ITs HOT Flashcards
accounts receivable
amount owed to a business for services or goods supplied
accounts receivable ratio assets
outstanding accounts receivable divided by the average monthly gross income for the past 12 months
adjustments
increases or decreases to patient accounts not due to charges incurred or payments received
balance
amount owed; to verify posting accuracy; records difference between debit and credit columns
cashier’s check
bank’s own check drawn against the bank’s account
collection ratio
gross income divided by the amount that could have been collected less disallowances
credit
decreases balance due: column used for entering payments
day sheet
form used with pegboard system to record daily patient transactions
accounts payable
sum owed by a business for services or goods received; also unwritten promise to pay a supplier for property or merchandise purchased on credit or for a service rendered
fair debt collection practice act
1977 federal law that outlines collection practices
guarantor
the person identified as responsible for payment of the bill
ledger
record of charges, payments, and adjustments for individual patient or family
notary
someone with the legal capacity to witness and certify document; can take depostions
payee
person named on check who is to receive the amount indicated
petty cash
small sum kept on hand for minor or unexpected expenses
