Master this deck with 23 terms through effective study methods.
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Recording daily transactions of a business.
Tracks revenue and expenses with one entry per transaction.
Requires two entries for each transaction: a debit and a credit.
A running balance of all financial transactions for a specific patient.
The business may be forced to close.
A credit or debit modification on an account.
It reduces the amount owed by the patient.
Shows assets, liabilities, and equity at a specific time.
Movement of cash into and out of the healthcare facility.
Posting charges, payments, and adjustments.
A manual bookkeeping system using physical ledger cards.
A/R is money owed to the business; A/P is money the business owes.
Regulates credit agreements when payments exceed four installments.
Occurs when a patient has overpaid or paid in advance.
Regulates how debts can be collected to prevent abuse.
Informs patients of their balance and payment history.
Ensures the bank statement matches the accounting records.
Protects against losses from employee fraud.
A personal check is drawn against an individual's account; a cashier's check is issued by the bank.
Prevents a check from being cashed or deposited.
Verifies the identity of the account holder for check processing.
Covers small, miscellaneous expenses without formal payment methods.
The check will bounce, incurring fees.