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