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| Number on all checks that identifies a payer's bank and location; assigned by American Bankers Association (ABA) |
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| Numerical language of business that describes it activities. |
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| Equation that expresses the relationship among assets, liabilities, and owner's equity. |
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| Accounts receivable; record of patient transactions showing an amount due. |
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| addition or deduction of a designated amount to a balance owed. |
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| Report that shows how long a debt has gone unpaid. |
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| Anything of value owned by a business that can be used to acquire other items. |
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| Report on the financial condition of a business on a certain date. |
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| Document that lists all the banking activities for a set period. |
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| Type of endorsement in which only a signature is listed on the back of a check. |
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| Systematic recording of business transactions, such as money owed and money paid. |
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| Fixed percentage of a medical cost that is paid by the patient. |
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| Fixed fee that is paid by the patient at each office visit. |
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| Amount representing a payment; recorded on the right side of an accounting sheet. |
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| Journal for recording the day's activities. |
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| Amount representing a charge or debt owed; recorded on the left side of the accounting sheet. |
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| Person for whom another person is financially responsible for. |
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| Money placed in an account of a financial institution. |
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| Listing of all cash and checks to be deposited to a certain account of a business's financial institution. |
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Definition
| Document that shows individual employee earnings and deductions. |
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| Employee's Withholding Allowance Certificate |
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Definition
| Form W-4; Form that each new employee fills out to declare exemption from tax withholding for earnings. |
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Definition
| Source document for billing purposes that contains patient account information and insurance codes for the date of service; also known as a superbill. |
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Definition
| To sign (or place a stamp)with signature on the back of a check that transfers the rights of ownership of funds to a financial institution. |
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| Amount of money earned that is not taxable. |
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| Legislation providing the standards for payment of hourly and salaried employees. |
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| Federal Employees' Compensation Act |
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Definition
| Legislation that covers federal government workers for work-related injuries. |
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| Federal Insurance Contributions Act |
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Definition
| FICA; Legislation that provides funds to support retirement benefits, dependents of retired workers, and disability benefits. |
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| Federal Truth in Lending Act |
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Definition
| Legislation requiring a disclosure statement that informs a patient of a 's total cost, including finance charges; required when the patient will make more than four payments. |
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| Federal Unemployment Tax Act |
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Definition
| FUTA; Legislation that requires employers to pay tax based on employee's earnings to cover benefits if the employee becomes unemployed. |
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| Listing of a physician's charges for services. |
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| Reports that indicate the financial condition of a business. |
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| Total amount of money earned before deductions are taken. |
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Definition
| Report showing the results of income and expenses over time. |
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| Records of debit and credit activity of a patient in the practice. |
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| Tax collected to support the federal health insurance program for people age 65 and older. |
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| Resulting figure when income is greater than expenditures. |
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| Resulting figure when expenditures exceed income. |
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| Total amount of money paid for work, minus deductions. |
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| NSF; Indication that the payer did not have sufficient funds in the bank to cover the amount of a check written. |
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| Check drawn on a bank account that is not local. |
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| Amount remaining after liabilities are subtracted from assets. |
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| Endorsement qualifying that the balance of an account is zero after acceptance of a check. |
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| Representing liability; accounts payable are money and funds owed to someone else. |
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| Person receiving payment of a debt. |
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| Employees' salaries, wages, bonuses, net pay, and deductions. |
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Definition
| Document that shows information about earnings and deductions for each employee. |
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Definition
| Device used to write the same information forms at one time. |
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Definition
| Recording system using a pegboard designed to increase the efficiency of recording daily transactions; also called the one-write system. |
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Definition
| Amount of cash kept on hand to be used for making payments for incidental supplies. |
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Definition
| Using a written future date, as in postdated check. |
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Definition
| Discount given to other professionals working in the same field as a provider. |
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Definition
| Type of endorsement that qualifies the acceptance of a check received; done when one person accepts payment for another. |
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Definition
| Charge form with two parts: right side lists previous balance, treatments, and patient's name; left side lists charge for treatments, payments received, and current balance; also called statement-receipt. |
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Term
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Definition
| State of a checkbook and a bank statement being in balance. |
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Term
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Definition
| Type of endorsement in which the payee indicates a sole purpose for funds; ex: endorsement for deposit only on the back of a check for deposit with signature indicates that check is to be used for that purpose only and therefore cannot be exchanged for cash. |
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Definition
| Predetermined amount of pay for a designated period. |
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Definition
| Type of endorsement in which a payee signs a check made out to the payee over to another payee. |
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Definition
| Document indicating the activity in an account. |
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| Statement of Owner's Equity |
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Definition
| Report that shows changes in the owner's financial interest over time. |
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Definition
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| State Unemployment Tax Act |
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Definition
| SUTA; Legislation mandating that the state collect tax money for benefits to be used by workers who become unemployed. |
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| Tool used to analyze the effect of a transaction on an account. |
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Definition
| Legislation requiring employers to withhold tax based on a scale, and to pay it to the internal revenue service. |
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Definition
| Check signed over to another party, who is not the original payee. |
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Term
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Definition
| Financial activity of a business. |
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Definition
| Paper showing the date, amount of transaction, what was purchased, and who purchased the item. |
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Term
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Definition
| Money paid for work done by an employee and calculated by multiplying the hourly wage rate times the number of hours worked. |
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Definition
| System that provides insurance to the employer for a worker injured on the job. |
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Term
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Definition
| Amount of money not able to be collected. |
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Term
| What is considered the "language" of business? |
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Definition
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Term
| What are the three important accounting principles? |
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Definition
| Assets, liabilities and equity. |
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Term
| Liabilities + Owner's Equity = |
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Definition
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Term
| What is recorded on the left side of a T-account? |
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Definition
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Term
| What is recorded on the right side of a T-account? |
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Definition
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Term
| What does a voucher Show? |
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Definition
| Date, purpose of the withdrawal, to whom the money was paid, and the amount of the payment. |
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Term
| How long is a voucher suppose to remain in the box? |
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Definition
| Until the funds are replenished. |
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Term
| What are the categories to identify accounts age status? |
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Definition
| Current, 0-30, 31-60, 61-90 and over 90 days past due. |
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Term
| The pegboard system is also known as the ________? |
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Definition
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Term
| What are the two major purposes of the pegboard? |
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Definition
| Provides a solid writing base for writing on the form by hand and saving time by information being recorded on several forms at once. |
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Term
| What is the purpose of the daysheet? |
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Definition
| To let the physician know the amount of money collected for the day and the amount still owed. |
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Term
| What are the two common charge forms? |
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Definition
| Encounter form and receipt-charge slip |
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Term
| What are the different forms of payment methods? |
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Definition
| Check, cash, or credit cards. |
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Term
| What should you verify when accepting a check for payment? |
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Definition
| Provider name, current date, co, current address and phone number, and affixed signature. |
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Term
| Where is the ABA number located on the check? |
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Definition
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Term
| What does the ABA number identify? |
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Definition
| The payers bank and bank location. |
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Term
| What are the different deposit methods? |
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Definition
| In person, by mail, electronic, and night deposit. |
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Term
| What are the different ways a patient's statement can be prepared? |
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Definition
| Photocopy of ledger card, prepared statement, outside billing services, and computerized billing. |
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Term
| What are the different billing cycles? |
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Definition
| Daily, weekly, biweekly, and monthly. |
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