Quiz
Chapter 5: Bookkeeping, Credits, and Collections
Questions in this quiz (28)
1Which of the following statements about double-entry bookkeeping is NOT true?
- AIt has checks and balances
- BIt is expensive
- CIt requires skill
- DIt is accurate
- EIt requires more time
2A bookkeeping term synonymous with "debit" is
- Acharge
- Bdiscount
- Cadjustment
- Dbalance
- Ereceipt
3The one-write system of check writing is a feature of
- Asingle-entry bookkeeping
- Bdouble-entry bookkeeping
- Cpegboard bookkeeping
- Dsavings and loan accounts
- Echecking accounts
4The individual record of the amounts owed and pid by each patient is ound in the
- Acombined journal
- Bgeneral ledger
- Cday book (daily journal)
- Dpatient's ledger
- Eworksheet
5Posting to the patients' ledger and to the combined journal is made from the
- Aday book (daily journal)
- Bgeneral ledger
- Cspecial journal
- Dtrial balance
- Eworksheet
6The process of transferring an amount from one record, such as a journal, to another record, such as a ledger, is called
- Adebiting
- Bcrediting
- Cposting
- Dextension
- Everification
7The word "debit" means
- Aadd
- Bsubtract
- Cdebt
- Dright
- Etotal
8Owners' equity is a term used intercchangeaable with
- Aproprietorship
- Bliability
- Cprofessional income
- Dan asset
- Eincome statementn
9A daily journal is where
- Asource documents are recorded
- Bitems from the general ledger are tranferred
- Cfinancial statements originate
- Dthe trial balance is erived
- Ethe petty cash account is credited
10A liability is
- AAn expense
- Bopposite of credit
- Crecorded in the left column
- Da debit
- Eall of these
11The credit column in an accounting system is always
- Athe accounting base
- Brecorded in the left column
- Crecorded in the right column
- Dpayments from the practice for expenses
- Ethe patient's account due
12Receipts are
- Aamounts transferred from one account to another
- Brecords of patients' financial accounts
- Cthe difference between the debit and credit columns
- Dpayment for professional services
- Edaily bank deposits from practice
13An accounts receivable ledger consists of
- Aa book of original entry
- Ba payment for professional services
- Crecords of patients' current financil status
- Da journal of disbursements
- Eexenses owed by the practice
14The cash basis accounting system
- Ais the same as the accrual basis
- Buses the formula, income = payment received
- Cis used by merchants
- Dis recorded in the left column
- Eis the difference between debit and credit columns
15A depositor's own check that is guaranteed by the bank is called a
- Abank draft
- Bcertified check
- Ccounter check
- Dlimited check
- Ecashier's check
16The accounts receivable trial balance is a/an
- Aannual summary
- Bdaily summary
- Cmonthly summary
- Dweekly statement
- Eincome taax preliminary
17The most active financial record in the medical office is the
- Ageneral journal
- Bworksheet
- Ccash payment journal
- Daccounts receivable ledger
- Etrial balance
18The general journal, which is a record of the physician's practice, includes records of services rendered, carges make, and monies received. The general journal may be known by several other names. Which of the following is NOT another name for the general journal?
- Adaily log
- Bday book
- Cday sheet
- Dcharge journal
- Eaccrual accounting system
19The cash and checks taken as payments for professional services rendered are called
- Apayables
- Bdisbursements
- Creceivables
- Dreceipts
- Ediscounts
20Payments made by patients are regarded as the physician's
- Aearnings
- Bgross income
- Cdrawing
- Dproprietorship
- Eequity
21Collection agencies may retain up to _____% of the account collected on an overdue medical bill
- A70 to 80
- B40 to 60
- C20 to 30
- D10 to 25
- E5 to 15
22Billing statements to the patients and the patients' insurance company are made from the
- Ageneral journal
- Bworksheet
- Ccash payment journal
- Daccounts receivable ledger
- Etrial balance
23Regulation Z of the Truth in Lnding Act applies to physicians who accept payment from patients
- Ain cash
- Bin two installents
- Cin more than four installments
- Din six or more installments
- Ewith credit cards
24Statues of limitations vary from one state to another and may range from
- A2 to 8 years
- B3 to 8 years
- C4 to 7 years
- D5 to 7 years
- E6 to 9 years
25Another term meaning "payroll register" is
- Apayroll journal
- Bpayroll check
- Cemployee's earnings record
- Dpatient ledger
- Efinancial record
26The collecction percentage is obtained for a given period of time by dividing
- Aaccounts receivable by amount collected
- Bamount collected by accounts receivable
- Caccounts receivable by total charges for all services
- Dtotal charges for all services by acconts receivable
- Enumer of accounts receivable by total number of patients
27A list of accounts showing the title and balance of each account is called a/an
- Aincome statement
- Bbalance sheet
- Ctrial balance
- Dledger
- Echart of accounts
28Which of the following equattions is correct?
- Aasets plus liabilities equals proprietorship
- Bassets plus proprietorship equals liabilities
- Cassets equals liabilities plus proprietorship (owner equity)
- Dassets equals liabilities minus proprietorship
- Eassets equals proprietorship minus liabilities
Information
- Description
- Quiz on Chapter 5: Bookkeeping, Credits, and Collections, created by carrieleekennedy on 24/08/2014.
- Author
- carrieleekennedy
- Language
- English
- Views
- 50
- Rating
- No ratings yet Rate this quiz