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97 Cards in this Set
- Front
- Back
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The process of performing banking transactions with a smartphone or personal digital assistant (PDA) is know as what kind of banking |
Mobile |
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An overdraft is a type of... |
Bank loan |
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The use of checks became common... |
After World War II |
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As soon as cash money is received in the office, it should be |
Placed out of sight in a secure location |
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What check is a check paid directly from a checking account via the internet |
Electronic |
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What check is a check presented too long after it was written to be honored by the bank |
Stale |
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Traveler's checks are listed as what on a deposit slip |
Checks |
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A check must include some form of which phrase to be negotiable |
"Pay to the order of" |
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What is the amount in numbers that the check is written for |
Numeric amount |
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The check routing symbol is commonly where on a personal check |
Hyphenated |
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Wheb looking at the MICR numbers on a check, the second series of numbers identifies what |
Account number |
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What endorsement states "Pay to the order of [name of bank where the check is to be deposited]" |
Restrictive |
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A check will be instantly returned by the bank if |
The signature is missing |
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You should not accept a check that is |
Written for more than the amount due so the patient can have some cash in hand |
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When writing a check, the date |
Can be written or numerical |
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When completing a stub or register, you should |
Bring forward the balance from the previous stub or entry |
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If a mistake is made in writing a check, it is necessary to write what across the check and stub and write a new one |
VOID |
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When sorting currency bills should be stacked |
Portrait side up, in order from highest to lowest dnomination |
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When preparing a deposit slip, if there are more checks than can be listed on the front of the slip |
Use the back, total the amount, bring it forward to the correct line |
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Deposits should always be delivered to the bank |
At different times and days of the week |
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When depositing checks by mail, they should be endorsed by what endorsement only |
Restrictive |
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If a stop payment is placed on a check, the bank will |
Refuse to honor the check |
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A bamk statement obtained through an ATM usually contains the last how many transactions made on an account |
10 |
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The process of verifying that the amounts on the bank statement are consistent with the amounts in the check register is known as |
Reconciling |
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A medical assistant working in accounts payable should |
Be highly organized |
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When a statement is received from a supplier, you should |
Verify that everything on the invoice was received before making payment |
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When invoices are held for payment, they are typically filed |
Alphabetically by the supplier's name |
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Which of the following is not included in the company details on an invoice |
Invoice number |
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The date by which payment should be made is called the |
Due date |
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Wheb your medical office receives an invoice from a supplier, in which section does the name of the medical practice appear |
Client details |
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The petty cash fund is established by writing a check payable to "petty cash" or |
"Cash" |
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The study and analysis of financial data as it applies to operational issues within a company is called |
Managerial accounting |
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What demonstrates the value of a business |
Assets |
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The A/R ratio has a goal of |
2 months or less |
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To convert the gross collection ratio to a percentage, you |
Multiply it by 100 |
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Which of the following is the best gross collection ratio |
1.0 |
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What ratio is also known as the adjusted collection ratio |
Net collection |
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What formula demonstrates a cost if a specific procedure or service |
Cost ratio |
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Cost-benefit analysis is not |
An advanced, complex type of cost analysis |
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It is typically the responsibility of who to produce the values used in cost-benefit analysis |
Accountant |
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Which of the following is not commonly considered an overhead expense |
Payroll |
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What is also known as a statement of financial position |
Balance sheet |
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What increases the balance of an account |
Deposit |
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What decreases the balance of an account |
Withdrawal |
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The person to whom the check is written is the |
Payee |
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Which person signs the front side of the check |
Payer |
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All of the following are essential factors that must be included when writing a check, except |
Endorsement |
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To make sure the office and the bank agree on the amount in the account, what is performed |
Reconciliation |
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The R in A/R stands for |
Receivable |
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The P in A/P stands for |
Payable |
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This type of accounting is the study and analysis of financial data as it applies to operational issues within a company |
Managerial accounting |
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All of the following is information contained on an invoice, except |
Packing slip |
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Another term for new worth is |
Owner's equity |
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The ratio is calculated by dividing the total payments for a specific period of time by the total charges, with the write-offs deducted from the total charges |
Net collection ratio |
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This demonstrates the profit and expenses for a given month and includes year-to-date information for a given year |
Income statement |
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These are debts or accounts payable (A/P) owed by the business |
Liabilities |
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MICR stands for |
Magnetic Ink Character Recognition |
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Person authorizes to act for another person |
Agent |
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Type of check in which the purchaser pays the bank the full amount of the check |
Cashier's check |
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Record showing the check number, person to whom check is paid, amount of check, date, and balance |
Check register |
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Bank account into which money may be deposited and checks may be written against |
Checking account |
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Money produced by the government in the form of paper bills and coins |
Currency |
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Code number found in the upper right corner of the printed check |
ABA number |
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Money put into a bank account, increasing the balance |
Deposit |
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Banking machine operated by inserting debit, credit, or bank card and entering a personal identification number code |
ATM |
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Record of checking account activity sent to a customer, usually on a monthly basis |
Bank statement |
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Guaranteed check that is always acceptable when a personal check is not |
Certified check |
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Method of crediting and debuting accounts by computer without checks or deposit slips |
Electronic funds transfer system |
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Itemized list of cash and checks deposited in a checking account |
Deposit slip |
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Record of a deposit given to a customer at the time of a deposit |
Deposit record |
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Payer on a check |
Endorser |
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Payee's signature on the back of a check |
Endorsement |
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Check made out to the patient by someone unknown to you |
Third-party check |
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Payer of the check |
Maker |
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Check that will be marked void it written over a certain amount |
Limited check |
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Numbers printed in magnetic ink that appear at the bottom of checks and deposit slips |
MICR numbers |
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Negotiable instrument often used by individuals who do not have checking accounts or to meet the requirement for purchasing an item or service |
Money order |
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Total amounts owed by a practice to suppliers and other service providers for regular business operating expenses |
Accounts payable |
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Recording of financial transactions of a business |
Bookkeeping |
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Acquired material, property, and/or labor in exchange for money |
Expenditure |
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Description of the services provided and the total amount due printed on an invoice |
Fees |
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Information that is needed on a day-to-day basis in order for a company to conduct business |
Operating Information |
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System of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results |
Accounting |
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Document that includes itemization of goods and purchases or services provided together with the charges and terms of the agreement |
Invoice |
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File format used when mailing invoices to prevent alteration of the invoice |
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Information used to help managers make informed business decisions when it comes to salary adjustments, benefits, office purchases, and so on |
Managerial accounting information |
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Fund used when small payments are required |
Petty cash |
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Charges deemed uncollectible by any business |
Write-offs |
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Current A/R balance ÷ Average Monthly Gross Production |
Accounts receivable ratio formula |
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Total expenses ÷ total number of procedures for one month |
Cost ratio formula |
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All the outstanding amounts still due from a patient or customer to a doctor |
Accounts receivable |
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Total payments for specific period ÷ total charges (with the write-offs deducted from the total charges) |
Net collection ratio formula |
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Debts or accounts payable owed by the business |
Liabilities |
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Total payments for the specific period ÷ total charges (without considering write-offs) |
Gross collection ratio formula |
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Money and items of value in a business |
Assets |
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Demonstrates the profit and expenses for a given month and also includes year-to-date information for a given year |
Income statement |
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Assets - liabilities = net worth |
Accounting formula |
