accounting test

Which of the following type(s) of check is guaranteed not to bounce?

Both a certified check and a money order

In which of the following ledgers would an assistant look to find the most current bank balance?

Check ledger

Which manual bookkeeping system has a built-in way to check for errors?

Double-entry system

Which of the following attitudes is most acceptable for an assistant to have when discussing finances with a patient?

Respectful and understanding

Who is responsible for recording disbursements?

The medical office assistant

Reconciling the bank statement is optional.

false

Which of these best describes a check endorsement?

the payee's signature on the back of the check

Who decides when and to whom professional courtesy is extended?

the physician

Which of the following best describes an accounts payable ledger?

A book of all office debts that have not been paid

Which of the following definitions best describes a write-off?

A cancellation of a fee

Which of the following best describes the term "professional courtesy"?

A fee discount for health care workers

What is a UCR fee?

A fee for the amount that physicians in the same geographic area most commonly charge for the same service

What is a fee schedule?

A list of specified fees a physician charges for services

Which of the following definitions best describes a bank statement?

A monthly summary of a bank account

Which of the following best describes a superbill?

A patient invoice listing services performed in one visit

Which of the following definitions best describes a deposit slip?

An itemized memo of funds to be posted to a bank account

Which of the following best defines the term "disbursement"?

An outgoing amount of money from the office

What is the first step an office assistant should take after receiving an NSF check?

Inform the check-writer that the check has been returned.

What should be done if a mistake is made while filling out a check?

Void the check and file it with cancelled checks.

When should a patient be given an estimate of how much the fee for service might be?

When the appointment is set

If a patient plans to use a credit or debit card as payment, the physician is allowed to charge a higher fee for the patient's service.

false

If an office uses a computerized bookkeeping system, understanding manual bookkeeping is unnecessary.

false

If an office uses automatic withdrawal to pay bills, those payment amounts do NOT need to be posted on any office ledgers.

false

Payments received by mail do not have to be posted to the patient ledger.

false

When a patient makes a payment to a collection agency, the entire amount of that payment will be sent to the medical office.

false

Which of the following would be considered an accounting task?

sending patient bills

A billing statement is an itemization, or invoice, of the balance the patient owes for specific services.

true

A check stub, or register, should be filled out every time a check is written.

true

Why is it important to keep an up-to-date inventory of all administrative and clinical supplies in the office?

To avoid making unnecessary purchases or running out of important supplies

Which of the following definitions best describes an aging report?

A record of all unpaid patient accounts, organized by date of service or date of first bill

In which of the following ledgers would an assistant look to find information on all the debts owed by the medical office?

Accounts payable ledger

Which kind of endorsement is the most risky?

Blank endorsement

When should daysheets be updated?

As each transaction takes place

In which of the following ledgers must an outstanding patient balance be recorded?

Both the patient ledger and the accounts receivable ledger

Which of the following blank spaces on a check does NOT have to be filled in to be processed by the bank?

The for/memo line

Which of these is the most appropriate way to make corrections in a manual bookkeeping system?

Draw one line through the mistake and enter the correction above.

Why is the pegboard system also called the "write-it-once" method?

Entries are posted to several records at once.

When should a receipt be issued to a patient?

Every time the patient makes a payment in the office

Which kind of endorsement is most common in a business setting?

Restrictive endorsement

Which of the following pieces of information on a bank statement would be found in the Activity Synopsis section?

Total amount of money deposited for the month

What is an event that affects the financial position of a company and can be reliably recorded?

accounting transaction

What is the term for money owed by a company that has not yet been paid?

accounts payable

What is the term for money owed to a company or office that has not yet been received?

accounts receivable

What should be stapled to every petty cash voucher before it is filed?

A receipt

How often should patients receive a billing statement?

Once per month

Which of the following is the least confrontational way to approach a patient about an unpaid bill?

A letter

Which of the following definitions best describes the term "guarantor"?

A person responsible for paying a patient's bill

Which of the following best describes a purchase order?

A standardized form to request an order from a vendor

Which of the following is the correct equation for determining equity?

Assets - Liabilities = Equity

What is the first thing an assistant should do after receiving a patient overpayment?

Call to inform the patient.

In which of the following situations would the Truth in Lending Act apply?

If a patient sets up a payment plan with five installments

Which of the following situations would make a check invalid?

If the check is not signed

What purpose does the Truth in Lending Act serve?

It requires physicians to disclose interest charges if any are charged.

Who should be in charge of the petty cash fund?

One authorized person

In which of the following ledgers would an assistant look to find a specific patient's current outstanding balance?

Patient ledger

If a physician treats a fellow health care worker and does not collect the remaining fee after that worker's insurance contribution is received, this is what kind of adjustment?

Professional courtesy

Which of the following is the best option for dealing with long-term delinquent accounts?

Send the account to a third-party collection agency.

Which of the following is NOT a protective measure for electronic medical records?

Sending a patient's confidential information via email

Which of the following endorsements specifies the person to whom the endorser is making the check payable?

Special endorsement

In the medical office, who is responsible for helping patients understand their invoice?

The medical office assistant

What does it mean to extend credit to a patient?

The patient can pay for service in installments.

Where should all collections attempts and their results be recorded?

The patient's ledger

Which of the following methods of payment is least likely to be accepted at any medical office?

Third-party check

What is the purpose of the HIPAA Privacy Rule?

To protect the privacy of patient information

Which of the following expenses might the petty cash fund be used for?

To purchase office Halloween decorations

Why might an office divide patient billing into several cycles per month?

To stabilize the assistant's workload

Which of the following skills will a medical office assistant need to perform accounting tasks?

all of the above (Good organizational skills, Computer literacy skills, Communication skills)

Why is it necessary to reconcile the bank statement with the office check ledger?

all of the above (To ensure the accuracy of both documents, To find out which deposits have been processed, To find out which checks have not been processed)

What is the name of a patient bill that records services and charges for a specific time period?

an invoice

Accounts receivable are considered ____.

assets

Ideally, when should patient payments be received?

at the time of service

What should be written in the Pay to the Order Of section of a check to establish a petty cash fund?

cash

Ideally, how often should money received by the office be deposited?

daily

It is okay to threaten a patient who has not paid with legal action, even if this is an action the office is not currently planning to take.

false

Paying the office's utility bill is an example of income.

false

The ending balance on the bank statement will always be the same as the current balance in the check ledger.

false

When stamped on a check, what does NSF stand for?

non-sufficient funds

Which of the following terms refers to the person who writes the check?

payor

Medical office assistants may be required to perform accounting tasks.

true