Medical Office Payments and Check Types

Question Which of the following accounts payable is typically the largest in the medical office? Any payment the physicians office makes for goods or services is called________. One of the most common or numerous disbursements is payment for______. Business checks with stubs attached are________checks. A type of check that states it is void after a certain time limit is a______ check. Which type of check is purchased from a bank, written on the banks own checking account, and signed by a bank official? A standard personal or business check that the bank verifies and then sets aside the funds to guarantee payment is a ________check. A special bank that allows the depositor to withdraw funds from her account only is called a_______ check. Which type of checks are preprinted in $10, $20, $50, and $100 denominations? Which of the following is important because it helps to control expenses? Today, a practices financial summary is generally prepared by_______. Which of the following demonstrates the practices profitability by illustrating the practices total income and expenses? Which of the following shows how much cash is available to cover expenses, to invest, or to take as profit? The process of communicating the income and expenses of business and it’s financial health is known as_______. The part of the accounting process that consists of the systematic recording of business transactions is _______. Answer Payroll A disbursement Office supplies Voucher Limited Cashiers Certified Counter Travelers Tracking Practice management software Statement of income and expense Cash flow statement Accounting Bookkeeping bookkeeping system is Which of the following is not an advantage of using a computerized bookkeeping The available even if the power goes system? out. Another term for a write it once system is ________ system. Pegboard The process of recording services provided, the fees charged, and payments Journalizing received in a daily log is known as________. If your receive payment from a patient by mail after the office visit, you should On the patients ledger card and record it________. the current days daily log The practice owes the patient When a patient has a credit balance,___________. money The part of a check that takes the form of a fraction and identifies the specific ABA number back on which a check is drawn is the_______. An endorsement that consists simply of the payees signature is a_______. Blank endorsement A third party endorsement is also known as a __________. Special endorsement An endorsement that specifies precisely how the check may be redeemed, such Restrictive endorsement as only for deposit in the practices bank account, is a_________. The process of comparing the office financial records with the monthly reconciliation statement from the bank is known as________. An overpayment to a physician results in a negative number, or_________ balance, Credit the patients account. Another term for a statement of income and expense is_________ statement. Profit and loss The________ appears as a fraction on the upper edge of all printed checks and ABA number identifies the geographic area and specific bank on which the check is drawn Goods and properties that have a dollar value, such as the medical practice building, bank accounts, office equipment, and accounts receivable, are Assets called________. The process of communicating the income and expenses of a business and it’s Accounting financial health is known as_______. A _________ statement shows how much cash is available to cover expenses, to Cash flow invest, or to take as profits. A_______ check is a check issued on bank paper and signed by a bank representative; it is usually purchased by people who do not have checking Cashiers accounts A__________, which is sometimes called an encounter form or superbill, is the original record of the doctors services and the charge for those services The physician may use a ________ check to withdraw money without having his or her checkbook because this type of check permits her to withdraw funds from her account only. The process of keeping a daily log of the patient charges and payments received from patients each day is called_______. A________check states that it is void after a certain amount of time and is sometimes used for payroll. In order to be considered__________, or legally transferable from one person to another, a check has to be written and signed by the payer and include the amount of money to be paid. The person to whom a check is written is the_________. In order to be considered negotiable, a check must be signed by the_________. The_______ system allows you to wire each transaction once while recording it on four different accounting forms. A_______ gives a person the legal right to handle to financial matters for another person who is unable to do so. ________, or watching for changes on disbursements, is important because it helps control expenses Most practices may use checks from a standard checkbook or________checks, which often come in a three ring binder and provide a stub for record keeping The part of the accounting process known as_______ is the systematic recording of business transactions Charge slip Counter Journalizing Limited Negotiable Payee Payer Write it once Power of Attorney Tracking Voucher Bookkeeping