part 3

Question 1

what do all businesses require for success

Answer 1

strong management and control of financial records

Question 2

what does the accountant do at a dental office

Answer 2

works hand in hand with the dental office administrator to provide financial and legal protection for the dentist

Question 3

who’s responsibility is simple bookkeeping

Answer 3

office administrator

Question 4

accounting

Answer 4

the classifying, recording and summarizing of all financial transactions

Question 5

bookkeeping

Answer 5

the recording of the process of accounting

Question 6

two types of bookkeeping h systems used in a dental office

Answer 6

accounts payable
accounts receivable

Question 7

accounts receivable

Answer 7

represent all charges, payments and outstanding balances owed TO the dental office

Question 8

accounts payable

Answer 8

represent money owed BY the office

Question 9

what is the foundation of accurate record keeping

Answer 9

a good understanding of the basic principles of bookkeeping, and good math skills

Question 10

one write bookkeeping system

Answer 10

where you write in one paper and it’s seeps through to a second and third one saving time

Question 11

basic parts of the one wrote pegboard system

Answer 11

receipt
daily journal page
patient ledger card

Question 12

receipt

Answer 12

act as charge slips to record the fee charged and payments made

Question 13

daily journal page

Answer 13

record of every patient in the office for the day

Question 14

patient ledger card

Answer 14

final destination of all daily recordings on fees and payments for each patient

Question 15

NSF stands for….

Answer 15

Not sufficient funds or insufficient funds

Question 16

when should all financial arrangements be done

Answer 16

prior to treatment

Question 17

4 payment methods

Answer 17

• cash
• credit cards
• current dates checks
• post dated checks

Question 18

4 bank credit cards

Answer 18

• visa
• mastercard
• amex
• debit cards

Question 19

what do you have to do before you can accept credit cards

Answer 19

set up a merchant account through the bank or with providers

Question 20

petty cash system

Answer 20

spare cash in the office in case a quick purchase is necessary

Question 21

how often do you send out account statements

Answer 21

same day each month

Question 22

collection letters

Answer 22

series of carefully crafted letters that should be sent at varying point in time with an account becomes overdue

Question 23

Collection agencies

Answer 23

Agencies that collect money from people who have not paid, take anywhere from 25 to 50% of the collection

Question 24

who’s decision is it to bring in a collection agency

Answer 24

the dentist

Question 25

what 3 tasks should the OA be confident in doing

Answer 25

writing cheques making banks deposits maintaining petty cash records

Question 26

disbursement journal

Answer 26

a record of all financial transactions made to maintain the office

Question 27

continuous bank balance

Answer 27

funds that are constantly available for needs

Question 28

who should all bills be approved by

Answer 28

the dentist

Question 29

disbursements

Answer 29

payments of money owed

Question 30

who is the disbursement journal maintained by

Answer 30

the OA or an accountant

Question 31

the disbursement journal should include a record of what 3 things

Answer 31

deposits bank charges cheques that are written

Question 32

two main types of expenses

Answer 32

fixed variable

Question 33

fixed expenses

Answer 33

expenses that continue all the time

Question 34

variable expenses

Answer 34

expenses that fluctuate or change based on type of services rendered

Question 35

5 components of a cheque

Answer 35

payee payer endorsement body and figures date

Question 36

payee on a cheque

Answer 36

to whom the cheque is paid

Question 37

payer on a cheque

Answer 37

the dental office whose account the funds are coming out

Question 38

endorsement on a cheque

Answer 38

signature of the payer

Question 39

body and figures on a cheque

Answer 39

amount of the cheque in numerical and written in words must be the same

Question 40

date on a cheque

Answer 40

date the cheque is issued

Question 41

void cheque

Answer 41

cheque that is not meant to be given to someone

Question 42

what happens is a cheque is not signed

Answer 42

it is void

Question 43

what happens if a void cheque is signed

Answer 43

the signature should be torn off to be safe

Question 44

petty cash fund

Answer 44

small fund of cash for smaller quick purchases in the office

Question 45

inventory control

Answer 45

should be assigned to the OA , replenish and order inventory so the office does not run out of any supplies

Question 46

where could the dental office face penalties for payroll

Answer 46

1) deductions are withheld from and incorrectly paid 2) when late in paying remittances

Question 47

time record

Answer 47

a record of the hours you have worked including regular, overtime and vacation

Question 48

time record accumulate information for what?

Answer 48

tax returns indicates when earnings have reached a max amount for CPP and EI deductions supplies data for T4

Question 49

how long must payroll records be kept

Answer 49

6 years

Question 50

2 types of TD1 forms

Answer 50

federal provincial

Question 51

what should be obtained from a new employee

Answer 51

SIN employee full name address date hired tax claim code hourly rate

Question 52

social insurance number

Answer 52

used to identify canada pension plans and employee insurance claims

Question 53

what does the first digit of the SIN number indicate

Answer 53

region of the country where the card was issued

Question 54

what does it mean if the SIN number begins with a 9

Answer 54

foreign citizen

Question 55

private contractor

Answer 55

responsible for paying their own duties

Question 56

source deductions

Answer 56

deductions from the gross earnings of every employee

Question 57

gross rate

Answer 57

the pay before deductions are withheld

Question 58

net pay

Answer 58

pay that remains after deductions

Question 59

what payroll tax deductions should be withheld from employees

Answer 59

income tax CPP EI

Question 60

employer guide to payroll deductions

Answer 60

a website that explains the the rules and regulations for computing the payroll statutory deductions

Question 61

what age range is CPP deducted from

Answer 61

18-70

Question 62

how much does your employer pay for your CPP

Answer 62

they match the employee CPP deduction

Question 63

how much EI does your employer pay for you

Answer 63

1.4 times the amount the employee pays

Question 64

when is the deadline for remitting deductions

Answer 64

the 15th of the following month

Question 65

who should the cheque be written out for remittances

Answer 65

receiver general for canada

Question 66

when must T4 slips be forwarded to the taxation centre

Answer 66

last day of february

Question 67

how many copies of the T4 should be made and where do they go

Answer 67

1) revenue canada 2) to the employee 3) also to the employee 4) dental office file

Question 68

when does vacation pay kick in

Answer 68

after the first full year of employment

Question 69

how much vacation pay does an employee get

Answer 69

4% or two weeks

Question 70

record of employment

Answer 70

A Farm, for when there is termination of employment, or when an interruption of earning arises

Question 71

when must the record of employment be issued

Answer 71

Within five days of the employer, becoming aware of the interruption of earnings

Question 72

7 basic responsibilities of the OA

Answer 72

1) oversee all payments received 2) ensure payments are all properly deposited 3) to maintain a consecutive bank balance 4) preform basic bank services 5) write cheques 6) to prepare deposit slips 7) to reconcile the bank statement monthly

Question 73

current accounts

Answer 73

refers to a commercial or business cheating account

Question 74

a future dated cheque is..

Answer 74

post dated

Question 75

what should all cheques received be stamped with what?

Answer 75

a restrictive endorsement stamp

Question 76

what should you use to write a check

Answer 76

a pen

Question 77

NSF

Answer 77

not sufficient funds

Question 78

stop payments

Answer 78

stopping cheques that have been given but not cashed

Question 79

deposit slip

Answer 79

an itemized memorandum of the currency, cheques and sometimes credit card summaries

Question 80

4 payment options

Answer 80

1) cash 2) current dated cheque 3) post dated cheque 4) credit card

Question 81

3 types of credit cards

Answer 81

visa mastercard amex

Question 82

bank reconciliation

Answer 82

a complication of the months bank statement and disbursements