Hi-1011-chapters 20 & 21- Accounting And Bookeeping/banking Services Procedures
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Practice questions for the medical admin assistant exam
- 1.Which one of the following would not be entered on a financial summary
- A.
How much was earned
- B.
How much time was spent on procedures
- C.
How much money has been collected
- D.
How much money has been earned
- 2.A technique for finding an error could be
- A.
Just recalculate everything
- B.
Delete all entries and re-enter
- C.
Use a fresh set of eyes
- D.
Adjust the figures to balance
- 3.Petty cash could be used to pay the mailman for postage due on a package
- A.
True
- B.
False
- 4.Cash Flow statement lists the amount of money owed to the practice
- A.
True
- B.
False
- 5.Invoices should be checked for accuracy
- A.
True
- B.
False
- 6.Bookeeping is the daily recording process for accounting
- A.
True
- B.
False
- 7.
- A.
Cash basis and Actual basis
- B.
Charge basis and Account basis
- C.
Cash basis and Accrual basis
- D.
Charge basis and Actual basis
- 8.A disbursement journal is commonly known as a checking account
- A.
True
- B.
False
- 9.This is not a type of accounting system
- A.
Single entry
- B.
Double entry
- C.
Duplicate entry
- D.
Write it once
- 10.The fiscal year is a twelve month period of time that can start any month of the year.
- A.
True
- B.
False
- 11.A check could be returned because
- A.
It was written for too much money
- B.
It was missing information
- C.
The bank was closed for the holiday
- D.
The deposit slip was incorrect
- 12.A money order can be purchased at a post office
- A.
True
- B.
False
- 13.The payer is the person who writes the check
- A.
True
- B.
False
- 14.
- A.
Pay at a designated time of the month
- B.
Have a routine organized system
- C.
Pay when the bill comes in
- D.
Look for special terms that offer discounts if paid within a specific period of time
- 15.Personal checking accounts and business accounts have the same benefits
- A.
True
- B.
False
- 16.
- A.
True
- B.
False
- 17.An advantage of using checks is
- A.
The checking account protects the money while deposited
- B.
The checking account costs interest
- C.
Checks can be lost but not replaced
- D.
Checks are only useful for large payments
- 18.Online banking offers the convenience of banking 24/7 but still has deadlines for some financial transactions
- A.
True
- B.
False
- 19.
- A.
Only verify the amount to be accurate
- B.
Ask for a minimum of three pieces of identity
- C.
Allow a third party check to be signed over to the practice
- D.
Know the companies policies on accepting checks
- 20.The federal reserve was desinged to provide the nation with a safer, more flexible, stable monetary and financial system
- A.
True
- B.
False
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