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Bookkeeping
Chapter 15
| Question | Answer |
|---|---|
| Debit | Increases in assets |
| Post | To record a charge, payment,or adjustment on a ledger or account To record financial transactions |
| Accounts receivables ledger | Record of all pt's outstanding accounts showing how much each one owes for services rendered |
| Assets | That which is owned by the business |
| Liability | Monies that are owed By a business |
| Daysheet | Register for recording all daily business transactions |
| Credit | a decrease in assets |
| Proprietorship | The owners net worth |
| Accounts payable | amount of monies due to a creditor |
| Ad lib. | As much as needed |
| Retn | Return |
| p.r.n | As necessary |
| B/F | Balance forward |
| pd | Paid |
| adj | Adjustment |
| ROA | Received on account |
| recd | Recieved |
| Bookkeeping | The activity or occupation of keeping records of financial affairs of a business |
| Accounting | The system of recording and summarizing business and financial transactions. and analyzing, verifying,and reporting the results |
| Single -entry | Simplest bookkeeping/ system not self balancing A system of bookkeeping in which each transaction is entered in one account only |
| Double - entry | Bookkeeping system of financial records used in business whereby equal accounting debits and credits are recorded |
| Pegboard | Accounting has been aa popular pare based bookkeeping method used in physicIns offices A lthough computerized systems have largely replaced it |
| Expenses | Purchases are not recorded as (expenses) until the bill is actually paid |
| ledger card | A record showing a chronological list of charges, payments,and balances owed for services provided to an individual Pt can be maintain on a ( ledger) |
| Petty cash | for minor office expenses, money should be taken from the |
| Payroll records | are part of all accounting systems and they document salaries and wages paid and deductions made |
| disbursement | generally in a medical office only two journals are required one to record cash receipts and the other to record disbursement |
| Bookkeeping | the main purpose of any ( bookkeeping system ) is to record the financial affairs of the business |
| Accounts payable example | rent due for office space in an example of an entry under accounts payable |
| Accounting Systems | Increases in assets are termed debits. Decreases in assets are called credits. |
| Single-entry accounting | is relatively easy to learn and use and is acceptable to both federal and state authorities as a basis for filing tax returns. In this system, records include: |
| general ledger or journal, | daysheet, daily log, daybook, or charge journal, in which all fees for services rendered and payments are recorded every day |
| accounts receivable (A/R) ledger, | which consists of all of the patients’ accounts showing the amounts owed for services rendered; should be insured against fire or flood damage |
| accounts payable (A/P) ledger | (check register or checkbook), which shows amounts paid out for the expenses of the business practice |
| petty cash fund, | contains records showing monies that are available for minor office expenses and monies that have been disbursed |
| payroll records | indicate salaries and wages paid and deductions made |
| Single-entry accounting | simplest bookkeeping system not self balancing |
| Double-entry accounting | Bookkeeping system of financial records used in businesses whereby equal accounting debits and credits are recorded |
| Assets | are anything owned by the business, such as equipment, furniture, bank accounts, buildings, accounts receivable, and so on |
| Capital | is original investment money and other property of a corporation that is owned |
| Liabilities | are monies that are owed for business expenditures (debts). |
| Proprietorship, | Also called owner’s equity, is the owner’s net worth, which consists of the amount by which the fair market value of all assets exceeds liabilities |
| cash basis, | Physicians’ accounts are kept on what is called a ? |
| A cash receipt journal page | shows one month’s transactions. Each day an entry is made in the general ledger listing incoming receipts, the bank deposit, and miscellaneous cash expenditures. |
| Extend | To carry forward the Balance |
| General ledger | Journal in which all daily fees and payments are recorded |
| account (C) | As each patient arrives, his or her ledger card, also referred to as an account (C), is slipped between the daysheet and the transaction slip. When an entry is written, it registers simultaneously on all three items—the daysheet, the patient’s ledger ca |
| bank deposit slip | Using pegboard accounting , at the same time that monies Recieved ( cash and checks) are recorded on the days heat they are also recorded on a |
| PATIENT ACCOUNTS | are known as open accounts in a physician’s practice and these records are kept on all individual patients’ daily financial activities |
| ledger card or patient account | is a chronologic history of all financial transactions for a patient. In a manual bookkeeping system, the card may be photo- copied and used as a monthly statement. |
| Charges | Fees for office visits Lab test Medical supplies and other services for the Pt are ? |
| vouchers. | Checks received from insurance companies are called vouchers. All payments are debited (sub- tracted) from the account balance. |
| Account balance | Total amounts owed on the PTs account for all business transactions |
| Contract Adjustment | When the contracted insurance payment plus the patient responsibility is less than the amount of the charge, the amount over the “allowed amount” is written off the books as a contract adjustment. |
| Uncollectible Debt Adjustment | It may also be necessary to record the adjustment of a small amount on an uncollectible debt. Any adjustment to an account other than the known contractual write-off amounts should be authorized by the office manager before being posted |
| Coins | A common bookkeeping abbreviation for coinsurance |
| Open account | Patients account so new charges can be made |
| Payable | Rent due for office space is an example of an entry accounts |
| Cash | Medical practice accounts are kept on a ( cash) basis, which means they are based on money taken in as payment for services |
| Income | Earned money is not considered income until tha bill is actually paid |
| Refund adjustments transaction | If an overpayment has been Recieved from an insurance company from a Patient and the account is paid in full |
| In a computerized system when are charges posted | Automatically when inputting the correct procedure code |
| In a manual bookkeeping an adjustment is posted in what column | Credit column |
| Who does the office send monthly statements to | All Pts with outstanding balances |
| Accounts recieveable | Records showing the amounts owed by PT for services rendered |
| Account balance | Total amounts owed on the Pt account for all business transactions |
| $50-$200 | Depending on the size of the practice a change drawer topically holds |
| Patients statement | In a manual bookkeeping system copies of the ledger card Canberra used as |
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Tbella
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