Test your basic knowledge |

Bookkeeping

Subject : business-skills
Instructions:
  • Answer 47 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A record of all transactions for that day (used on pegbord system)






2. Amount owed. Total when all accounting is done.






3. The system of recording transactions having two fundamental aspects - one involving the receiving of a benefit and the other to giving the benefit - in the same set of books.






4. Money owed to a business






5. W4


6. Take home pay after all deductions






7. Like an invoice. Totaling items ordered - number ordered and cost. (Becky's definition.. not the best as This is not an invoice - but is an order for goods and/or services)






8. Reduces the balance owed






9. Purchase order






10. Determines exemptions or withholding allowances






11. A decline in the value of assets. A method of allocating the cost of a tangible asset over its useful life.






12. Money the business owes






13. Daily recording of accounts or transactions of a business.






14. A sum kept in the office for unexpected - minor - or routine expenses. (ex postage due mail or coffee supplies)






15. Debts - financial obligations for which one is responsible






16. Properties of value owned by a business






17. Date - Name/add - Signature & name should match - Amount - Made out to the correct place/person






18. Column. Increases or decreases to patient accounts not due to charges incurred or payments received.






19. A type of check with a stub attached that can be used to indicate invoice dates - services provided and so on. Payroll checks are written on voucher checks.






20. Summary of all deductions - gross pay - net pay etc for the previous tax year. Must be sent out to employees no later than Jan 31 of each year.






21. AKA write it once system. Is the most commonly used manual medical accounts receivable system






22. AKA pegboard system






23. Patient account record. Record of all transactions on a patients account.






24. Superbill - patient ledger and day sheet






25. Cost that does not vary in total as the number of patients vary






26. Itemized statement of assets - liabilities and equity. A statement of financial condition.






27. Voucher - cashiers - personal - certified and travelers.






28. National provider identifier






29. Accounts receivable.






30. Practice office program. An accounting system used in medical practices.






31. A formula that measures the SPEED by which outstanding accounts are paid






32. Available in most banks and are convenient ans safer to use than cash when traveling.


33. 1. Write legibly 2. Black ink 3. Align columns 4. Double check math 5. Decimal points placed correctly 6. Characters should fit in spaces 7. Information should be current






34. Accounts payable






35. To be paid column






36. Received on account






37. The % of outstanding debt collected. (Gross income/The amount that could have been collected) The goal is 90% (SHOWS THE PERCENTAGE OF OUTSTANDING DEBT COLLECTED)






38. Costs that fluctuate according to the demands of the business. (ex: salary - supplies - cost of treating patients - blood draw supplies - etc.)






39. Shows you What was delivered against a purchase order






40. AKA encounter form or charge slip. A copy of the encounter form is given to the patient after seeing the provider. Identifies the procedures performed - diagnosis - charges and when to return.






41. Check endorsed by its payee to another party who becomes the holder in due course. Most places do not accept third party checks.






42. A system of monitoring the financial status of a business.






43. What you earned before deductions






44. Accounts receivable






45. Lists items and charges for goods ans services already received






46. The bank has 'certified' with a date and signature to indicate that the check is good for the amount for which it is written.






47. An accounts receivable formula that measures the speed in which outstanding accounts are paid. (outstanding accounts receivable/average monthly gross income)