Shared Flashcard Set

Details

Medical Assistant
Finances
15
Medical
Professional
06/10/2012

Additional Medical Flashcards

 


 

Cards

Term
Asset
Definition
property owned or controlled by a business, includes:
land, buildings, fixtures and furnishings
medical or office equipment
money
accounts receivable
stocks, bonds and investments
Term
Liability
Definition
debt obligation of the business, icludes:
accoutns payable
bank debts
Term
Owner's Equity
Definition
amount by which assets exceed liabilities; net worth. Includes:
revenue (assets in)
expense (assets out)
drawing (personal use of assets)
Term
Assets=
Definition
Liabiility + Owner's Equity
Term
Liabilities =
Definition
Assets-Owner's Equity
Term
Owner's Equity =
Definition
Assets-Liabilities
Term
Single-entry system
Definition
oldest and simplest bookkeeping method. Includes 3 basic records:
1. Journal
2. Cash payment journal
3. Accounts receivable ledger
Term
journal
Definition
also called daily log, daybook, day sheet, or charge journal: records of charges and receipts are entered daily
Term
cash payment journal
Definition
simple form of a checkbook
Term
accounts receivable ledger
Definition
record of the amounts that patients owe the office; each patient has his or her own card; statments are prepared manually from these cards
Term
Pegboard System
Definition
also called a write-it-once system
Term
Accounts receivable
Definition
fees that patients owe for services performed
accounts classified according to amount of time that balance remains unpaid
Term
Accounts Payable
Definition
money owed to vendors
Term
Fees are influenced by
Definition
the time to be spent and the degree of difficulty of the service
Term
Once an account is given to a collection agency, the clinic...
Definition
may not continue collection efforts, all future payments on the account should go to the agency
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