Hi-1011-chapters 20 & 21- Accounting And Bookeeping/banking Services Procedures

20 Questions

Settings
Please wait...
Accounting Quizzes & Trivia

Practice questions for the medical admin assistant exam


Questions and Answers
  • 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