Exam 24: Financial and Practice Management

The monetary value of a property or of an interest in a property in excess of claims or liens against it is called __________.

The financial records of any business should always show how much:

Liabilities = Assets + Proprietorship.

Most states have federal unemployment compensation laws.

When the end-of-month accounts receivable figures agree with the figures arrived at by adding all the account card balances, the accounts are said to be:

FUTA relates to unemployment.

Which of the following is not a drawback to the single-entry accounting system?

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

For every disbursement from the petty cash fund, what should be completed?

Which of the following records must be available for review by the IRS?

The hardest system of bookkeeping to use is the single-entry system.

Accounts __________ are debts incurred but not yet paid.

A peg-board system, either manual or computerized, is common in the medical office.

An accurately completed purchase order helps eliminate mistakes in the order and in shipments.

Assets = Liabilities + _________.

A cash __________ statement is a financial summary for a specific period.

Each employer must have a federal tax __________ number.

A trial balance should be done:

The recording of business and accounting transactions is called __________.

The total of petty cash vouchers and receipts plus the amount of cash on hand should always equal the original amount of the fund.