Quiz 21: Accounting Practices

Delmars Administrative

Medicine
22
Questions
0
True/False
22
Choices
0
Essay
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Questions

Q1
Free

Which of the following accounting systems is based on the principle that assets equal liabilities plus owner's equity. This system requires time and skill and provides a comprehensive financial picture with built-in accuracy controls?

Multiple Choice
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A) Single entry
B) Double entry
C) Pegboard
D) Computerized
Answer:
B) Double entry
Q2
Free

Which of the following accounting systems utilizes "no carbon required" forms that are layered?

Multiple Choice
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A) Single entry
B) Double entry
C) Pegboard
D) Computerized
Answer:
C) Pegboard
Q3
Free

Which of the following accounting systems includes a daily journal or log, patients' statements, ledgers, checks, and disbursement records?

Multiple Choice
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A) Single entry
B) Double entry
C) Pegboard
D) Computerized
Answer:
A) Single entry
Q4

Which of the following best describes a primary need of medical facilities to monitor more information?

Multiple Choice
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A) Increased staff
B) Decreased staff
C) Longer hours
D) Computerization
Answer:

A) You need to subscribe to get the answer.

Q5

Which of the following best describes the accounting system that provides information primarily for entities external to the organization?

Multiple Choice
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A) Cost
B) Financial
C) Managerial
D) Disbursement
Answer:

A) You need to subscribe to get the answer.

Q6

Which of the following best describes a type of accounting that helps to determine the finances necessary for the ambulatory care setting?

Multiple Choice
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A) Cost
B) Financial
C) Managerial
D) Disbursement
Answer:

A) You need to subscribe to get the answer.

Q7

Which of the following applies to the financial report that shows cumulative monthly profit and loss?

Multiple Choice
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A) Aging analysis
B) Balance sheet
C) Cost ratio
D) Income statement
Answer:

A) You need to subscribe to get the answer.

Q8

Which of the following ratios is calculated by dividing total expenses by the total number of procedures for 1 month?

Multiple Choice
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A) Collection
B) Cost
C) Accounts receivable
D) Accounts payable
Answer:

A) You need to subscribe to get the answer.

Q9

Which of the following terms applies to the accounting system in which outstanding accounts such as office expenses and services are paid for?

Multiple Choice
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A) Collections
B) Cost
C) Accounts receivable
D) Accounts payable
Answer:

A) You need to subscribe to get the answer.

Q10

Total monthly receipts are $50,000 and total monthly charges are $60,000 for the same month. Which of the following percents is the collection ratio?

Multiple Choice
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A) 95%
B) 87%
C) 83%
D) 120%
Answer:

A) You need to subscribe to get the answer.

Q11

Which of the following is the recommended turnaround time of an efficient billing and collections policy?

Multiple Choice
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A) 1 month or less
B) 2 months or less
C) 1 week
D) 6 months
Answer:

A) You need to subscribe to get the answer.

Q12

Which of the following is NOT a true statement about a computerized accounting system?

Multiple Choice
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A) Can be customized to the individual care setting
B) Replaces all other systems immediately
C) Can include the most common procedure and diagnostic codes
D) Automatically creates day-end summaries
Answer:

A) You need to subscribe to get the answer.

Q13

Which of the following is an unwritten promise to pay for credit purchases or services?

Multiple Choice
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A) Debt collection
B) Cost ratio
C) Accounts payable
D) Cost accounting
Answer:

A) You need to subscribe to get the answer.

Q14

What is the common name for an employee withholding allowance certificate?

Multiple Choice
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A) W-2
B) W-4
C) Pay stub
D) W-A
Answer:

A) You need to subscribe to get the answer.

Q15

Which of the following is NOT considered a bond to help protect practices from embezzlement?

Multiple Choice
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A) Position-scheduled bond
B) Blanket-position bond
C) Family-practice bond
D) Personal bond
Answer:

A) You need to subscribe to get the answer.

Q16

Which bond covers all employees and is most beneficial?

Multiple Choice
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A) Position-scheduled bond
B) Blanket-position bond
C) Family-practice bond
D) Personal bond
Answer:

A) You need to subscribe to get the answer.

Q17

Which of the following bookkeeping and accounting systems includes charge slips or encounter forms?

Multiple Choice
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A) Triple-entry system
B) Double-entry system
C) Single-entry system
D) Pegboard system
Answer:

A) You need to subscribe to get the answer.

Q18

What is NOT considered part of the itemized balance sheet?

Multiple Choice
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A) Liabilities
B) Assets
C) Cost ratio
D) Owner's equity
Answer:

A) You need to subscribe to get the answer.

Q19

In medical practices, embezzlement can be decreased by doing all of the following EXCEPT?

Multiple Choice
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A) Conduct regular and irregular audits.
B) Allow employees to use a signature stamp.
C) Seek honest personnel.
D) Separate duties among several employees.
Answer:

A) You need to subscribe to get the answer.

Q20

If your facility chooses not to purchase accounting software or to use computers, an alternative would be to use what?

Multiple Choice
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A) Managed care
B) Service bureau
C) Personal accountant
D) Financial consultant
Answer:

A) You need to subscribe to get the answer.

Q21

What is created by totaling debit balances and credit balances to confirm that total debits equal total credits?

Multiple Choice
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A) Trial balance
B) Balance sheet
C) Accounts payable
D) Ledger statement
Answer:

A) You need to subscribe to get the answer.

Q22

Which would NOT be considered part of the ledger or journal entry?

Multiple Choice
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A) Date of transaction
B) Account names involved
C) Dollar amount of charges
D) Total receipts
Answer:

A) You need to subscribe to get the answer.

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