Question 1

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 H)
L) A) and E)

Question 2

Which of the following is not commonly considered an overhead expense?

Accepted Answer

A)   office supplies
B)   postage
C)   occupancy insurance
D)   payrollE) A) and B)
F) B) and D)

Question 3

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) A) and J)
L) B) and I)

Question 4

Match each term with its definition.
-Current A/R Balance ÷ Average Monthly Gross Production

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 G)
L) A) and F)

Question 5

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) B) and C)
F) A) and C)

Question 6

Match each term with its definition.
-Information used to help managers make informed business decisions when it comes to salary adjustments, benefits, office purchases, and so on.

Accepted Answer

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

Question 7

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) B) and D)
F) B) and C)

Question 8

Match each term with its definition.
-System of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results

Accepted Answer

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

Question 9

Match each term with its definition.
-Fund used when small payments are required

Accepted Answer

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

Question 10

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) A) and D)
L) A) and C)

Question 11

Match each term with its definition.
-Recording of financial transactions of a business

Accepted Answer

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

Question 12

The _____ demonstrates the value of a business.

Accepted Answer

A)   net worth
B)   assets
C)   liabilities
D)   accounts payableE) A) and B)
F) A) and C)

Question 13

Match each term with its definition.
-Acquired material, property, and/or labor in exchange for money

Accepted Answer

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

Question 14

Match each term with its definition.
-All the outstanding amounts still due from a patient or customer to a doctor

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) G) and H)

Question 15

When your medical office receives an invoice from a supplier, in which section does the name of the medical practice appear?

Accepted Answer

A)   company details
B)   client details
C)   payment terms
D)   feesE) B) and C)
F) A) and D)

Question 16

Match each term with its definition.
-Total Payments for the Specific Period ÷ Total Charges (without considering write-offs)

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 G)
L) B) and H)

Question 17

If the petty cash fund was originally $50, and it has been depleted down to $3, a new petty cash check should be written for:

Accepted Answer

A)   $50
B)   $53
C)   $100
D)   $47E) B) and C)
F) All of the above

Question 18

The date by which payment should be made is called the:

Accepted Answer

A)   payment date
B)   invoice date
C)   due date
D)   date of receiptE) B) and C)
F) None of the above

Question 19

Match each term with its definition.
-Money and items of value in a business

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 G)
L) D) and E)

Question 20

To convert the gross collection ratio to a percentage, you:

Accepted Answer

A)   double it
B)   triple it
C)   divide it by 100
D)   multiply it by 100E) A) and C)
F) A) and B)

Exam 20: The Endocrine System

Match each term with its definition. -System of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results

Correct AnswerverifiedShow Answer

Match each term with its definition. -Fund used when small payments are required

Correct AnswerverifiedShow Answer

The _____ demonstrates the value of a business.

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 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

The date by which payment should be made is called the:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Match each term with its definition. -Current A/R Balance ÷ Average Monthly Gross Production

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Match each term with its definition. -All the outstanding amounts still due from a patient or customer to a doctor

Correct AnswerverifiedShow Answer

Match each term with its definition. -Total Payments for the Specific Period ÷ Total Charges (without considering write-offs)

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Which of the following is not commonly considered an overhead expense?

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When your medical office receives an invoice from a supplier, in which section does the name of the medical practice appear?

Correct AnswerverifiedShow Answer

If the petty cash fund was originally $50, and it has been depleted down to $3, a new petty cash check should be written for:

Correct AnswerverifiedShow Answer

Match each term with its definition. -Money and items of value in a business

Correct AnswerverifiedShow Answer

Match each term with its definition. -Acquired material, property, and/or labor in exchange for money

Correct AnswerverifiedShow Answer

Match each term with its definition. -Information used to help managers make informed business decisions when it comes to salary adjustments, benefits, office purchases, and so on.

Correct AnswerverifiedShow Answer

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

To convert the gross collection ratio to a percentage, you:

Correct AnswerverifiedShow Answer

Match each term with its definition. -Recording of financial transactions of a business

Correct AnswerverifiedShow Answer

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