Finance and bookkeeping practice questions

Taking a medical office related certification exam like the RMA or CMA?

Practice your knowledge of bookkeeping, accounting and finance with these practice questions.

CMA Practice Tests

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RMA Practice Tests

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Practice Questions

1. What is included on the Day Sheet?

a. Charges and payments received
b. Patients and doctors names
c. Itemized statement of a patient’s accounts receivable
d. List of all monies owed

2. What type of account is the Day Sheet?

a. Accounts Payable
b. General Ledger
c. Accounts Receivable
d. Patient Ledger

3. A medical office has run out of pencils and paper. How should you purchase these?

a. With a company check.
b. With petty cash.
c. With your own funds and ask for reimbursement.
d. With cash from the cash box.

4. All funds owed for items such as rent are:

a. Accounts Receivable
b. Accounts Payable
c. Receipts
d. General Ledger items

5. What form would a courier issue to the office upon receipt of a package?

a. Invoice
b. Receipt
c. Bill of Lading
d. Purchase Order

6. Funds owed to a physician from patients and others are called

a. Account Receivable
b. Account Payable
c. Net Income
d. Expenses

Answer Key

1. A
The Day Sheet is a daily record of services performed, charges and payments received.

2. C
The Day Sheet is an accounts receivable document.

3. B
The petty cash account is for small purchases.

4. B
The amounts of money that a company or person owes suppliers is kept in an account ledger known as Accounts Payable. This is also sometimes known as trade payables and
are amounts that have not yet been paid. The office will receive an invoice, after which it is placed in the Accounts Payable until it has been paid, after which it is removed. This
make it a form of credit that is offered to customers that can allow them to receive a service or product before they have actually paid for it.

5. C
A bill of lading (BL – sometimes referred to as BOL or B/L) is a document issued by a carrier to a shipper, acknowledging that specified goods have been received on board as cargo for conveyance to a named place for delivery to the consignee.  The term derives from the verb “to lade” which means to load a cargo onto a ship or other form of transportation.

6. A
Accounts Receivable is money owed to a business by its clients (customers or patients) and shown on its Balance Sheet as an asset.

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