Topics: Finance, Accounting systems, Accountancy Pages: 3 (251 words) Published: April 29, 2015
1. Answer the Following Questions:
Nichole Cupples
1. The financial records of any business should show the following at all times: a. ________prompt billing and collections procedures. __ b. Accurate budgeting _ _______ c. ___professional finacial planning_____ ___ d. Accurate reporting to federal and state agency _______________ __

2. When writing numbers, keep the columns straight and write _____well formed figures______ ___________ ______________

3. The manual disbursement journal must show the following:
a. ___every account_paidout____ _______________________
b. ____date and check number______ _______________________ c. ____purpose of payment_________________

4. The three most common accounting systems found in medical offices are. Single entry system
Peg board system
Double entry system
a. _prompt billing and collection procedures__________ __ b. Accurate bud

c. ___professional financal planning
d.___accurate reporting of federal and state agency_____ _______________________

5. Differentiate between accounting and bookkeeping:
____accounting is a system of recording, classifying, ans summarizing financial transactions. Bookkeeping is the recording__part of te accounting process. Bookkeeping must be done daily. ____________________________________________________________________________________________________________________ ___________________________________________________________

6. List three cardinal rules of bookkeeping:
a. Use good penmanship __ b. Enter all changes and receipts...
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