Question 1

Which of the following is not a suggested practice for efficient bookkeeping procedures?

Accepted Answer

A)   Be organized
B)   Skip steps whenever possible
C)   Make check marks next to completed entries
D)   Write clearly
E)   Use straight columnsF) A) and E)
G) A) and D)

Question 2

A special bank check that allows the depositor to withdraw funds from her account only is called a ____ check.

Accepted Answer

A)   counter
B)   certified
C)   voucher
D)   traveler's
E)   limitedF) C) and D)
G) A) and B)

Question 3

A double-entry bookkeeping system is based on the principle that the company's assets are equal to ____.

Accepted Answer

A)   capital minus its liabilities
B)   liabilities minus its capital
C)   assets plus its liabilities
D)   assets minus its liabilities
E)   capital plus its liabilitiesF) All of the above
G) B) and D)

Question 4

A physician may use a ____ check when he wants to withdraw money from the bank account but forgot his checkbook.

Accepted Answer

A)   traveler's
B)   voucher
C)   limited
D)   certified
E)   counterF) A) and E)
G) B) and C)

Question 5

The part of a check that takes the form of a fraction and identifies the specific bank on which a check is drawn is the ____.

Accepted Answer

A)   memo line
B)   routing number
C)   ABA number
D)   check number
E)   MICR recording areaF) B) and D)
G) A) and B)

Question 6

The ________ system allows you to write each transaction once while recording it on four different accounting forms.

Accepted Answer

pegboardwr...

Question 7

In order to be considered negotiable, a check must be signed by the ________.

Accepted Answer

The answer of In order to be considered negotiable, a...

Question 8

Business checks with stubs attached are ____ checks.

Accepted Answer

A)   counter
B)   voucher
C)   limited
D)   traveler's
E)   certifiedF) A) and B)
G) A) and C)

Question 9

Which of the following are usually components of a practice's accounting system?

Accepted Answer

A)   Employment contracts
B)   Daily log and disbursements journal
C)   W-4 forms from all employees
D)   A 401(k)  plan
E)   Electronic health recordsF) A) and C)
G) A) and D)

Question 10

The part of the accounting process that consists of the systematic recording of business transactions is ____.

Accepted Answer

A)   reconciliation
B)   vouching
C)   endorsement
D)   bookkeeping
E)   journalizingF) A) and D)
G) B) and E)

Question 11

The person to whom a check is written is the ________.

Accepted Answer

The answer of The person to whom a check is...

Question 12

A type of endorsement often used by attorneys when they accept a check on behalf of a client but have no personal claim on the transaction is _____.

Accepted Answer

A)   restrictive endorsement
B)   qualified endorsement
C)   blank endorsement
D)   mechanical endorsement
E)   special endorsementF) A) and B)
G) A) and C)

Question 13

A third-party endorsement is also known as a ____.

Accepted Answer

A)   restrictive endorsement
B)   qualified endorsement
C)   blank endorsement
D)   mechanical endorsement
E)   special endorsementF) D) and E)
G) A) and C)

Question 14

Which of the following is not a common type of endorsement?

Accepted Answer

A)   Restrictive endorsement
B)   Qualified endorsement
C)   Blank endorsement
D)   Mechanical endorsement
E)   Special endorsementF) B) and E)
G) B) and D)

Question 15

________, or watching for changes in disbursements, is important because it helps control expenses.

Accepted Answer

The answer of ________, or watching for changes in disbursements,...

Question 16

The process of comparing the office financial records with the monthly statement from the bank is known as ____.

Accepted Answer

A)   journalizing
B)   reconciliation
C)   endorsement
D)   vouching
E)   certifyingF) A) and B)
G) B) and E)

Question 17

When you place a patient's ledger card on the pegboard, how should you position the card?

Accepted Answer

A)   Align the ledger card's first blank line with the carbon strip under the next available superbill
B)   Align the top of the ledger card with the top of the daily log
C)   Align the bottom of the ledger card with the carbon strip under the next available superbill
D)   Align the top of the next available superbill with the top of the ledger card
E)   Align the right side of the ledger card with the right side of the superbillF) C) and E)
G) A) and E)

Question 18

Which of the following statements is true about electronic banking?

Accepted Answer

A)   The computer computes the new balance each time you record a check.
B)   You will no longer be responsible for recording and depositing checks.
C)   The computer used for banking must be locked up at the end of the day.
D)   You must still reconcile the bank statement on paper.
E)   Cash flow in the office becomes slower and more difficult.F) B) and E)
G) D) and E)

Question 19

When posting a payment from a collection agency, post the payment from the agency in the paid column and place the agency's fee in the ________ column.

Accepted Answer

The answer of When posting a payment from a collection...

Question 20

When a patient has a credit balance, ____.

Accepted Answer

A)   the account should be sent to a collection agency
B)   a statement should be sent asking the patient to submit the balance
C)   the practice can deduct the amount from the patient's account
D)   the patient can be allowed to pay it at the next office visit
E)   the practice owes the patient moneyF) B) and D)
G) None of the above

Exam 21: Financial Management Key

When a patient has a credit balance, ____.

Correct AnswerverifiedShow Answer

When posting a payment from a collection agency, post the payment from the agency in the paid column and place the agency's fee in the ________ column.

Correct AnswerverifiedShow Answer

A physician may use a ____ check when he wants to withdraw money from the bank account but forgot his checkbook.

Correct AnswerverifiedShow Answer

Which of the following is not a suggested practice for efficient bookkeeping procedures?

Correct AnswerverifiedShow Answer

The process of comparing the office financial records with the monthly statement from the bank is known as ____.

Correct AnswerverifiedShow Answer

When you place a patient's ledger card on the pegboard, how should you position the card?

Correct AnswerverifiedShow Answer

Which of the following statements is true about electronic banking?

Correct AnswerverifiedShow Answer

The person to whom a check is written is the ________.

Correct AnswerverifiedShow Answer

The part of a check that takes the form of a fraction and identifies the specific bank on which a check is drawn is the ____.

Correct AnswerverifiedShow Answer

A double-entry bookkeeping system is based on the principle that the company's assets are equal to ____.

Correct AnswerverifiedShow Answer

A third-party endorsement is also known as a ____.

Correct AnswerverifiedShow Answer

A type of endorsement often used by attorneys when they accept a check on behalf of a client but have no personal claim on the transaction is _____.

Correct AnswerverifiedShow Answer

A special bank check that allows the depositor to withdraw funds from her account only is called a ____ check.

Correct AnswerverifiedShow Answer

Business checks with stubs attached are ____ checks.

Correct AnswerverifiedShow Answer

Which of the following are usually components of a practice's accounting system?

Correct AnswerverifiedShow Answer

The part of the accounting process that consists of the systematic recording of business transactions is ____.

Correct AnswerverifiedShow Answer

________, or watching for changes in disbursements, is important because it helps control expenses.

Correct AnswerverifiedShow Answer

Which of the following is not a common type of endorsement?

Correct AnswerverifiedShow Answer

The ________ system allows you to write each transaction once while recording it on four different accounting forms.

Correct Answerverifiedpegboardwr...View AnswerShow Answer

In order to be considered negotiable, a check must be signed by the ________.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
pegboardwr...
View Answer

Correct Answer
verified