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29 Cards in this Set
- Front
- Back
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The systematic recording of the transactions of a business is called
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record keeping/book keeping
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Reporting the financial results of a business is called
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accounting
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3 reasons for maintaining financial records include:
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a)Planning for the future. b)determine profit and loss. c) income tax record
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Oldest of the bookkeeping systems;each entry is made seperately;errors are common with this method:
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single entry
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The bookkeeping system that provides a comprehensive financial picture;requires a trained/experienced bookkeeper or accountant:
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Double entry
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Called the write-it-once system because the same data is entered on all the forms at one time:
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Pegboard
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Used to take care of minor expenditures:
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Petty Cash
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Also called a check register;whatever is spent in the health care facility is recorded here:
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Disbursement journal or record vouchers
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Form used to control petty cash expenditures:
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Vouchers
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When establishing the petty cash fund, the check is written to cash/petty cash and entered in the disbursement journal under
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Miscellaneous
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When replenishing the petty cash fund the amount of the check is:
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Spread across or divided
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The infor. on the petty cash vouchers is transferred to a....
(this in turn is transferred to the disbursement journal) |
petty cash record
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The average amount of a petty cash fund is:
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25.00 to 50.00
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What the business is worth(proprietorship, capital, and net worth)
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Owner's Equity
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Accounting equation
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assets=liabilities+owners equity
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Amounts owed to the creditors for equipment & services not yet paid
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accounts payable
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Amounts owed by the doctors patients
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accounts receivable
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Debts of a business
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liabilities
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Reports the total income received by the practice and total expenses that make the income necessary
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Income statement
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Everything owned by the business
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assets
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Shows the current financial condition of the physician's practice.
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balance sheet
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Entering a charge into an account record.
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Debit
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When payment is received on an account.
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Credit
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Difference between the debit and the credit.
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balance
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When a change has been entered into an account
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adjustment
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All patient charges and any receipts are recorded here each day.
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Day sheet
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Used when a patient payment has been made but no service is provided on that day.
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receipt form
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Used as a charge slip, receipt statement, and insurance reporting form.
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superbill
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Provides a record of all services, charges, payments and adjustments.
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ledger card
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