CMAA Financial Management and Accounting 5

Question 1

Which financial practice helps prevent embezzlement in a medical office?

Accepted Answer

Using separation of duties so no single employee controls all steps of a transaction

Answer

Separation of duties divides financial tasks among multiple employees, reducing the opportunity for any one person to commit fraud undetected.

Question 2

A medical office uses the accrual accounting method. When is revenue recognized?

Accepted Answer

When the service is rendered, regardless of payment receipt

Answer

Under accrual accounting, revenue is recorded when the service is provided, not when payment is actually received.

Question 3

What does the term 'credit balance' mean on a patient's account?

Accepted Answer

The practice owes money back to the patient due to an overpayment

Answer

A credit balance indicates the patient (or insurer) has paid more than was owed, and the practice must issue a refund.

Question 4

Which document itemizes every service, procedure code, diagnosis code, and charge for a patient visit?

Accepted Answer

Superbill (encounter form)

Answer

The superbill (encounter form) captures all clinical and billing details from a visit and serves as the source document for claim submission.

Question 5

An insurance payment posts to the wrong patient account. What is the correct action?

Accepted Answer

Process a reversal and repost the payment to the correct account

Answer

A reversal corrects the misposted payment by removing it from the wrong account and reapplying it to the correct one, maintaining an accurate audit trail.

CMAA - Certified Medical Administrative Assistant Practice Test

CMAA - Certified Medical Administrative Assistant Practice Test

CMAA Financial Management and Accounting 5