the ledger card can be used as -
correct answer ✔Patient statements
An accounting method that is not self balancing is - correct answer ✔Single
entry accounting
Cash, inventory, furniture, and equipment are types of - correct answer
✔Assets
Change for a patient who pays cash is made from the - correct answer
✔Change drawer
,For minor office expenses, money should be taken from the - correct answer
✔Petty cash drawer
Recording the financial affairs of a business is the main purpose of all -
correct answer ✔Bookkeeping systems
Amounts paid out for the expenses of the medical practice are recorded in the
- correct answer ✔Accounts payable ledger
Payments at the time of service and payments are received by mail must be
recorded - correct answer ✔Daily
It is important that each day is cash and check receipts equal of the days total
- correct answer ✔Bank deposit
Recording each transaction on a daily ledger is referred to as - correct
answer ✔Posting
Most medical practices rely on the administrative medical assistant to have
solid - correct answer ✔Bookkeeping skills
Fees for office visits, laboratory tests, medical supplies, and other services for
patients are - correct answer ✔Charges
A common book keeping abbreviation for coinsurance is - correct answer
✔COINS.
, Using pegboard accounting, at the same time that monies received ( cash and
checks ) are recorded on the day sheet, they are also recorded on a - correct
answer ✔Bank deposit slip
Depending on the size of the practice, a change drawer typically holds -
correct answer ✔$50-$200
If an over payment has been received from an insurance company or from a
patient and the account is paid in full, which type of transaction must be
made? - correct answer ✔Refund adjustment
Bookkeeping - correct answer ✔Is the recording of all transactions in the
accounting system
Computerized accounting - correct answer ✔Allows simultaneous posting
through the computer database
In a computerized system, charges are posted - correct answer
✔automatically when inputting the correct procedure code
In manual bookkeeping, an adjustment is posted - correct answer ✔Under
the credit column
When a patient does not pay on their account and multiple attempts have
been made to collect it, it may be necessary to write off the amount owed as
a/an - correct answer ✔Uncollected debt adjustment
Statements are sent - correct answer ✔to all patients who have outstanding
balances
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