Question 1

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Ability to prepare financial statements directly from the accounts

Accepted Answer

The double-entry bookkeeping system allows for the direct preparation of financial statements from the accounts due to its comprehensive recording of each transaction in two accounts (debit and credit), providing a complete financial picture.

Question 2

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Undetected errors can occur and might be discovered only through bank statement reconciliation

Accepted Answer

This description is a characteristic of the single-entry system, where undetected errors are more common due to the lack of a second record for each transaction that could help in identifying discrepancies.

Question 3

​For many patients and staff members,discussing the subject of money owed is touchy and uncomfortable.Which of the following statements would not be considered a professional way to discuss collections?

Accepted Answer

Option B is not considered a professional way to discuss collections because it confronts the patient with a demand for immediate payment and a threat of sending the account to collections, which can be perceived as aggressive and may embarrass or upset the patient.

Question 4

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Accurate calculation of profit and loss in complex businesses

Accepted Answer

The double-entry bookkeeping system allows for more accurate and detailed tracking of transactions, making it easier to calculate profit and loss accurately, especially in complex businesses. This is a key advantage over the single-entry system, which is simpler and might not capture all the necessary details for complex calculations.

Question 5

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​No direct linkage between income and the balance sheet

Accepted Answer

The lack of direct linkage between income and the balance sheet is a characteristic of the single-entry system, not an advantage of the double-entry system. Double-entry bookkeeping inherently links every transaction to two accounts, ensuring a direct connection between all income/expenses and the balance sheet.

Question 6

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Inclusion of assets and liabilities in bookkeeping accounts

Accepted Answer

The double-entry bookkeeping system includes both assets and liabilities in the accounts, providing a more comprehensive financial picture than the single-entry system, which typically focuses on cash flow and does not systematically track assets and liabilities.

Question 7

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Only the revenues and expenses are totaled,not individual values of each one

Accepted Answer

This description is a characteristic of the single-entry system, where only the totals of revenues and expenses are often recorded, not the individual transactions in detail as in the double-entry system.

Question 8

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Detection of errors and fraud are more visible

Accepted Answer

The double-entry bookkeeping system, by requiring every transaction to be recorded in at least two accounts, inherently provides a cross-checking feature that enhances the visibility of errors and fraud compared to the single-entry system, which does not systematically provide this level of verification.

Question 9

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once.
-​Is the most basic form of bookkeeping and is similar to a checkbook register

Accepted Answer

The description matches the single-entry system, which is simpler and akin to maintaining a checkbook register, not an advantage of the double-entry system.

Question 10

​In the double-entry bookkeeping system,the two entries allow for balance in the accounting equation:

Accepted Answer

The correct accounting equation is Assets = Liabilities + Owner's Equity. This equation is fundamental in the double-entry bookkeeping system, ensuring that every financial transaction affects two accounts to keep the equation in balance.

Question 11

​As outlined in the Medicare Desk Reference for Physicians,the routine waiver of Medicare deductibles and copayments is unlawful for the following reason:

Accepted Answer

The routine waiver of Medicare deductibles and copayments is unlawful because it can result in false claims, violates the anti-kickback statute, and leads to excessive utilization of Medicare items and services.

Quiz 30: Patient Accounts

Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -Ability to prepare financial statements directly from the accounts

Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -Undetected errors can occur and might be discovered only through bank statement reconciliation

For many patients and staff members,discussing the subject of money owed is touchy and uncomfortable.Which of the following statements would not be considered a professional way to discuss collections?

Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -Accurate calculation of profit and loss in complex businesses

Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -No direct linkage between income and the balance sheet

Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -Inclusion of assets and liabilities in bookkeeping accounts

Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -Only the revenues and expenses are totaled,not individual values of each one

Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -Detection of errors and fraud are more visible

Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -Is the most basic form of bookkeeping and is similar to a checkbook register

In the double-entry bookkeeping system,the two entries allow for balance in the accounting equation:

As outlined in the Medicare Desk Reference for Physicians,the routine waiver of Medicare deductibles and copayments is unlawful for the following reason:

Quiz 30: Patient Accounts

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -​Ability to prepare financial statements directly from the accounts

​Identify whether the following description is an advantage of the double-entry bookkeeping system over the single-entry system.Note: Answers may be used more than once. -​Undetected errors can occur and might be discovered only through bank statement reconciliation