KINNS Chapter 24 – Financial And Practice Management (MOA 112)

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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 revievable 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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bookeeping
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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 receips 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 occurance, transaction, or proceeding
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equities
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Th 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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POMR
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Abbreviation: Problem – Oriented-Medical-Record, Problem oriented medical record-form of record keeping which revolves around a list of patient problems.

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