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. AKA pegboard system






2. Money owed to a business






3. Take home pay after all deductions






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






5. Money the business owes






6. Accounts payable






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






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






9. Reduces the balance owed






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






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






12. 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.






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


14. Purchase order






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






16. To be paid column






17. National provider identifier






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






19. Accounts receivable






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






21. Debts - financial obligations for which one is responsible






22. 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






23. Accounts receivable.






24. Shows you What was delivered against a purchase order






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






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






27. Superbill - patient ledger and day sheet






28. 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)






29. W4


30. 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.






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






32. What you earned before deductions






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






34. 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.






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






36. 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)






37. Properties of value owned by a business






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






39. Received on account






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






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






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






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






44. Determines exemptions or withholding allowances






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






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






47. 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.