35 Questions
What is the primary responsibility of the Dental Office Bookkeeper?
To handle all dental office finances
What type of skills should the Dental Office Bookkeeper possess?
Communication and problem-solving skills
What is the purpose of maintaining financial records in a dental practice?
To maintain order, prevent theft, and keep costs under control
What is an 'expenditure' in the context of a dental practice?
The money the office owes to others
What is a 'fee' in the context of a dental practice?
The price one pays as remuneration for services
What is the importance of including financial arrangements in the patient record?
To make financial arrangements with patients for payment of services
What is 'income' in the context of a dental practice?
The profit of the dental practice
What is the role of the Dental Office Bookkeeper in handling patient insurance?
To handle patient insurance claims
What is the significance of maintaining accurate financial records in a dental practice?
To maintain order, prevent theft, and keep costs under control
What is the responsibility of the Dental Office Bookkeeper in managing the inventory and supply system?
To handle the inventory and supply system
What must a financial record for each patient include?
A copy of any written agreement with a patient
What is the purpose of a written agreement with a patient?
To specify the dental services to which the patient is entitled
What does 'credit' come from?
The Latin word 'Credo', meaning 'I believe'
What is collection in the context of a dental practice?
The act of obtaining money that is owed to the dental office
Why are licensed dentists exempted from payment of Mayor's Permit?
Because the practice of dentistry is an exercise of a profession
What is the professional tax exempted from?
National or local taxes, licenses, or fees
Where must a professional dentist pay the professional tax?
To the province where he practices his profession
What is the purpose of a dentist's professional tax?
To exempt the dentist from other national or local taxes, licenses, or fees
What is the significance of SEC. 139 in relation to professional tax?
It outlines the provisions for professional tax payment
What is the result of paying the professional tax?
The dentist is exempted from other national or local taxes, licenses, or fees
What is the primary purpose of maintaining itemized listings of commercial laboratory fees in the patient's financial record?
To ensure accurate billing for services rendered
What is the requirement for agreements with patients who receive dental services on a basis other than fee-for-service?
It must be in writing and maintained as part of the patient record
What does the Latin word 'Credo' mean?
I believe
What is the responsibility of licensed dentists in relation to the Mayor's Permit?
They are exempted from payment of the Mayor's Permit
What is the result of paying the professional tax?
The dentist is entitled to practice in any part of the Philippines without additional taxes
What is the purpose of reviewing the collection percentage in a dental practice?
To identify areas for improvement in the practice
What is the significance of SEC. 139 in relation to professional tax?
It explains the professional tax exemption for licensed dentists
Where must a professional dentist pay the professional tax?
To the Local Government Unit where they practice
What is the primary focus of bookkeeping in a dental practice?
To prevent theft and keep costs under control
What is the purpose of recording financial transactions in a dental practice?
To maintain a record of financial transactions
What is the significance of including financial arrangements in the patient record?
To facilitate payment settlements
What is the primary component of a fee in a dental practice?
All of the above
What is the primary function of the Accounts Receivable account?
To monitor the money owed to the practice
What is the primary difference between income and expenditure in a dental practice?
Income is recognized when received, while expenditure is recorded when paid
What is the primary responsibility of the Dental Office Bookkeeper in terms of financial records?
To maintain accurate financial records
Study Notes
Bookkeeping
- Bookkeeping is the recording of financial transactions, including purchases, sales, receipts, and payments.
- It is essential for a dental practitioner to be involved in their practice's accounting to maintain order, prevent theft, and keep costs under control.
The Dental Office Bookkeeper
- Handles all dental office finances, including:
- Accounts Receivable (money owed to the practice)
- Accounts Payable (money the office owes to others)
- May also handle patient's dental insurance and make financial arrangements with patients for payment of dental services.
- May also be responsible for inventory and supply system.
Income and Expenditures
- Income: a book that contains the profit of the dental practice, recognized when it is received.
- Expenditures: a book that contains the expenses of the dental practice, recorded when it is paid.
Fees
- The price one pays for services, including overhead, wages, costs, and markup.
Financial Record
- An important part of the patient record, including:
- A copy of any written agreement with a patient
- Date and amount of all fees charged
- Date and amount of all payments made
- Itemized listing of all commercial laboratory fees
- Copies of all dental claim forms for the preceding two years
Credit and Collection
- Credit: an arrangement with a shop, bank, etc. that allows you to buy something and pay for it later.
- Collection: the act of obtaining money that is owed to the dental office.
Permits and Taxes
- Dentists are exempt from Mayor's Permit because the practice of Dentistry is an exercise of a profession and not a business concern.
- Professional tax is required to be paid to the province where the dentist practices.
- Paying the professional tax allows the dentist to practice their profession in any part of the Philippines without being subjected to any other national or local tax, license, or fee.
Bookkeeping
- Bookkeeping is the recording of financial transactions, including purchases, sales, receipts, and payments.
- It is essential for a dental practitioner to be involved in their practice's accounting to maintain order, prevent theft, and keep costs under control.
The Dental Office Bookkeeper
- Handles all dental office finances, including:
- Accounts Receivable (money owed to the practice)
- Accounts Payable (money the office owes to others)
- May also handle patient's dental insurance and make financial arrangements with patients for payment of dental services.
- May also be responsible for inventory and supply system.
Income and Expenditures
- Income: a book that contains the profit of the dental practice, recognized when it is received.
- Expenditures: a book that contains the expenses of the dental practice, recorded when it is paid.
Fees
- The price one pays for services, including overhead, wages, costs, and markup.
Financial Record
- An important part of the patient record, including:
- A copy of any written agreement with a patient
- Date and amount of all fees charged
- Date and amount of all payments made
- Itemized listing of all commercial laboratory fees
- Copies of all dental claim forms for the preceding two years
Credit and Collection
- Credit: an arrangement with a shop, bank, etc. that allows you to buy something and pay for it later.
- Collection: the act of obtaining money that is owed to the dental office.
Permits and Taxes
- Dentists are exempt from Mayor's Permit because the practice of Dentistry is an exercise of a profession and not a business concern.
- Professional tax is required to be paid to the province where the dentist practices.
- Paying the professional tax allows the dentist to practice their profession in any part of the Philippines without being subjected to any other national or local tax, license, or fee.
This quiz covers the basics of bookkeeping in a dental office, including financial transactions, accounting, and financial management. It's essential for dental practitioners to understand bookkeeping to maintain order and prevent theft.
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