Med Office 3 Flashcards Preview

Semester 2 > Med Office 3 > Flashcards

Flashcards in Med Office 3 Deck (57):
1

disclaimer

denial of responsibility; a denial of a legal claim

2

drawee

a bank or facility on which a check is drawn or written

3

draweer

the person who writes a check

4

e banking

electronic banking via computer modem or over the internet

5

endorser

the person who signs his or her name of the back of a check for the purpose of transferring title to another person

6

holder

the person who presents a check for payment

7

maker

any individual, corp, who signs a check

8

m banking

banking through the use of mobile devices

9

negotiable

legally transferable to another party

10

payee

the person named on a draft or check as the recipient of the amount shown

11

payer

the person who writes a check in favor of the payee

12

power of attorney

legal statement in which a person authorizes another person to act as his or her attorney or agent. The authority may be limited to the handling of specific procedures. The person authorized to act as the agent is known the attorney in fact

13

principal

capital sum of money due as a debt or used as a fund for which interest is either charged or paid

14

reconciliation

process of proving that a bank statement and checkbook are in agreement

15

uniform commercial code

unified set of rules covering many business transactions. It regulates the fields of sales of goods; commercial paper

16

accounts payable

debts incurred and not yet paid

17

accounts receivable

amounts owed to the physician

18

accounts receivable trail balance

method of determining that the journal and the ledger are in balance

19

accrual basis of accounting

method of accounting in which income is recorded when earned and expenses are recorded when incurred

20

admonition

counsel or warning against fault or oversight

21

assets

entire property of a persons, association, corp. or estate applicable or subject to the payment of debts

22

balance sheet

financial statement for a specific date that shows the total assets, liabilities, and capital of the business

23

bookkeeping

recording of business and accounting transactions

24

cash basis of accounting

method of accounting in which income is recorded when received and expenses are recorded when paid

25

cash flow statement

financial summary for a specific period that shoes the beginning balance on hand, the receipts and disbursements during the period, and the balance on hand at the end o the period

26

controls

standard of comparison to make sure answers obtained are accurate

27

disbursements journal

summary of accounts paid out

28

entry

record or notation of an occurrence, transaction, or proceeding

29

equities

monetary value of a property or of an interest in a property in excess of claims or liens against it

30

in balance

state in which the total ending balances of patient ledgers equal the total of accounts receivalbe

31

invoice

paper describing a purchase and the amount due

32

liabilities

things that are owed; debts

33

packing slip

itemized list of articles including in a shipping package, giving the quantity and description of the package contents

34

petty cash fund

fund maintained to pay small, unpredictable cash expenditures

35

statement

a request for payment

36

statement of income and expense

summary of all income and expenses for a given peroid

37

subsidiary

supporting other documents or records

38

trial balance

method of checking the accuracy of accounts

39

bank draft

check drawn by a bank against funds deposited to its account in another bank

40

cashier's check

bank's own check drawn on itself and signed by the bank cashier
-pay the cashier the amount of money for the check

41

limited check

limited in the amount written on it and the time during which it may be presented for payment( ie. 30 days)

42

money order

sold by banks
used to pay bills by mail when a person doesn't have a checking account

43

traveler's check

designed for people who are traveling
-require sig when buying and then when using

44

voucher check

has a detachable voucher form (the check I would get from work)

45

blank endorsement

the payee only signs his or her name (most common)

46

restrictive endorsement

specifies the purpose of the endorsement
-used in preparing checks for deposit to the physician's checking account

47

special endorsement

requires signature of who it is endorsed to

48

qualified endorsement

without recourse

49

accepting checks

page 436

50

how often is bookkeeping done?

daily

51

payroll records

page 451

52

accounts receivable procedure

page 446

53

accounts payable procedure

page 447

54

deposits procedure

page 438

55

examples of petty cash

expendable supplies, business meals, local transportation, photocopy service

55

accounting

system of recording, classifying, and summarizing financial transactions

56

stop payments

loss of a check
disagreement about a purchase
disagreement about a payment