Question 1

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equityO) C) and H)
P) I) and N)

Question 2

When invoices are held for payment,they are typically filed:

Accepted Answer

A)   in chronological order
B)   in reverse chronological order
C)   alphabetically by industry
D)   alphabetically by the supplier's nameE) A) and D)
F) B) and C)

Question 3

The _____ demonstrates the value of a business.

Accepted Answer

A)   net worth
B)   assets
C)   liabilities
D)   accounts payableE) None of the above
F) A) and D)

Question 4

​Components of the pegboard system include:

Accepted Answer

A)   physician's day sheet
B)   ​transaction slip
C)   ​patient ledger card
D)   ​all of the aboveE) B) and C)
F) A) and C)

Question 5

Match each term with its definition.
-Total Expenses ÷ Total Number of Procedures for One Month

Accepted Answer

A)  accounting formula
B)  accounts receivable ratio formula
C)  gross collection ratio formula
D)  net collection ratio formula
E)  cost ratio formulaF) assetsG) write-offsH) liabilitiesI) accounts receivableJ) income statementK) B) and C)
L) A) and B) E

Question 6

​An example of a bad debt ____________ would be if a patient owes the office $200 and the patient dies unexpectedly,leaving the remaining balance of $200 uncollectible.

Accepted Answer

A)   ​write-down
B)   ​write-off
C)   ​non-collection
D)   ​forgivenessE) None of the above
F) B) and C) B

Question 7

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equityO) B) and C)
P) L) and M)

Question 8

The petty cash fund is established by writing a check payable to "petty cash" or:

Accepted Answer

A)   the name of the person who manages the petty cash fund
B)   the name of the bank from which the money will be drawn
C)   "cash"
D)   "recipient"E) A) and B)
F) B) and C)

Question 9

A medical assistant working in accounts payable should:

Accepted Answer

A)   have an accounting degree
B)   pay bills on time only when it is convenient to do so
C)   be highly organized
D)   have a great deal of medical trainingE) None of the above
F) All of the above

Question 10

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equityO) A) and B)
P) E) and I)

Question 11

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equityO) B) and K)
P) E) and K)

Question 12

If your receipts for 4 months add up to $200,000,what is your average monthly gross production?

Accepted Answer

A)   $800,000
B)   $160,000
C)   $50,000
D)   $200,000E) All of the above
F) C) and D)

Question 13

Match each term with its definition.
-File format used when mailing invoices to prevent alteration of the invoice

Accepted Answer

A)  accounts payable
B)  expenditure
C)  invoice
D)  PDF
E)  feesF) petty cashG) accountingH) bookkeepingI) operating informationJ) managerial accounting informationK) A) and B)
L) C) and E)

Question 14

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Building,equipment,cash

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equityO) F) and H)
P) C) and G)

Question 15

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Money borrowed to purchase merchandise on credit

Accepted Answer

A)  accounts payable
B)  ​assets
C)  ​corporation
D)  ​cost
E)  ​economic entity assumptionF) ​liabilitiesG) ​market valueH) ​monetary unit assumptionI) ​note payableJ) ​(paid-in) capitalK) ​partnershipL) ​proprietorshipM) ​retained earningsN) stockholders' equityO) E) and I)
P) A) and B)

Question 16

​Accounting systems include all but which of the following?

Accepted Answer

A)   ​practice manager
B)   ​pegboard
C)   ​single-entry
D)   ​double-entryE) A) and D)
F) B) and C)

Question 17

A(n) _____ is also known as a statement of financial position.

Accepted Answer

A)   liabilities statement
B)   balance sheet
C)   equity form
D)   income statementE) A) and B)
F) A) and C) B

Question 18

Match each term with its definition.
-Information that is needed on a day-to-day basis in order for a company to conduct business

Accepted Answer

A)  accounts payable
B)  expenditure
C)  invoice
D)  PDF
E)  feesF) petty cashG) accountingH) bookkeepingI) operating informationJ) managerial accounting informationK) B) and G)
L) A) and I)

Question 19

Match each term with its definition.
-Total Payments for the Specific Period ÷ Total Charges (with the write-offs deducted from the total charges)

Accepted Answer

A)  accounting formula
B)  accounts receivable ratio formula
C)  gross collection ratio formula
D)  net collection ratio formula
E)  cost ratio formulaF) assetsG) write-offsH) liabilitiesI) accounts receivableJ) income statementK) D) and I)
L) G) and H)

Question 20

Match each term with its definition.
-Demonstrates the profit and expenses for a given month and also includes year-to-date information for a given year

Accepted Answer

A)  accounting formula
B)  accounts receivable ratio formula
C)  gross collection ratio formula
D)  net collection ratio formula
E)  cost ratio formulaF) assetsG) write-offsH) liabilitiesI) accounts receivableJ) income statementK) D) and F)
L) C) and I)

Exam 34: Accounts Payable and Accounting Procedures

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Correct AnswerverifiedShow Answer

When invoices are held for payment,they are typically filed:

Correct AnswerverifiedShow Answer

The _____ demonstrates the value of a business.

Correct AnswerverifiedShow Answer

​Components of the pegboard system include:

Correct AnswerverifiedShow Answer

Match each term with its definition. -Total Expenses ÷ Total Number of Procedures for One Month

Correct AnswerverifiedE

​An example of a bad debt ____________ would be if a patient owes the office $200 and the patient dies unexpectedly,leaving the remaining balance of $200 uncollectible.

Correct AnswerverifiedB

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Correct AnswerverifiedShow Answer

The petty cash fund is established by writing a check payable to "petty cash" or:

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A medical assistant working in accounts payable should:

Correct AnswerverifiedShow Answer

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

Correct AnswerverifiedShow Answer

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

Correct AnswerverifiedShow Answer

If your receipts for 4 months add up to $200,000,what is your average monthly gross production?

Correct AnswerverifiedShow Answer

Match each term with its definition. -File format used when mailing invoices to prevent alteration of the invoice

Correct AnswerverifiedShow Answer

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Building,equipment,cash

Correct AnswerverifiedShow Answer

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Money borrowed to purchase merchandise on credit

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​Accounting systems include all but which of the following?

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A(n) _____ is also known as a statement of financial position.

Correct AnswerverifiedB

Match each term with its definition. -Information that is needed on a day-to-day basis in order for a company to conduct business

Correct AnswerverifiedShow Answer

Match each term with its definition. -Total Payments for the Specific Period ÷ Total Charges (with the write-offs deducted from the total charges)

Correct AnswerverifiedShow Answer

Match each term with its definition. -Demonstrates the profit and expenses for a given month and also includes year-to-date information for a given year

Correct AnswerverifiedShow Answer

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Correct Answer
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Correct Answer
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Correct Answer
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Components of the pegboard system include:

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E

An example of a bad debt ____________ would be if a patient owes the office $200 and the patient dies unexpectedly,leaving the remaining balance of $200 uncollectible.

Correct Answer
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B

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Correct Answer
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Correct Answer
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Correct Answer
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Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

Correct Answer
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Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

Correct Answer
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Correct Answer
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Correct Answer
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Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Building,equipment,cash

Correct Answer
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Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Money borrowed to purchase merchandise on credit

Correct Answer
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Accounting systems include all but which of the following?

Correct Answer
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B

Correct Answer
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Correct Answer
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Correct Answer
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