Kinn’s chapter 24: Financial And Practice Management km – Flashcards
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accounts payable
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Debts incurred and not yet paid
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accounts receivable
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Amounts owed to the physician
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accounts receivable trial balance
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a method of determining that the journal and the ledger are in balance
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accrual basis of accounting
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A method of accounting in which income is recorded when earned and expenses are recorded when incurred
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assets
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The entire property of a person, association, corporation, or estate applicable or subject to the payment of debts
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balance sheet
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A financial statement for a specific date that shows the total assets, liabilties, and capital of the business
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bookkeeping
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The recording of business and accounting transactions
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cash basis of accounting
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A method of accounting in which income is recorded when received and expenses are recorded when paid
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cash flow statement
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A financial summary for a specific period that shows the beginning balance on hand, the receipts and disbursements during the period, and the balance on hand at the end of the period
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controls
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A standard of comparison to make sure answers obtained are accurate
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disbursements journal
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A summary of accounts paid out
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entry
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A record or notation of an occurence, transaction, or proceeding
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equities
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The monetary value of a property or of an interest in a property in excess of claims or liens against it
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in balance
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The state in which the total ending balances of patient ledgers equals the total of accounts receivable
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invoice
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A paper describing a purchase and the amount due
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liabilities
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Things that are owed; debts
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petty cash fund
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A fund maintained to pay small, unpredictable cash expenditures
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statement
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A request for payment
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subsidiary
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Supporting other documents or records
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trial balance
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A method of checking the accuracy of accounts
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packing slip
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An itemized list of articles included in a shipping package, giving the quantity and description of the package contents
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admonition
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Counsel or warning against fault or oversight
