Question 1

Indicate whether the item applies to fixed costs or variable costs.

-physicians' salaries

Accepted Answer

A)  fixed costs 
B)  variable costs 
A)  fixed costs 
B)  variable costs B

Question 2

Indicate whether the item applies to fixed costs or variable costs.

-property taxes

Accepted Answer

A)  fixed costs 
B)  variable costs 
A)  fixed costs 
B)  variable costs A

Question 3

Indicate whether the item applies to fixed costs or variable costs.

-loan payment

Accepted Answer

A)  fixed costs 
B)  variable costs 
A)  fixed costs 
B)  variable costs A

Question 4

Which would NOT be considered part of the ledger or journal entry?

Accepted Answer

A) Date of transaction 
B) Account names involved 
C) Dollar amount of charges 
D) Total receipts 
A) Date of transaction 
B) Account names involved 
C) Dollar amount of charges 
D) Total receipts

Question 5

Which of the following is NOT a true statement about a computerized accounting system?

Accepted Answer

A) Can be customized to the individual care setting 
B) Replaces all other systems immediately 
C) Can include the most common procedure and diagnostic codes 
D) Automatically creates day-end summaries 
A) Can be customized to the individual care setting 
B) Replaces all other systems immediately 
C) Can include the most common procedure and diagnostic codes 
D) Automatically creates day-end summaries

Question 6

Which of the following accounting systems is based on the principle that assets equal liabilities plus owner's equity.This system requires time and skill and provides a comprehensive financial picture with built-in accuracy controls?

Accepted Answer

A) Single entry 
B) Double entry 
C) Pegboard 
D) Computerized 
A) Single entry 
B) Double entry 
C) Pegboard 
D) Computerized

Question 7

Which of the following bookkeeping and accounting systems includes charge slips or encounter forms?

Accepted Answer

A) Triple-entry system 
B) Double-entry system 
C) Single-entry system 
D) Pegboard system 
A) Triple-entry system 
B) Double-entry system 
C) Single-entry system 
D) Pegboard system

Question 8

Indicate whether the item applies to fixed costs or variable costs.

-laboratory procedures

Accepted Answer

A)  fixed costs 
B)  variable costs 
A)  fixed costs 
B)  variable costs

Question 9

Indicate whether the item applies to fixed costs or variable costs.

-rent

Accepted Answer

A)  fixed costs 
B)  variable costs 
A)  fixed costs 
B)  variable costs

Question 10

Indicate whether the item applies to fixed costs or variable costs.

-insurance

Accepted Answer

A)  fixed costs 
B)  variable costs 
A)  fixed costs 
B)  variable costs

Question 11

Indicate whether the item applies to fixed costs or variable costs.

-employees' salaries

Accepted Answer

A)  fixed costs 
B)  variable costs 
A)  fixed costs 
B)  variable costs

Question 12

Which bond covers all employees and is most beneficial?

Accepted Answer

A) Position-scheduled bond 
B) Blanket-position bond 
C) Family-practice bond 
D) Personal bond 
A) Position-scheduled bond 
B) Blanket-position bond 
C) Family-practice bond 
D) Personal bond

Question 13

Which of the following terms applies to the accounting system in which outstanding accounts such as office expenses and services are paid for?

Accepted Answer

A) Collections 
B) Cost 
C) Accounts receivable 
D) Accounts payable 
A) Collections 
B) Cost 
C) Accounts receivable 
D) Accounts payable

Question 14

What is NOT considered part of the itemized balance sheet?

Accepted Answer

A) Liabilities 
B) Assets 
C) Cost ratio 
D) Owner's equity 
A) Liabilities 
B) Assets 
C) Cost ratio 
D) Owner's equity

Question 15

What is created by totaling debit balances and credit balances to confirm that total debits equal total credits?

Accepted Answer

A) Trial balance 
B) Balance sheet 
C) Accounts payable 
D) Ledger statement 
A) Trial balance 
B) Balance sheet 
C) Accounts payable 
D) Ledger statement

Question 16

Which of the following is NOT considered a bond to help protect practices from embezzlement?

Accepted Answer

A) Position-scheduled bond 
B) Blanket-position bond 
C) Family-practice bond 
D) Personal bond 
A) Position-scheduled bond 
B) Blanket-position bond 
C) Family-practice bond 
D) Personal bond

Question 17

Indicate whether the item applies to fixed costs or variable costs.

-depreciation

Accepted Answer

A)  fixed costs 
B)  variable costs 
A)  fixed costs 
B)  variable costs

Question 18

Which of the following best describes the accounting system that provides information primarily for entities external to the organization?

Accepted Answer

A) Cost 
B) Financial 
C) Managerial 
D) Disbursement 
A) Cost 
B) Financial 
C) Managerial 
D) Disbursement

Question 19

Total monthly receipts are $50,000 and total monthly charges are $60,000 for the same month.Which of the following percents is the collection ratio?

Accepted Answer

A) 95% 
B) 87% 
C) 83% 
D) 120% 
A) 95% 
B) 87% 
C) 83% 
D) 120%

Question 20

Which of the following accounting systems includes a daily journal or log, patients' statements, ledgers, checks, and disbursement records?

Accepted Answer

A) Single entry 
B) Double entry 
C) Pegboard 
D) Computerized 
A) Single entry 
B) Double entry 
C) Pegboard 
D) Computerized

Exam 20: Accounting Practices

Indicate whether the item applies to fixed costs or variable costs. -physicians' salaries

Indicate whether the item applies to fixed costs or variable costs. -property taxes

Indicate whether the item applies to fixed costs or variable costs. -loan payment

Which would NOT be considered part of the ledger or journal entry?

Which of the following is NOT a true statement about a computerized accounting system?

Which of the following accounting systems is based on the principle that assets equal liabilities plus owner's equity.This system requires time and skill and provides a comprehensive financial picture with built-in accuracy controls?

Which of the following bookkeeping and accounting systems includes charge slips or encounter forms?

Indicate whether the item applies to fixed costs or variable costs. -laboratory procedures

Indicate whether the item applies to fixed costs or variable costs. -rent

Indicate whether the item applies to fixed costs or variable costs. -insurance

Indicate whether the item applies to fixed costs or variable costs. -employees' salaries

Which bond covers all employees and is most beneficial?

Which of the following terms applies to the accounting system in which outstanding accounts such as office expenses and services are paid for?

What is NOT considered part of the itemized balance sheet?

What is created by totaling debit balances and credit balances to confirm that total debits equal total credits?

Which of the following is NOT considered a bond to help protect practices from embezzlement?

Indicate whether the item applies to fixed costs or variable costs. -depreciation

Which of the following best describes the accounting system that provides information primarily for entities external to the organization?

Total monthly receipts are $50,000 and total monthly charges are $60,000 for the same month.Which of the following percents is the collection ratio?

Which of the following accounting systems includes a daily journal or log, patients' statements, ledgers, checks, and disbursement records?

The Medical Assisting Profession

Health Care Settings and the Health Care Team

Coping Skills for the Medical Assistant

Therapeutic Communication Skills

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Introduction to the Medical Laboratory

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Preparing for Medical Assisting Credentials

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