ME1600_Week_3_Assignment - bookkeeping system and...

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Answer the Following Questions: 1. The financial records of any business should show the following at all times: a. How much was earned in a given period b. How much was collected. c. How much is owed. d. The distribution of expenses incurred. 2. When writing numbers, keep the columns straight and write well-formed figures. 3. The manual disbursement journal must show the following: a. Every amount paid out. b. Date and check number. c. Purpose of the payment. 4. The three most common accounting systems found in medical offices are: a. Single entry system. b. Double entry system. c. Pegboard or write it once. 5. Differentiate between accounting and bookkeeping: Bookkeeping refers mainly to the record-keeping aspects of accounting; It’s essentially the process of recording all the information regarding the transactions and financial activities of a business. Accounting is a lot more broader, getting into the realm of designing the
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Unformatted text preview: bookkeeping system and establishing controls to make sure the system works well and analyzing and veriFying the recorded inForma±on. Accountants give the orders and the bookkeepers Follow them. 6. List three cardinal rules of bookkeeping: a. Use good penmanship, so that the records are clearly legible. b. Keep columns of Fgures straight and write well-formed Fgures. c. Carry decimal points correctly. 7. List two disadvantages of a single entry system: a. Provides only simple summaries . b. Errors are di±cult to locate and no built-in controls. 8. List seven expense categories o²en found in a physician’s o±ce budget: a. Insurance . b. Loan payments. c. AdverTsing and promoTons. d. Legal and accounTng. e. Supplies. f. Salaries and wages. g. ³axes...
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