Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Blesi8e Ch33 Terms
[MO2] Accounts Payable [Tier 01]
| Term | Definition |
|---|---|
| accounting | involved the process of identifying, recording and communicating economic events |
| accounting formula | the formula that is considered the basis for all financial accounting; assets minus liabilities equals net worth |
| accounts payable (A/P) | the total amounts owed by the practice to suppliers |
| accounts receivable (A/R) ratio | the total dollar amount of the outstanding payments or claims due to the office from patients and customers |
| assets | anything owned that has exchange value |
| balance sheet | reveals a company's assets, liabilities and owner's equity (net worth) |
| collection ratio | a formula that determines how efficiently and timely an office is collecting payments for services rendered by the physicians |
| cost ratio | a formula that demonstrates the cost of a specific procedure or service |
| cost-benefit analysis | an analysis that allows for program evaluation by demonstrating whether the benefits received will outweigh its costs |
| depleted | consumed, emptied, exhausted |
| double-entry | an accounting method of recording transactions that provides an equality of debits and credits |
| equity | the value of property beyond the total amount owed on it; net worth |
| expenditure | actual payment of cash or cash equivalent for goods or services |
| financial records | records that reflect the financial status of the medical office or business |
| gross collection ratio | includes the total payments received by a practice for a specific period of time |
| income statement | demonstrates the profit and expenses for a given month |
| invoice | a document that includes itemization of goods and purchases or services provided together with the charges and terms of the agreement |
| liabilities | debts or accounts payable owed by the business |
| managerial accounting | the study and analysis of financial data as it applies to operational issues within a company |
| net collection ratio | calculated by taking the total payments for a specific period of time divided by the total charges |
| net worth | assets minus liabilities, which demonstrates the value of a business |
| operating information | the information that is needed on a day-to-day basis in order for a company to conduct business |
| pegboard | a manual bookkeeping system that uses a lightweight board with pegs to track the physicians day sheet transactions, patient ledgers and deposits |
| petty cash | a small amount of cash available for small business expenses; used for postage stamps, inexpensive office supplies and small charitable donations |
| trial balance | a bookkeeping worksheet used to ensure the entries in a company's bookkeeping system are mathematically correct. |
| voucher | a document that serves as proof that the terms of a transaction have been met |
| write-offs | an expense usually deemed uncollectable by any business |
Created by:
MaesterRay
Popular Medical sets