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. Voucher - cashiers - personal - certified and travelers.






2. Determines exemptions or withholding allowances






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






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






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






6. To be paid column






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






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






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






10. 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.






11. Money the business owes






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






13. 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)






14. Accounts receivable






15. Take home pay after all deductions






16. A record of all transactions for that day (used on pegbord system)






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






18. 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.






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






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






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






22. W4


23. 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.






24. AKA pegboard system






25. Money owed to a business






26. Accounts receivable.






27. Properties of value owned by a business






28. National provider identifier






29. Debts - financial obligations for which one is responsible






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






31. Reduces the balance owed






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






33. 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.






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






35. 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






36. Purchase order






37. Shows you What was delivered against a purchase order






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






39. 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)






40. Received on account






41. Superbill - patient ledger and day sheet






42. Accounts payable






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


44. What you earned before deductions






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






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






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