Question 1

​Daily __________ is an integral function of financial responsibilities in the practice.

Accepted Answer

A)  ​claims scrubbing 
B)  ​visit capture 
C)  ​balancing 
D)  ​claims management

Question 2

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Creditors,mortgage,etc.

Accepted Answer

A) accounts payable 
B) ​assets 
C) ​corporation 
D) ​cost 
E) ​economic entity assumption
F)​liabilities
G)​market value
H)​monetary unit assumption
I)​note payable
J)​(paid-in)capital
K)​partnership
L)​proprietorship
M)​retained earnings
N)stockholders' equity

Question 3

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​A business owned by one person,who is often the manager/operator of the business;the owner's net worth or equity (which consists of the amount by which the fair market value of all assets exceed liabilities)

Accepted Answer

A) accounts payable 
B) ​assets 
C) ​corporation 
D) ​cost 
E) ​economic entity assumption
F)​liabilities
G)​market value
H)​monetary unit assumption
I)​note payable
J)​(paid-in)capital
K)​partnership
L)​proprietorship
M)​retained earnings
N)stockholders' equity

Question 4

Match each term with its definition.
-Acquired material,property,and/or labor in exchange for money

Accepted Answer

A) accounts payable 
B) expenditure 
C) invoice 
D) PDF 
E) fees
F)petty cash
G)accounting
H)bookkeeping
I)operating information
J)managerial accounting information

Question 5

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​If an office building is bought for $700,000,this is what the amount you pay for it is called

Accepted Answer

A) accounts payable 
B) ​assets 
C) ​corporation 
D) ​cost 
E) ​economic entity assumption
F)​liabilities
G)​market value
H)​monetary unit assumption
I)​note payable
J)​(paid-in)capital
K)​partnership
L)​proprietorship
M)​retained earnings
N)stockholders' equity

Question 6

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The value determined by the market for similar buildings/properties at the time of sale

Accepted Answer

A) accounts payable 
B) ​assets 
C) ​corporation 
D) ​cost 
E) ​economic entity assumption
F)​liabilities
G)​market value
H)​monetary unit assumption
I)​note payable
J)​(paid-in)capital
K)​partnership
L)​proprietorship
M)​retained earnings
N)stockholders' equity

Question 7

When a statement is received from a supplier,you should:

Accepted Answer

A)  verify that everything on the invoice was received before making payment 
B)  promptly mail a check for the full amount due if funds are available 
C)  refrain from sending payment until a second notice is sent 
D)  mail a check for no more than 50 percent of the amount due if funds are available

Question 8

Match each term with its definition.
-Total Payments for the Specific Period ÷ Total Charges (without considering write-offs)

Accepted Answer

A) accounting formula 
B) accounts receivable ratio formula 
C) gross collection ratio formula 
D) net collection ratio formula 
E) cost ratio formula
F)assets
G)write-offs
H)liabilities
I)accounts receivable
J)income statement

Question 9

Cost-benefit analysis is not:

Accepted Answer

A)  part of good budgeting and accounting practices 
B)  an advanced,complex type of cost analysis 
C)  used to help determine the true cost of providing services 
D)  commonly determined with the help of accounting software

Question 10

Match each term with its definition.
-Document that includes itemization of goods and purchases or services provided together with the charges and terms of the agreement

Accepted Answer

A) accounts payable 
B) expenditure 
C) invoice 
D) PDF 
E) fees
F)petty cash
G)accounting
H)bookkeeping
I)operating information
J)managerial accounting information

Question 11

The _____ formula demonstrates a cost of a specific procedure or service.

Accepted Answer

A)  cost-benefit analysis 
B)  gross collection ratio 
C)  cost ratio 
D)  net collection ratio

Question 12

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Cash or other assets from stockholders in exchange for capital stock

Accepted Answer

A) accounts payable 
B) ​assets 
C) ​corporation 
D) ​cost 
E) ​economic entity assumption
F)​liabilities
G)​market value
H)​monetary unit assumption
I)​note payable
J)​(paid-in)capital
K)​partnership
L)​proprietorship
M)​retained earnings
N)stockholders' equity

Question 13

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The ownership claim on total assets

Accepted Answer

A) accounts payable 
B) ​assets 
C) ​corporation 
D) ​cost 
E) ​economic entity assumption
F)​liabilities
G)​market value
H)​monetary unit assumption
I)​note payable
J)​(paid-in)capital
K)​partnership
L)​proprietorship
M)​retained earnings
N)stockholders' equity

Question 14

Which of the following is the best gross collection ratio?

Accepted Answer

A)  0.0 
B)  0.5 
C)  0.75 
D)  1.0

Question 15

Match each term with its definition.
-Charges deemed uncollectible by any business

Accepted Answer

A) accounting formula 
B) accounts receivable ratio formula 
C) gross collection ratio formula 
D) net collection ratio formula 
E) cost ratio formula
F)assets
G)write-offs
H)liabilities
I)accounts receivable
J)income statement

Question 16

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Law firms,medical practices,CPAs

Accepted Answer

A) accounts payable 
B) ​assets 
C) ​corporation 
D) ​cost 
E) ​economic entity assumption
F)​liabilities
G)​market value
H)​monetary unit assumption
I)​note payable
J)​(paid-in)capital
K)​partnership
L)​proprietorship
M)​retained earnings
N)stockholders' equity

Question 17

Match each term with its definition.
-System of recording and summarizing business and financial transactions and analyzing,verifying,and reporting the results

Accepted Answer

A) accounts payable 
B) expenditure 
C) invoice 
D) PDF 
E) fees
F)petty cash
G)accounting
H)bookkeeping
I)operating information
J)managerial accounting information

Question 18

When your medical office receives an invoice from a supplier,in which section does the name of the medical practice appear?

Accepted Answer

A)  company details 
B)  client details 
C)  payment terms 
D)  fees

Question 19

If the petty cash fund was originally $50,and it has been depleted down to $3,a new petty cash check should be written for:

Accepted Answer

A)  $50 
B)  $53 
C)  $100 
D)  $47

Question 20

Match each term with its definition.
-Money and items of value in a business

Accepted Answer

A) accounting formula 
B) accounts receivable ratio formula 
C) gross collection ratio formula 
D) net collection ratio formula 
E) cost ratio formula
F)assets
G)write-offs
H)liabilities
I)accounts receivable
J)income statement

Exam 34: Accounts Payable and Accounting Procedures

Daily __________ is an integral function of financial responsibilities in the practice.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Creditors,mortgage,etc.

Match each term with its definition. -Acquired material,property,and/or labor in exchange for money

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -If an office building is bought for $700,000,this is what the amount you pay for it is called

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The value determined by the market for similar buildings/properties at the time of sale

When a statement is received from a supplier,you should:

Match each term with its definition. -Total Payments for the Specific Period ÷ Total Charges (without considering write-offs)

Cost-benefit analysis is not:

Match each term with its definition. -Document that includes itemization of goods and purchases or services provided together with the charges and terms of the agreement

The _____ formula demonstrates a cost of a specific procedure or service.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Cash or other assets from stockholders in exchange for capital stock

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The ownership claim on total assets

Which of the following is the best gross collection ratio?

Match each term with its definition. -Charges deemed uncollectible by any business

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Law firms,medical practices,CPAs

Match each term with its definition. -System of recording and summarizing business and financial transactions and analyzing,verifying,and reporting the results

When your medical office receives an invoice from a supplier,in which section does the name of the medical practice appear?

If the petty cash fund was originally $50,and it has been depleted down to $3,a new petty cash check should be written for:

Match each term with its definition. -Money and items of value in a business

Exam 34: Accounts Payable and Accounting Procedures

​Daily __________ is an integral function of financial responsibilities in the practice.

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Creditors,mortgage,etc.

Match each term with its definition. -Acquired material,property,and/or labor in exchange for money

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​If an office building is bought for $700,000,this is what the amount you pay for it is called

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The value determined by the market for similar buildings/properties at the time of sale

When a statement is received from a supplier,you should:

Match each term with its definition. -Total Payments for the Specific Period ÷ Total Charges (without considering write-offs)

Cost-benefit analysis is not:

Match each term with its definition. -Document that includes itemization of goods and purchases or services provided together with the charges and terms of the agreement

The _____ formula demonstrates a cost of a specific procedure or service.

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Cash or other assets from stockholders in exchange for capital stock

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The ownership claim on total assets

Which of the following is the best gross collection ratio?

Match each term with its definition. -Charges deemed uncollectible by any business

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Law firms,medical practices,CPAs

Match each term with its definition. -System of recording and summarizing business and financial transactions and analyzing,verifying,and reporting the results

When your medical office receives an invoice from a supplier,in which section does the name of the medical practice appear?

If the petty cash fund was originally $50,and it has been depleted down to $3,a new petty cash check should be written for:

Match each term with its definition. -Money and items of value in a business

Daily __________ is an integral function of financial responsibilities in the practice.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Creditors,mortgage,etc.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -If an office building is bought for $700,000,this is what the amount you pay for it is called

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The value determined by the market for similar buildings/properties at the time of sale

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Cash or other assets from stockholders in exchange for capital stock

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The ownership claim on total assets

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Law firms,medical practices,CPAs