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Week 6
Financial Practices
| Question | Answer |
|---|---|
| The pegboard system of bookkeeping is sometimes called the: | write-it once system |
| NSF stands for: | nonsufficient funds |
| A restrictive endorsement stamp is used to: | stamp on the back of a check to signify "for deposit only" |
| When reconciling a bank statement: | the checkbook entries should be checked against the bank statement |
| If a check has been deposited and is now returned due to insufficient funds, it will be necessary to: | call the bank that returned it and verify availability of funds so the check can then be redeposited |
| The pegboard system consists of: | day sheets, ledger cards, encounter forms, receipt forms |
| In cases of divorced parents where one parent has physical custody of the child and is considered the one responsible for payment if the child is not insured with a contracted insurance carrier, the parent is called: | the guarantor |
| The Advanced Beneficiary Notification form is used primarily for: | Medicare patients for the purpose of collecting payments that are not allowed |
| A patient encounter form: | is also called a charge slip and is also called a superbill |
| In most practices there is a need to have cash available on a daily basis to: | make change for a patient paying cash for services |
| When a check must be guaranteed for the amount in which it is written, a ______ is issued. | cashier's check |
| Restricting the use of a check should it be lost or stolen may be done through: | special endorsement |
| The system that is based on the accounting principle that assets equal liabilities plus owner's equity is the: | double-entry system |
| Double-entry bookkeeping is expensive. True or False? | False |
| A total practice management system has the ability to: | process insurance claims electronically, manage payroll and purchases, and generate financial records |
| Computerization of medical facilities has increased because of: | emphasis being placed on the accurate documentation of medical records and increase in managed care plans |
| The trial balance is created by: | totaling debit balances and credit balances to confirm that total debits equal total credits |
| Financial records should provide the following at all times: | amount earned, owed, and collected within a given period and where expenses were incurred in a given period |
| Examples of variable costs include: | clinical supplies, equipment costs, and laboratory procedures |
| The accounts receivable trial balance: | shows any problems between the daily journal and the ledger |
| Calculating and reviewing costs provide ambulatory care settings with: | data to set fees and monitoring of the practice's performance |
Created by:
aparke27
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