Chapter 15 Bookkeeping Quiz

What does the term "Debits" refer to in accounting?

• Decreases in assets

• Increases in assets

• Monies owed for business expenditures

• Original investment money

What is the Accounts Receivable (A/R) ledger?

• Shows amounts paid out for expenses

• Consists of all patients' accounts showing amounts owed

• Contains records of salaries and wages

• Records daily office transactions

What does the Accounts Payable (A/P) ledger show?

• Amounts owed by patients

• Amounts paid out for expenses

• Salaries and wages

• Original investment money

What do Payroll Records indicate?

• Fees for services rendered

• Salaries and wages paid and deductions made

• Monies available for office expenses

• Amounts paid out for expenses

What does Capital refer to in accounting?

• Monies owed for business expenditures

• Original investment money and other property owned

• Amounts paid out for expenses

• Salaries and wages

What is Pegboard Accounting?

• An accounting system using a computer

• A system where transactions are entered once

• A method for recording daily office transactions

• A bookkeeping system where equal debits and credits are recorded

What does ROA stand for?

• Received on account

• Return on assets

• Rate of accrual

• Record of accounts

What does OV stand for?

• Office visit

• Outstanding value

• Overdue verification

• Official voucher

What is Accounts Receivable Control?

• A summary of all paid accounts

• A daily summary of dollar amounts that remain unpaid

• A list of all credit transactions

• A report of all cash transactions

What is Petty Cash?

• A large sum of money for major expenses

• An amount of cash kept on hand for making small payments

• A credit line for emergency use

• A savings account for future use