question

CASHIER'S CHECKS ARE SOMETIMES KNOWN AS OFFICER'S OR TREASURER'S CHECK

answer

TRUE

question

ONE DISADVANTAGE OF E-BANKING IS LEARNING THE SOFTWARE

answer

TRUE

question

THE PERSON WHO WRITES THE CHECK IS CALLED A DRAWEE

answer

FALSE

question

IF A MISTAKE IS MADE ON A CHECK, THE MAKER SHOULD DRAW ONE LINE THROUGH THE ERROR AND MAKE THE CORRECTION

answer

FALSE

question

A STOP PAYMENT ORDER CAN PROTECT THE PAYOR FROM LOSS RESULTING FROM STOLEN, LOST, OR INCORRECTLY DRAWN CHECKS

answer

TRUE

question

A LIMITED CHECK DOES NOT HAVE A TIME RESTRICTION AS TO WHEN IT CAN BE CASHED

answer

FALSE

question

MANY BANKS OFFER APPLICATIONS THAT CAN BE DOWNLOADED FOR FREE ON SMART PHONES AND COMPUTERS THAT WILL LET THE USER DEPOSIT CHECKS FROM ANY LOCATION

answer

TRUE

question

TO MAXIMIZE MONEY, BILLS SHOULD BE PAID IMMEDIATELY WHEN THEY ARRIVE

answer

FALSE

question

BANK STATEMENTS SHOULD BE CHECKED IMMEDIATELY ON RECEIPT AND SCANNED CAREFULLY FOR ERRORS

answer

TRUE

question

BLANK ENDORSEMENTS MAKE CHECKS PAYABLE TO THE BEARER

answer

TRUE

question

TRAVELERS' CHECKS ARE MOST OFTEN USED BY TRANSITORY PATIENTS ON VACATION WHO BECOME ILL AND NEED TO SEE A LOCAL PHYSICIAN

answer

TRUE

question

MONEY ORDERS ARE BEST WHEN A PERSON IS TRAVELING

answer

FALSE

question

BANKING BY MAIL IS NEVER DONE NOW THAT THE USE OF THE INTERNET IS SO PREVALENT

answer

FALSE

question

THERE IS NO DIFFERENCE BETWEEN A CERTIFIED CHECK AND A CASHIER'S CHECK.

answer

FALSE

question

THE THREE MOST COMMON TYPES OF BANK ACCOUNTS ARE CHECKING ACCOUNTS, SAVING ACCOUNTS, AND MONEY MARKET SAVING ACCOUNTS.

answer

TRUE

question

M-BANKING INVOLVES DOING BUSINESS USING A WIRELESS DEVICE, SUCH AS A CELL PHONE

answer

TRUE

question

THE MAKER IF THE CHECK I STHE PERSON TO WHOM IT IS WRITTEN

answer

FALSE

question

MOST PATIENTS WHO WRITE CHECKS TO PAY THEIR ACCOUNT WITH THEIR PHYSICIAN HAVE NO INTENTION OF FRAUD

answer

TRUE

question

ELECTRONIC PAYMENTS CAN BE MADE USING THE ROUTING AND ACCOUNT NUMBERS AND ARE PROCESSED AT BANKS LIKE REGULAR CHECKS

answer

TRUE

question

PETTY CASH FUNDS ARE USUALLY KEPT IN A LOCKED CASH DRAW OR BOX

answer

TRUE

question

COMPUTER POSTING SOFTWARE IS A TIMESAVER IN THE MEDICAL OFFICE

answer

TRUE

question

SINGLE-ENTRY BOOKKEEPING IS EXPENSIVE TO USE

answer

FALSE

question

A PROFIT AND LOSS STATEMENT IS ALSO KNOWN AS A STATEMENT OF INCOME AND EXPENSE

answer

TRUE

question

MOST EMPLOYERS MUST FILE A QUARTERLY FEDERAL TAX RETURN

answer

TRUE

question

IF A PEGBOARD CHECK WRITING SYSTEM IS NOT USED, WHAT IS THE FIRST THING THAT MUST BE DONE WHEN WRITING A CHECK

answer

FILL IN THE CHECK STUB

question

AN ACCURATELY COMPLETED PURCHASE ORDER HELPS TO ELIMINATE MISTAKES IN THE ORDER AND IN SHIPMENT

answer

TRUE

question

SOME MEDICAL OFFICES REQUIRE THE PERSON WHO HAS BEEN CHARGED WITH HANDLING FINANCIAL DUTIES TO BE BONDED

answer

TRUE

question

WHICH IF THE FOLLOWING IS NOT AN EXAMPLE OF A NEGOTIABLE INSTRUMENT

answer

CREDIT CARD

question

THE STAMP "FOR DEPOSIT ONLY" IS A RESTRICTIVE ENDORSEMENT

answer

TRUE

question

WHAT IS THE MOST COMMON REASON WHY THE ENDING BALANCES IN CHECKBOOKS AND BANK STATEMENTS USUALLY DO NOT MATCH

answer

TRANSACTIONS ARE MADE BETWEEN THE PREPARATION AND RECEIPT OF THE STATEMENT

question

WHICH TYPE OF BANK ACCOUNT WOULD BE BEST FOE MAINTAINING FUNDS THAT ARE USED FOR PAYING SEASONAL EXPENSES, SUCH AS INSURANCE PREMIUMS

answer

INTEREST-BEARING CHECKING THAT REQUIRED A HIGH MINIMUM BALANCE

question

IF YOU ARE NOT USING A PEGBOARD CHECK-WRITING SYSTEM, WHAT IS THE FIRST THING YOU MUST DO WHEN WRITING A CHECK

answer

FILL IN THE CHECK STUB

question

WHAT IS REPRESENTED BY THE NUMBER IN THE BALANCE FORWARD BOX ON THE CHECK STUB

answer

THE AMOUNT IN THE ACCOUNT BEFORE THE CHECK IS WRITTEN

question

IF YOU MAKE A MISTAKE WHEN WRITING A CHECK THE BEST PRATICE IS TO

answer

WRITE VOID ON IT AND FILE WITH CANCELED CHECKS

question

THE NAME OF THE FIRST ENDORSER OF THE CHECK INDICATES THE LAST PERSON WHO RECEIVED THE MONEY

answer

FALSE

question

WHY IS IT USUALLY POOR POLICY TO ACCEPT THIRD PARTY CHECKS FROM PATIENTS

answer

YOU CANNOT VERIFY THE RELIABILITY OF THE MAKER

question

IN WHICH SITUATION SHOULD THE BANK BE ASKED TO ISSUE A STOP PAYMENT ORDER ON A CHECK WRITTEN IN PAYMENT FOR A MEDICAL SUPPLY ORDER

answer

ALL THE ABOVE:THE CHECK WAS ACCIDENTALLY WRITTEN FOR MORE THAT WAS OWED,THE PAYMENT DID NOT REACH THE PAYEE WITHIN A REASONABLE AMOUNT OF TIME, THE VENDOR TO WHOM YOU WROTE THE CHECK REFUSES TO DELIVER YOUR ORDER

question

A ROUTINE NSF CHECK CAN BE FILED WITH THE DISTRICT ATTORNEY'S OFFICE WITHOUT EVER CONTACTING THE MAKER

answer

FALSE

question

NOTICE ABOUT AN NSF CHECK SHOULD BE SENT TO THE PATIENT BY REGISTERED MAIL

answer

FALSE

question

WHEN SHOULD YOU DEPOSIT CHECKS RECEIVED FROM PATIENTS AND OTHER SOURCES

answer

AS SOON AS POSSIBLE AFTER YOU RECEIVE THEM

question

WHICH OF THE FOLLOWING IS NOT ONE OF THE FOUR TYPES OF ENDORSEMENT

answer

QUALITY

question

WHY IS ACCEPTING THIRD-PARTY CHECKS FROM PATIENTS USUALLY POOR POLICY

answer

THE RELIABILITY OF THE MAKER CANNOT BE VERIFIED

question

IF A BANK CASHES A CHECK THAT IS LATER RETURNED FOR INSUFFICIENT FUNDS, WHOM DOES IT CHARGE TO RECOVER THE AMOUNT LOST

answer

THE CHECK'S MAKER

question

WHAT IS THE FIRST THING THE MEDICAL ASSISTANT SHOULD DO WHEN A CHECK IS RETURNED UNPAID BY THE BANK

answer

CONTACT THE PERSON WHO WROTE THE CHECK

question

WHICH TYPE OF BONDING COVERS ALL EMPLOYEES IN A FACILITY

answer

BLANKET POSITION BONDING

question

A CHECK DRAWN ON THE BANK'S OWN ACCOUNT SIGNED BY AN AUTHORIZED BANK OFFICAL IS CALLED A

answer

CASHIER'S CHECK

question

ANY INDIVIDUAL CORPORATION OR LEGAL PARTY WHO SIGNS A CHECK OR ANY TYPE OF NEGOTIABLE INTRUMENT IS CONSIDERED THE

answer

MAKER

question

ONLINE BANKING IS OFTEN CALLED

answer

E-BANKING

question

WHICH IF THE FOLLOWING WOULD MAKE AN INTRUMENT NONNEGOTIABLE

answer

IT IS PAYABLE TO THE ORDER OF PAYOR

question

WHAT ARE SOME OF THE ADVANTAGES OF INTEREST BANKING

answer

ALL THE ABOVE: CUSTOMERS DO NOT HAVE TO WAIT IN LINE, BANKING CAN BE DONE FROM HOME, ACCOUNT INFORMATION IS AVAILABLE 24 HOURS A DAY

question

WHAT MAKES A CHECK NEGOTIABLE

answer

- BE WRITTEN AND SIGNED BY A MAKER - CONTAIN A PROMISE OR ORDER TO PAY A SUM OF MONEY - BE PAYABLE ON DEMAND OR AT A FIXED FUTURE DATE - BE PAYABLE TO ORDER OR BEARER

question

A CAPTIAL SUM OF MONEY DUE AS A DEBT OR USED AS A FUND FOR WHICH INTEREST IS EITHER CHARGED OR PAID IS CALLED

answer

PRINCIPAL

question

THE TWO BALANCES THAT MUST BE RECONCILED ARE THE PATIENT'S ACCOUNT BALANCE AND PHYSICIAN'S CHECKBOOK BALANCE

answer

FALSE

question

THE COUNTRY IS DIVIDED INTO HOW MANY FEDERAL RESERVE DISTRICTS

answer

12

question

AN INSURED ACCOUNT REQUIRES A MINIMUM BALANCE THAT DRAWS INTEREST AT A HIGHER PERCENTAGE THAN A REGULAR SAVINGS ACCOUNT IS CALLED A _______ ACCOUNT

answer

MONEY MARKET SAVINGS

question

THE PART OF THE ABA NUMBER FOLOOWING THE DASH ON TOP IN THE FRACTION DESIGNATES

answer

NUMBER ISSUED TO EACH BANK FOR IDENTIFICATION PURPOSE

question

A PLAN IN WHICH PAYMENTS ARE TRANSFERRED USUALLY ELECTRONICALLY BY A PAYING AGENCY DIRECTLY TO THE ACCOUNT OF A RECIPIENT IS CALLED

answer

A DIRECT DEPOSIT

question

SOMETHING LEGALLY TRANSFERABLE TO ANOTHER PARTY IS CONSIDERED

answer

NEGOTIABLE

question

THE PERSON AUTHORIZED TO ACT AS THE AGENT WHEN EXECUTING A POWER OF ATTORNEY IS CALLED AN ATTORNEY

answer

IN FACT

question

THE CRIME OF FALSELY AND FRAUDULENTLY MAKING OR ALTERING A DOCUMENT IS CALLED ___.

answer

FORGERY

question

THE FIRST STEP IN WRITING A CHECK IS TO ___.

answer

FILL OUT THE INFORMATION ON THE CHECK STUB

question

A CHECK MADE TO PAYABLE TO "CASH" IS MOST COMMONLY USED IN THE PHYSICIAN'S OFFICE TO ___.

answer

REPLENISH PETTY CASH

question

IF THE MEDICAL ASSISTANT IS ALLOWED TO SIGN CHECKS ON THE PHYSICIAN'S BUSINESS ACCOUNT, HE OR SHE MUST SIGN A DOCUMENT AT THE BANK CALLED A ___.

answer

SIGNATURE CARD

question

WHICH OF THE FOLLOWING IS NOT AN EXAMPLE OF A NEGOTIABLE INSTRUMENT

answer

CREDIT CARD

question

IF THE MEDICAL ASSISTANT MAKES A MISTAKE WHEN WRITING A CHECK, THE BEST PRACTICE IS TO ___.

answer

WRITE "VOID" ON IT AND FILE IT WITH THE CANCELED CHECKS

question

THE FIRST THING THAT SHOULD BE DONE WHEN A NSF CHECK IS RECEIVED AT THE PHYSICIAN'S OFFICE IS TO ___.

answer

CALL THE PATIENT TO LET THE PERSON KNOW THAT THE CHECK WAS RETURNED

question

COMPLETE AND CORRECT FINANCIAL RECORDS ARE NECESSARY FOR

answer

ALL THE ABOVE: PROMPT BILLING AND COLLECTION, PROFESSIONAL FINANICAL PLANNING, ACCURATE REPORTING OF INCOME

question

A SYSTEM OF RECORDING CLASSIFYING AND SUMMARIZING FINANICAL TRANSACTIONS IS CALLED

answer

ACCOUNTING

question

CURRENCY AND CHECKS SHOULD BE DEPOSITED ONCE A WEEK

answer

FALSE

question

THE CHRONOLOGIC RECORD OF THE MEDICAL PRATICE IS THE ____ JOUNRNAL

answer

DAILY

question

CARDINAL RULES FOR BOOKKEEPING INCLUDE

answer

ALL THE ABOVE: GOOD PENMANSHIP, LEGIBLE RECORDS, STRAIGHT COLUMNS OF FIGURE

question

MINOR UNPREDICTABLE EXPENSES SHOULD BE PAID FROM

answer

PETTY CASH

question

THE FINANCIAL RECORDS OF ANY BUSINESS SHOULD ALWAYS SHOW

answer

ALL THE ABOVE: HOW MUCH HAS BEEN COLLECTED, HOW MUCH IS OWED, HOW MUCH WAS EARNED IN A GIVEN PERIOD

question

THE DISBURSEMENT JOURNAL SHOULD SHOW

answer

EVERY AMOUNT PAID OUT

question

WHICH OF THE FOLLOWING WORDS OR PHRASES CANNOT BE USED INTERCHANGEABLY WITH THE OTHERS

answer

INTEREST

question

A TRIAL BALANCE SHOULD BE DONE

answer

ONCE PER MONTH

question

WHICH STATEMENT BEST DESCRIBES THE RELATIONSHIP BETWEEN BOOKKEEPING AND ACCOUNTING

answer

ACCOUNTING IS A SUMMARY OF BOOKKEEPING ACTIVITIES

question

THE CASH BASIC SYSTEM OF ACCOUNTING USED BY MOST PHYSICIANS MEANS THAT ONE

answer

RECORDS CHARGES AS INCOME WHEN THE PAYMENT IS RECEIVED

question

THE PURPOSE OF THE DISBURSEMENT JOURNAL IS TO KEEP A RECORD OF THE AMOUNT

answer

PAID OUT FOR VARIOUS EXPENSES

question

WHICH ACCOUNTING SYSTEM HAS THE LEAST CHANCE OF ERRORS BECAUSE OF THE SMALL AMOUNT OF POSTING

answer

PEGBOARD

question

WHICH ACCOUNTING SYSTEM REQUIRES THE LEAST INITIAL EXPENSES AND TRAINING TO SET UP AND USE

answer

SINGLE ENTRY

question

IF YOU SUMMARIZED THE PHYSICIAN'S FINANCIAL SITUATION IN THE BASIC ACCOUNTING EQUATION, WHICH OF THE FOLLOWING WOULD BE INCLUDED IN THE LIABILITY COMPONENT

answer

AMOUNT OWED TO A MEDICAL SUPPLY COMPANY

question

AT THE END OF THE DAY YOU DISCOVER A NUMERIC ERROR ON AN ENCOUNTER FORM, ALL OF THE FOLLOWING ACTIONS SHOULD BE TAKEN EXCEPT

answer

ERASING THE ERROR CLEANLY BEFORE WRITING NEW NUMBERS

question

THE PURPOSE OF THE ACCOUNTS RECEIVABLE RATIO IS TO GIVE YOU INFORMATION ABOUT

answer

THE TOTAL AMOUNT THAT THE PATIENTS OWE THE PHYSICIAN AT ANY GIVEN TIME

question

ASSEST = LIABILITIES +

answer

PROPRIETORSHIP

question

DISBURSEMENTS IN A MEDICAL OFFICE MIGHT INCLUSE

answer

ALL THE ABOVE: RENT, UTILITIES, DUES

question

WHICH OF THE FOLLOWING IS NOT A COMMON SUMMARY REPORT

answer

INVOICE

question

FOR EVERY DISBURSMENT FROM THE PETTY CASH FUND, WHAT SHOULD BE COMPLETED

answer

VOUCHER

question

TO DETERMINE THAT THE BOOKS FOR THR PRATICE ARE IN BALANCE, THE MEDICAL ASSISTANT CAN PERFORM AN

answer

TRIAL BALANCE

question

W-2 FORMS SHOULD BE GIVEN TO ALL EMPLOYEES BEFORE WHAT DATE EACH YEAR

answer

JANUARY 31

question

ALL OF THE FOLLOWING ARE DETERMINANTS OF WITHHOLDING AMOUNTS EXCEPT

answer

INSURANCE DEDUCTIONS

question

WHICH OF THE FOLLOWING RECORDS MUST BE AVAILABLE FOR REVIEW BY THE IRS

answer

ALL THE ABOVE: SOCIAL SECURITY NUMBERS FOR EMPLOYEES, NUMBER OF WOTHHOLDING ALLOWANCES CLAIMED, AMOUNT OF GROSS SALARY

question

WHICH FORMI SUSED TO APPLY FOR A SOCIAL SECURITY CARD

answer

SS-5

question

THE TRANSMITTAL OF INCOME AND TAX STATEMENT MUST BE TRANSMITTED ANNUALLY USING FORM

answer

W-3

question

WHEN THE END OF MONTH ACCOUNTS RECEIVABLE FIGURE AGREES WITH THE FIGURE ARRIVED AT BY ADDING ALL THE ACCOUNT CARDS BALANCES THE ACCOUNTS ARE SAID TO BE

answer

IN BALANCE

question

WHICH OF THE FOLLOWING IS NOT A DRAWBACK TO THE SINGLE ENTRY ACCCOUNTING SYSTEM

answer

IT SATISFIES GOVERNMENTAL REPORTING REGULATIONS

question

THE PROPERTIES OWNED BY A BUSINESS ARE CALLED

answer

ASSESTS

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