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Reporting of the financial results of a business.
Accounting
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Assets=liabilities + owner's equity
Accounting equation
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Amounts owed to (creditors), vendors
Accounts Payable
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Income or money owed to a business
Accounts Receivable
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When a change has been entered into an account record
Adjustment
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Everything owned by a business/ medical practice, bank accounts, cash accounts receivable, real estate, and equipment
Assets
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Difference between the debit (money owed) and the credit (money paid)
Balance
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Shows current financial condition of the practice
Balance Sheet
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Systematic recording of the transactions of a business
Bookkeeping
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When a payment has been received on an account
Credit
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Chronological list of the charges to patients and payments received from patients each day
Daily Log
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All patient charges and any receipts are recorded here each day
Day sheet
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When a charge has been entered into an account
Debit
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Summary of accounts paid out
Disbursement journal/ Record
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Reports the total income received and the total expenses that make the income necessary
Income statement
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Provides a record of all services, charges, payments, and adjustments
Ledger card
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Debts of a business; what they owe
Liabilities
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What a business is worth, (proprietorship, capital or net worth) Difference between the assets and the liabilities of a business
Owners Equity
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Person who receives payment
Payee
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Voucher system used to take care of minor expenditures
Petty cash fund
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Form used to control petty cash expenditures
Petty cash voucher
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Used when a patient payment is made but no service is provided on that day
Receipt form
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Used as a charge slip, receipt statement, and insurance reporting form
Superbill
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