Exam 34: Accounts Payable and Accounting Procedures

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Personal living expenses are kept separate from the expenses of the business

Which of the following is not commonly considered an overhead expense?

Which of the following is not included in the company details on an invoice?

Match each term with its definition. -Current A/R Balance ÷ Average Monthly Gross Production

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Most large companies: Wal-Mart,General Motors,General Electric,Intel,Apple,etc.

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Money borrowed (loans)to purchase major assets

Match each term with its definition. -Total amounts owed by a practice to suppliers and other service providers for regular business operating expenses

The study and analysis of financial data as it applies to operational issues within a company is called _____ accounting.

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Resources owned by a business

Match each term with its definition. -All the outstanding amounts still due from a patient or customer to a doctor

Match each term with its definition. -Fund used when small payments are required

The ____ ratio is also known as the adjusted collection ratio.

​Although not as commonplace today,the _____________ bookkeeping systems have been used effectively for many years,are relatively inexpensive,provide hard copies for account balances,and are easy to use.

Match each term with its definition. -Assets − Liabilities = Net Worth

The A/R ratio has a goal of:

Match each term with its definition. -Description of the services provided and the total amount due printed on an invoice

Match each term with its definition. -Information used to help managers make informed business decisions when it comes to salary adjustments,benefits,office purchases,and so on

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Business organized under state law as a separate legal entity,with ownership divided into transferable shares of stock.

The date by which payment should be made is called the:

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The medical office purchases office supplies,medications,utilities,and so on