RMA 12

A list of all employees and their earnings deductions and other info is called?

A Employee earnings
B Accounts payable
C Payroll tasks
D Employee financial listing
E Payroll register

A payers own check is guaranteed by the bank is called a?

A Money order
B Guaranteed check
C Counters check
D Certified check
E Cashiers check

Recording financial transaction in a book-keeping or accounting system is called?

A Superbill
B Trial balance
C Ledger
D Deducting
E Posting

Paper towels are considered?

A Durable items
B Capital equipment
C Incidental items
D Clinical supplies
E Expendable items

Amounts charged with suppliers or creditors that remain unpaid are referred to as?

A Accounts payable
B Accounts receivable
C Account balances
D Assets
E Bookkeeping

A colection ratio is?

A The amount of money collected this year divided by the amount of money collected last year
B The total collections divided by net charges
C The total collections divided by gross charges
D The total amount of money collected divided by any discounts
E None of the above

The portion of salary held back from payroll checks for the purpose of paying government taxes is known as?

A Annual tax returns
B W-4 forms
C Federal Unemployment Tax Act
D Withholding
E FICA

Which of the following may be used by a payer as a third-party check?

A Payroll check
B Cashiers check
C Balance due to the patient
D Both B and C
E All of the above

A billing statement should include?

A The patients name and address
B Services rendered on each date
C Balance due to the patient
D Both B and C
E All of the above

Which of the following due dates for employers quarterly federal tax returns is NOT correct?

A June 30
B October 31
C July 31
D January 31
E April 30

Aging accounts receivable

A Is a tool to show the status of each account
B Is not necessary in a single physician office
C Invvolves writitng off accounts that are over 1 year past due
D Means that the physician must collect the receivables on time
E Involves writing off accounts that are over 5 years past due

A piece of paper describing a purchase and the amount due is known as?

A Vendor
B Disbursement
C Invoice
D Inventory
E Packing slip

Evaluation of collection is based on?

A The collection ratio
B The accounts receibvable ratio
C The bank statement balance
D Both A and B
E All of the above

Which of the following statements regarding state unemployment tax is correct?

A Only employees must make a payment
B Only employers must make a payment
C A few states require both employees and employers to make a payment
D A few states do not make it available
E None of the above

The accounts receivable ratio shows?

A The dollar value of the services performed
B How fast outstanding accounts are being paid
C The number of outstanding accounts
D Both B and C
E Both A and B

What is the trial balance?

A A way of checking the accuracy of accounts
B Accrual accounting
C An accounting system
D Bookkeeping
E A daily summary

Cash amounts that are paid out are called?

A Disbursements
B Statements
C Receivables
D Payables
E None of the above

A vendors invoice should be kept on file for at least how long?

A 1 year
B 10 years
C 5 year
D 3 year
E Taking a trial balance

Which of the following does debit mean?

A Subtract
B Charge
C Total
D Subtotal
E Balance

The reviewing of financial data to verify accuracy and completeness is called?

A Taking a trial balance
B Withholding taxes
C Accounts payable
D Annual tax return
E Auditing

When new supplies are received, you should?

A Throw out the old ones
B Place them in the front of the supply area
C Place them in the back of the supply area
D Inventory all supplies
E Both A and D

A bank draft is a check drawn by a bank

A That can be used as a third party check
B On its funds in another bank
C That is not limited
D On the guaranteed funds of a depositor
E That is less reliable than a cashiers check

The credit policies of a medical facility?

A Should include a specification of when the practice requires payment
B Should be in writing
C Should vary depending
D Both A and B
E Both B and C

Petty cash may be used?

A Only in emergencies
B Only by the physician
C For paying an invoice for supplies ordered
D For paying minor incidental expenses such as public transportation fares
E For paying the electric bill for the facility

Which type of check is frequently used for payroll because it itemizes the purposes for the check and deductions?

A Voucher check
B Bank draft
C Limited check
D Certified check
E Cashiers check

An amount that constitutes an addition to revenue is called?

A Credit
B Equity
C Debit
D Charge
E Payables

A disadvantage of single-entry bookkeepinhg is tha it?

A Is very rare in medical practices
B Is hard to learn
C Is time-consuming
D Makes errors hard to spot
E Is the most expensive system to set up

Which of the following statements is true about a typical purchasing procedure in a medical office?

A An authorized person should be in charge of purchasing
B Receipts of goods should be recorded
C High quality goods should be ordered at the lowest price
D Shipments should be checked against packing slips
E all of the above

Which of the following is an appropriate collection technique?

A Calling patients at work to remind them of their financial obligation and to offer to work with them
B Threatening legal action, even tho your office rarely undertakes legal action to collect
C Calling patients at home after 10pm
D Sending a payment reminder in the form of a statement or letter when the account is 30 days past due
E None of the above is an appropriate collection technique

The calculation that results from adding deposits in transit and subtracting outstanding checks from the bank balance at the end of the month is the?

A Record of deposits
B Record of disbursements
C Adjusted bank balance
D checkbook balance