Med Office 3

Question 1

disclaimer

Answer 1

denial of responsibility; a denial of a legal claim

Question 2

drawee

Answer 2

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

Question 3

draweer

Answer 3

the person who writes a check

Question 4

e banking

Answer 4

electronic banking via computer modem or over the internet

Question 5

endorser

Answer 5

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

Question 6

holder

Answer 6

the person who presents a check for payment

Question 7

maker

Answer 7

any individual, corp, who signs a check

Question 8

m banking

Answer 8

banking through the use of mobile devices

Question 9

negotiable

Answer 9

legally transferable to another party

Question 10

payee

Answer 10

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

Question 11

payer

Answer 11

the person who writes a check in favor of the payee

Question 12

power of attorney

Answer 12

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

Question 13

principal

Answer 13

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

Question 14

reconciliation

Answer 14

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

Question 15

uniform commercial code

Answer 15

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

Question 16

accounts payable

Answer 16

debts incurred and not yet paid

Question 17

accounts receivable

Answer 17

amounts owed to the physician

Question 18

accounts receivable trail balance

Answer 18

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

Question 19

accrual basis of accounting

Answer 19

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

Question 20

admonition

Answer 20

counsel or warning against fault or oversight

Question 21

assets

Answer 21

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

Question 22

balance sheet

Answer 22

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

Question 23

bookkeeping

Answer 23

recording of business and accounting transactions

Question 24

cash basis of accounting

Answer 24

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

Question 25

cash flow statement

Answer 25

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

Question 26

controls

Answer 26

standard of comparison to make sure answers obtained are accurate

Question 27

disbursements journal

Answer 27

summary of accounts paid out

Question 28

entry

Answer 28

record or notation of an occurrence, transaction, or proceeding

Question 29

equities

Answer 29

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

Question 30

in balance

Answer 30

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

Question 31

invoice

Answer 31

paper describing a purchase and the amount due

Question 32

liabilities

Answer 32

things that are owed; debts

Question 33

packing slip

Answer 33

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

Question 34

petty cash fund

Answer 34

fund maintained to pay small, unpredictable cash expenditures

Question 35

statement

Answer 35

a request for payment

Question 36

statement of income and expense

Answer 36

summary of all income and expenses for a given peroid

Question 37

subsidiary

Answer 37

supporting other documents or records

Question 38

trial balance

Answer 38

method of checking the accuracy of accounts

Question 39

bank draft

Answer 39

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

Question 40

cashier’s check

Answer 40

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

Question 41

limited check

Answer 41

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

Question 42

money order

Answer 42

sold by banks

used to pay bills by mail when a person doesn’t have a checking account

Question 43

traveler’s check

Answer 43

designed for people who are traveling

-require sig when buying and then when using

Question 44

voucher check

Answer 44

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

Question 45

blank endorsement

Answer 45

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

Question 46

restrictive endorsement

Answer 46

specifies the purpose of the endorsement

-used in preparing checks for deposit to the physician’s checking account

Question 47

special endorsement

Answer 47

requires signature of who it is endorsed to

Question 48

qualified endorsement

Answer 48

without recourse

Question 49

accepting checks

Answer 49

page 436

Question 50

how often is bookkeeping done?

Answer 50

daily

Question 51

payroll records

Answer 51

page 451

Question 52

accounts receivable procedure

Answer 52

page 446

Question 53

accounts payable procedure

Answer 53

page 447

Question 54

deposits procedure

Answer 54

page 438

Question 55

examples of petty cash

Answer 55

expendable supplies, business meals, local transportation, photocopy service

Question 55

accounting

Answer 55

system of recording, classifying, and summarizing financial transactions

Question 56

stop payments

Answer 56

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