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Chapter 5: Bookkeeping, Credits, and Collections

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Quiz on Chapter 5: Bookkeeping, Credits, and Collections, created by carrieleekennedy on 24/08/2014.
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Quiz by carrieleekennedy, updated more than 1 year ago
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Created by carrieleekennedy over 10 years ago
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Resource summary

Question 1

Question
Which of the following statements about double-entry bookkeeping is NOT true?
Answer
  • It has checks and balances
  • It is expensive
  • It requires skill
  • It is accurate
  • It requires more time

Question 2

Question
A bookkeeping term synonymous with "debit" is
Answer
  • charge
  • discount
  • adjustment
  • balance
  • receipt

Question 3

Question
The one-write system of check writing is a feature of
Answer
  • single-entry bookkeeping
  • double-entry bookkeeping
  • pegboard bookkeeping
  • savings and loan accounts
  • checking accounts

Question 4

Question
The individual record of the amounts owed and pid by each patient is ound in the
Answer
  • combined journal
  • general ledger
  • day book (daily journal)
  • patient's ledger
  • worksheet

Question 5

Question
Posting to the patients' ledger and to the combined journal is made from the
Answer
  • day book (daily journal)
  • general ledger
  • special journal
  • trial balance
  • worksheet

Question 6

Question
The process of transferring an amount from one record, such as a journal, to another record, such as a ledger, is called
Answer
  • debiting
  • crediting
  • posting
  • extension
  • verification

Question 7

Question
The word "debit" means
Answer
  • add
  • subtract
  • debt
  • right
  • total

Question 8

Question
Owners' equity is a term used intercchangeaable with
Answer
  • proprietorship
  • liability
  • professional income
  • an asset
  • income statementn

Question 9

Question
A daily journal is where
Answer
  • source documents are recorded
  • items from the general ledger are tranferred
  • financial statements originate
  • the trial balance is erived
  • the petty cash account is credited

Question 10

Question
A liability is
Answer
  • An expense
  • opposite of credit
  • recorded in the left column
  • a debit
  • all of these

Question 11

Question
The credit column in an accounting system is always
Answer
  • the accounting base
  • recorded in the left column
  • recorded in the right column
  • payments from the practice for expenses
  • the patient's account due

Question 12

Question
Receipts are
Answer
  • amounts transferred from one account to another
  • records of patients' financial accounts
  • the difference between the debit and credit columns
  • payment for professional services
  • daily bank deposits from practice

Question 13

Question
An accounts receivable ledger consists of
Answer
  • a book of original entry
  • a payment for professional services
  • records of patients' current financil status
  • a journal of disbursements
  • exenses owed by the practice

Question 14

Question
The cash basis accounting system
Answer
  • is the same as the accrual basis
  • uses the formula, income = payment received
  • is used by merchants
  • is recorded in the left column
  • is the difference between debit and credit columns

Question 15

Question
A depositor's own check that is guaranteed by the bank is called a
Answer
  • bank draft
  • certified check
  • counter check
  • limited check
  • cashier's check

Question 16

Question
The accounts receivable trial balance is a/an
Answer
  • annual summary
  • daily summary
  • monthly summary
  • weekly statement
  • income taax preliminary

Question 17

Question
The most active financial record in the medical office is the
Answer
  • general journal
  • worksheet
  • cash payment journal
  • accounts receivable ledger
  • trial balance

Question 18

Question
The general journal, which is a record of the physician's practice, includes records of services rendered, carges make, and monies received. The general journal may be known by several other names. Which of the following is NOT another name for the general journal?
Answer
  • daily log
  • day book
  • day sheet
  • charge journal
  • accrual accounting system

Question 19

Question
The cash and checks taken as payments for professional services rendered are called
Answer
  • payables
  • disbursements
  • receivables
  • receipts
  • discounts

Question 20

Question
Payments made by patients are regarded as the physician's
Answer
  • earnings
  • gross income
  • drawing
  • proprietorship
  • equity

Question 21

Question
Collection agencies may retain up to _____% of the account collected on an overdue medical bill
Answer
  • 70 to 80
  • 40 to 60
  • 20 to 30
  • 10 to 25
  • 5 to 15

Question 22

Question
Billing statements to the patients and the patients' insurance company are made from the
Answer
  • general journal
  • worksheet
  • cash payment journal
  • accounts receivable ledger
  • trial balance

Question 23

Question
Regulation Z of the Truth in Lnding Act applies to physicians who accept payment from patients
Answer
  • in cash
  • in two installents
  • in more than four installments
  • in six or more installments
  • with credit cards

Question 24

Question
Statues of limitations vary from one state to another and may range from
Answer
  • 2 to 8 years
  • 3 to 8 years
  • 4 to 7 years
  • 5 to 7 years
  • 6 to 9 years

Question 25

Question
Another term meaning "payroll register" is
Answer
  • payroll journal
  • payroll check
  • employee's earnings record
  • patient ledger
  • financial record

Question 26

Question
The collecction percentage is obtained for a given period of time by dividing
Answer
  • accounts receivable by amount collected
  • amount collected by accounts receivable
  • accounts receivable by total charges for all services
  • total charges for all services by acconts receivable
  • numer of accounts receivable by total number of patients

Question 27

Question
A list of accounts showing the title and balance of each account is called a/an
Answer
  • income statement
  • balance sheet
  • trial balance
  • ledger
  • chart of accounts

Question 28

Question
Which of the following equattions is correct?
Answer
  • asets plus liabilities equals proprietorship
  • assets plus proprietorship equals liabilities
  • assets equals liabilities plus proprietorship (owner equity)
  • assets equals liabilities minus proprietorship
  • assets equals proprietorship minus liabilities
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