Question 1

A(n)_____ is also known as a statement of financial position.

Accepted Answer

A)   liabilities statement
B)   balance sheet
C)   equity form
D)   income statement B

Question 2

​An example of a bad debt ____________ would be if a patient owes the office $200 and the patient dies unexpectedly,leaving the remaining balance of $200 uncollectible.

Accepted Answer

A)   ​write-down
B)   ​write-off
C)   ​non-collection
D)   ​forgiveness B

Question 3

Match each term with its definition.
-Total Expenses ÷ Total Number of Procedures for One Month

Accepted Answer

A)  accounting formula
B)  accounts receivable ratio formula
C)  gross collection ratio formula
D)  net collection ratio formula
E)  cost ratio formulaF) assetsG) write-offsH) liabilitiesI) accounts receivableJ) income statement E

Question 4

Match each term with its definition.
-Total Payments for the Specific Period ÷ Total Charges (with the write-offs deducted from the total charges)

Accepted Answer

A)  accounting formula
B)  accounts receivable ratio formula
C)  gross collection ratio formula
D)  net collection ratio formula
E)  cost ratio formulaF) assetsG) write-offsH) liabilitiesI) accounts receivableJ) income statement

Question 5

If your receipts for 4 months add up to $200,000,what is your average monthly gross production?

Accepted Answer

A)   $800,000
B)   $160,000
C)   $50,000
D)   $200,000

Question 6

When invoices are held for payment,they are typically filed:

Accepted Answer

A)   in chronological order
B)   in reverse chronological order
C)   alphabetically by industry
D)   alphabetically by the supplier's name

Question 7

​Components of the pegboard system include:

Accepted Answer

A)   physician's day sheet
B)   ​transaction slip
C)   ​patient ledger card
D)   ​all of the above

Question 8

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equity

Question 9

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Money borrowed to purchase merchandise on credit

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equity

Question 10

The _____ demonstrates the value of a business.

Accepted Answer

A)   net worth
B)   assets
C)   liabilities
D)   accounts payable

Question 11

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Building,equipment,cash

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equity

Question 12

The petty cash fund is established by writing a check payable to "petty cash" or:

Accepted Answer

A)   the name of the person who manages the petty cash fund
B)   the name of the bank from which the money will be drawn
C)   "cash"
D)   "recipient"

Question 13

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equity

Question 14

A medical assistant working in accounts payable should:

Accepted Answer

A)   have an accounting degree
B)   pay bills on time only when it is convenient to do so
C)   be highly organized
D)   have a great deal of medical training

Question 15

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equity

Question 16

Match each term with its definition.
-Information that is needed on a day-to-day basis in order for a company to conduct business

Accepted Answer

A)  accounts payable
B)  expenditure
C)  invoice
D)  PDF
E)  feesF) petty cashG) accountingH) bookkeepingI) operating informationJ) managerial accounting information

Question 17

Match each term with its definition.
-Demonstrates the profit and expenses for a given month and also includes year-to-date information for a given year

Accepted Answer

A)  accounting formula
B)  accounts receivable ratio formula
C)  gross collection ratio formula
D)  net collection ratio formula
E)  cost ratio formulaF) assetsG) write-offsH) liabilitiesI) accounts receivableJ) income statement

Question 18

​Accounting systems include all but which of the following?

Accepted Answer

A)   ​practice manager
B)   ​pegboard
C)   ​single-entry
D)   ​double-entry

Question 19

Match each term with its definition.
-File format used when mailing invoices to prevent alteration of the invoice

Accepted Answer

A)  accounts payable
B)  expenditure
C)  invoice
D)  PDF
E)  feesF) petty cashG) accountingH) bookkeepingI) operating informationJ) managerial accounting information

Question 20

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equity

Exam 34: Accounts Payable and Accounting Procedures

A(n) _____ is also known as a statement of financial position.

An example of a bad debt ____________ would be if a patient owes the office $200 and the patient dies unexpectedly,leaving the remaining balance of $200 uncollectible.

Match each term with its definition. -Total Expenses ÷ Total Number of Procedures for One Month

Match each term with its definition. -Total Payments for the Specific Period ÷ Total Charges (with the write-offs deducted from the total charges)

If your receipts for 4 months add up to $200,000,what is your average monthly gross production?

When invoices are held for payment,they are typically filed:

Components of the pegboard system include:

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Money borrowed to purchase merchandise on credit

The _____ demonstrates the value of a business.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Building,equipment,cash

The petty cash fund is established by writing a check payable to "petty cash" or:

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

A medical assistant working in accounts payable should:

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Match each term with its definition. -Information that is needed on a day-to-day basis in order for a company to conduct business

Match each term with its definition. -Demonstrates the profit and expenses for a given month and also includes year-to-date information for a given year

Accounting systems include all but which of the following?

Match each term with its definition. -File format used when mailing invoices to prevent alteration of the invoice

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

Exam 34: Accounts Payable and Accounting Procedures

A(n) _____ is also known as a statement of financial position.

​An example of a bad debt ____________ would be if a patient owes the office $200 and the patient dies unexpectedly,leaving the remaining balance of $200 uncollectible.

Match each term with its definition. -Total Expenses ÷ Total Number of Procedures for One Month

Match each term with its definition. -Total Payments for the Specific Period ÷ Total Charges (with the write-offs deducted from the total charges)

If your receipts for 4 months add up to $200,000,what is your average monthly gross production?

When invoices are held for payment,they are typically filed:

​Components of the pegboard system include:

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Business owned by two or more persons;each person is generally personally liable for the debts of this entity

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Money borrowed to purchase merchandise on credit

The _____ demonstrates the value of a business.

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Building,equipment,cash

The petty cash fund is established by writing a check payable to "petty cash" or:

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

A medical assistant working in accounts payable should:

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Match each term with its definition. -Information that is needed on a day-to-day basis in order for a company to conduct business

Match each term with its definition. -Demonstrates the profit and expenses for a given month and also includes year-to-date information for a given year

​Accounting systems include all but which of the following?

Match each term with its definition. -File format used when mailing invoices to prevent alteration of the invoice

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

An example of a bad debt ____________ would be if a patient owes the office $200 and the patient dies unexpectedly,leaving the remaining balance of $200 uncollectible.

Components of the pegboard system include:

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Money borrowed to purchase merchandise on credit

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Building,equipment,cash

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Accounting systems include all but which of the following?

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money