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3 important accounting principles

1 - Assets
2 - Liabilities
3 - Equity

An ____ is when money is prepared and sent to a financial institution to be placed in and account.

C - Endorsement

Payroll is the financial record of employees'____

D - All of the Above
(Salaries/Wages/Deductions)

____ are sometimes given to other health care professionals and their families.

B - Professional Discounts

A ___ is done when a portion or the entire amt of the charges cannot be collected.

Write-off

True

Checks marked paid in full should not be accepted unless the amount covers the entire current balance.

____ is the listing of a physician's charges for services

B - Fee schedule

In T-accounts, the left side is also known as a(n)

C - Debit

___ is a document indicating the activity in an account

C - Statement

How is the Accounting Equation stated?

Assets = Liabilities + Owner's Equity

Accounting equation

An equation that expresses the relationship among assets, liabilities, and owner's equity.

____ is(are) part of the accounting equation

D - All of the above
(Assets/Liabilities/Owner's Equity)

____ reports the financial condition of a medical practive on a given date.

Balance Sheet

When a patient does not have enough money in his/her bank account, it will be returned for ____.

Non-Sufficient funds
(NSF)

____ is a person owing a debt

Debtor

____ is also known as a superbill

Encounter form

___ is a numbered form used to track petty cash withdrawals.

C - Voucher

The pegboard system is also known as the one-write system

True

An ____ is an amount that is added or subtracted from the physician's fee, changing the patient's account balance.

Adjustment

The amount remaining after the liabilites are subtracted from the assets is called...

Owner's Equity

Anything of value that is owned by the medical practice is called an ___

Asset

Any amount owed by the medical practice is called a ___

Liability

4 types of billing cycles

1 - Daily
2 - Weekly
3 - Bi-Weekly
4 - Monthly

4 types of endorcements

1 - Restrictive (for deposit only - limits what can be done w/ the check)
2 - Blank (payee signs only his/her name on the back of the check)
3 - Special (includes words that specify to whom the endorser makes the check payable to)
4 - Qualified (prevents future liability of the endorser)

5 verifications in order to accept a check

1 - check the provider's name
2 -current date
3 - correct amount
4 - current address/phone number
5 - affixed signature

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