Chapter#30 Accounts payable and Accounting Procedures

All financial transactions of patient’s accounts are listed in:

Total Payments ÷ (Total Charges, minus write-offs)=

Total expenses divided by total number of procedures for one month=

The _____ demonstrates the value of a business

There is a no time limit to notify vendor of any discrepancies on an invoice.

Total Expenses ÷ Number of Procedures for One Month=

Total payments ÷ Total Charges=

The following are All required fields of an invoice: company details, invoice number, dates, , fees, and company email.

The basis for all financial accounting is the accounting formula.

Consumed, emptied, exhausted:

Records that reflect the status of the medical office or business.

An analysis that allows for program evaluation

The two types of collection ratios are ____ collection ratio and net collection ratio

The study and analysis of financial data as it applies to operational issues within a company:

Which of the following is not a A/P?

_______involves the entire process of identifying, recording, and communicating economic events.

The trial balance is to provide a check that the debits equal the credits after posting.

A small amount of stored cash for change and small office expenses:

Allows for program evaluation by demonstrating whether the benefits received outweigh its costs

The two most common financial statements are the _______ statement and the balance sheet.

In an office, the day to day bookkeeping tasks can be performed by the medical assistant

A _______ form or expenditure list should be completed each time payment is made from the petty cash fund.

Daily balancing is an integral function of financial responsibilities in the practice

When an order comes in you do not have to ensure the invoice and the amount of each item has in fact been received.

A formula that determines how efficiently and timely an office is at collecting payment.

Includes the total payments (A/R) received by a practice for a specific period of time

A bank statement includes itemization of purchases provided together with the charges and terms of the agreement

Also known as A/P

Current A/R Balance divided by Average Monthly Gross Production=

Also known as a “statement of financial position” reveals a company’s assets, liabilities and owner’s (net worth)

Anything owned that has exchange value;

The accounts receivable (A/R) ratio has a goal of:

Acquired material, property, or labor in exchange for money

Assets- liabilities=

Invoices include the following except:

Charges that are deemed uncollectible by any business: