Question 1

The "cash basis" system of accounting used by most physicians means that

Accepted Answer

A)  credit is used as little as possible. 
B)  charges are recorded as income at the time they are received. 
C)  a simple bookkeeping system is used. 
D)  expenses are recorded at the time they are incurred. 
A)  credit is used as little as possible. 
B)  charges are recorded as income at the time they are received. 
C)  a simple bookkeeping system is used. 
D)  expenses are recorded at the time they are incurred. B

Question 2

Which of the following needs to occur when a provider agrees to settle for a reduced fee?

Accepted Answer

A)  Negotiations without prejudice 
B)  Discount offer in writing 
C)  Definite time limit for making payment is stated 
D)  Two copies of agreement with witness signatures 
E)  All of the above 
A)  Negotiations without prejudice 
B)  Discount offer in writing 
C)  Definite time limit for making payment is stated 
D)  Two copies of agreement with witness signatures 
E)  All of the above E

Question 3

A record or notation of a transaction is called a(n)__________.

Accepted Answer

entry

Question 4

Who is financially responsible for a minor seeking treatment for STD without parental consent?

Accepted Answer

A)  The parent who brings the child in for treatment 
B)  The legally emancipated minor 
C)  It depends;the medical assistant must determine where the statement should be sent 
D)  The minor 
E)  The legal guardian 
A)  The parent who brings the child in for treatment 
B)  The legally emancipated minor 
C)  It depends;the medical assistant must determine where the statement should be sent 
D)  The minor 
E)  The legal guardian

Question 5

Accounts receivable are moneys that are expected but not yet received.All invoices,statements,and operational expenses are included in accounts receivable.

Accepted Answer

A)  Both statements are true. 
B)  Both statements are false. 
C)  The first statement is true;the second is false. 
D)  The first statement is false;the second is true. 
A)  Both statements are true. 
B)  Both statements are false. 
C)  The first statement is true;the second is false. 
D)  The first statement is false;the second is true.

Question 6

If not handled properly,which of the following can decrease what is owed to the provider erroneously?

Accepted Answer

A)  Payments and adjustments 
B)  Credit balances and refunds 
C)  Charges 
D)  Both A and B 
E)  All of the above 
A)  Payments and adjustments 
B)  Credit balances and refunds 
C)  Charges 
D)  Both A and B 
E)  All of the above

Question 7

Which of the following account aging categories requires a final demand letter before the account is turned over to a collection agency?

Accepted Answer

A)  30-60 days 
B)  60-90 days 
C)  90-120 days 
D)  Over 120 days 
A)  30-60 days 
B)  60-90 days 
C)  90-120 days 
D)  Over 120 days

Question 8

Payments to the healthcare facility come as reimbursement from the insurance company only.Adjustments are made to a patient's account when it is necessary to add or subtract a patient payment from the balance.

Accepted Answer

A)  Both statements are true. 
B)  Both statements are false. 
C)  The first statement is true;the second is false. 
D)  The first statement is false;the second is true. 
A)  Both statements are true. 
B)  Both statements are false. 
C)  The first statement is true;the second is false. 
D)  The first statement is false;the second is true.

Question 9

Amounts owed to the physician are accounts _____________.

Accepted Answer

The answer of Amounts owed to the physician are accounts...

Question 10

Which of the following agreements for payment plans is not subject to TILA and does not require a signed Truth in Lending Statement?

Accepted Answer

A)  Specific agreement for less than four installments and finance charge 
B)  Specific agreement with more than four installments and finance charge 
C)  No specific agreement with more than four installments and no finance charge 
D)  Credit card or loan specifically for healthcare treatment 
E)  All of the above 
A)  Specific agreement for less than four installments and finance charge 
B)  Specific agreement with more than four installments and finance charge 
C)  No specific agreement with more than four installments and no finance charge 
D)  Credit card or loan specifically for healthcare treatment 
E)  All of the above

Question 11

Which of the following should be considered when using a collection agency?

Accepted Answer

A)  Net back 
B)  Fee percentage 
C)  Fee charged by the collection agency 
D)  Both A and B 
E)  All of the above 
A)  Net back 
B)  Fee percentage 
C)  Fee charged by the collection agency 
D)  Both A and B 
E)  All of the above

Question 12

Which of the following needs to occur when a check is returned from the bank for NSF?

Accepted Answer

A)  The payment posted to the patient account must be reversed. 
B)  A charge line item must be added with the amount of the NSF check. 
C)  The original payment must be deleted. 
D)  Both A and B 
E)  All of the above 
A)  The payment posted to the patient account must be reversed. 
B)  A charge line item must be added with the amount of the NSF check. 
C)  The original payment must be deleted. 
D)  Both A and B 
E)  All of the above

Question 13

The entire property of a person is said to be his or her __________.

Accepted Answer

The answer of The entire property of a person is...

Question 14

Many healthcare facilities find small claims court a satisfactory,inexpensive means of collecting delinquent accounts.Parties to small claims actions are represented by an attorney at the hearing but may also send another person to court on their behalf to produce records supporting the claim.

Accepted Answer

A)  Both statements are true. 
B)  Both statements are false. 
C)  The first statement is true;the second is false. 
D)  The first statement is false;the second is true. 
A)  Both statements are true. 
B)  Both statements are false. 
C)  The first statement is true;the second is false. 
D)  The first statement is false;the second is true.

Question 15

Accounts __________ are debts incurred but not yet paid.

Accepted Answer

The answer of Accounts __________ are debts incurred but not...

Question 16

Which statement best describes the relationship between bookkeeping and accounting?

Accepted Answer

A)  Accounting is a summary of the activities of bookkeeping. 
B)  Bookkeeping takes care of all the reporting activities of accounting. 
C)  Accounting plans the bookkeeping process. 
D)  Bookkeeping involves the recording activities of accounting. 
A)  Accounting is a summary of the activities of bookkeeping. 
B)  Bookkeeping takes care of all the reporting activities of accounting. 
C)  Accounting plans the bookkeeping process. 
D)  Bookkeeping involves the recording activities of accounting.

Question 17

A system of recording,classifying,and summarizing financial transactions is called

Accepted Answer

A)  bookkeeping. 
B)  accounting. 
C)  accruing. 
D)  depreciation. 
A)  bookkeeping. 
B)  accounting. 
C)  accruing. 
D)  depreciation.

Question 18

The purpose of the trial balance is to disclose any discrepancies between the journal and the ledger.

Accepted Answer

A) True 
 B)False

Question 19

The recording of business and accounting transactions is called ______________.

Accepted Answer

The answer of The recording of business and accounting transactions...

Question 20

Which of the following is the most successful collection strategy?

Accepted Answer

A)  Notes 
B)  Patient account statement 
C)  Collection letter 
D)  Telephone call 
A)  Notes 
B)  Patient account statement 
C)  Collection letter 
D)  Telephone call

Exam 18: Patient Accounts,collections and Practice Management

The "cash basis" system of accounting used by most physicians means that

Which of the following needs to occur when a provider agrees to settle for a reduced fee?

A record or notation of a transaction is called a(n)__________.

Who is financially responsible for a minor seeking treatment for STD without parental consent?

Accounts receivable are moneys that are expected but not yet received.All invoices,statements,and operational expenses are included in accounts receivable.

If not handled properly,which of the following can decrease what is owed to the provider erroneously?

Which of the following account aging categories requires a final demand letter before the account is turned over to a collection agency?

Payments to the healthcare facility come as reimbursement from the insurance company only.Adjustments are made to a patient's account when it is necessary to add or subtract a patient payment from the balance.

Amounts owed to the physician are accounts _____________.

Which of the following agreements for payment plans is not subject to TILA and does not require a signed Truth in Lending Statement?

Which of the following should be considered when using a collection agency?

Which of the following needs to occur when a check is returned from the bank for NSF?

The entire property of a person is said to be his or her __________.

Many healthcare facilities find small claims court a satisfactory,inexpensive means of collecting delinquent accounts.Parties to small claims actions are represented by an attorney at the hearing but may also send another person to court on their behalf to produce records supporting the claim.

Accounts __________ are debts incurred but not yet paid.

Which statement best describes the relationship between bookkeeping and accounting?

A system of recording,classifying,and summarizing financial transactions is called

The purpose of the trial balance is to disclose any discrepancies between the journal and the ledger.

The recording of business and accounting transactions is called ______________.

Which of the following is the most successful collection strategy?

Competency-Based Education and the Medical Assistant Student

The Medical Assistant and the Healthcare Team

Professional Behavior in the Workplace

Therapeutic Communications

Patient Education

Medicine and Law

Medicine and Ethics

Technology and Written Communication in the Medical Office

Telephone Techniques

Scheduling Appointments and Patient Processing

Daily Operations in the Ambulatory Care Setting

The Health Record

Administrative Pharmacology Applications

Basics of Diagnostic Coding

Basics of Procedural Coding

Basics of Health Insurance

Medical Billing and Reimbursement

Banking Services and Procedures

Supervision and Human Resources Management

Medical Practice Marketing and Customer Service

Safety and Emergency Practices

Career Development and Life Skills

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