CMAS Financial Management & Accounting Flashcards
6 cards from real CMAS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CMAS Financial Management & Accounting flashcards as text
Which financial statement summarizes a medical practice's revenues, expenses, and net income over a specific period?
Answer: Income statement
The income statement (profit and loss statement) shows revenues, expenses, and net income over a defined accounting period.
A medical office's accounts receivable (A/R) aging report shows a large balance in the 90–120 day column. What is the BEST immediate action?
Answer: Review and follow up on unpaid claims with insurers and patients
Reviewing and following up on overdue claims is the appropriate step to recover revenue before balances become uncollectible.
What does the term 'days in A/R' measure in a medical practice?
Answer: The average number of days it takes to collect payment after a service is rendered
Days in A/R measures the average time to collect payment, with lower values indicating more efficient revenue cycle management.
Which of the following best describes petty cash management in a medical office?
Answer: Maintaining a small cash fund for minor incidental expenses with a log of transactions
Petty cash is a small fund for minor expenses, and all disbursements must be documented with receipts and a transaction log for audit purposes.
When a medical office performs a bank reconciliation, what is the primary goal?
Answer: To ensure the practice's accounting records match the bank statement balance
Bank reconciliation confirms that the internal accounting records and the bank statement agree, identifying any discrepancies or errors.
Which type of budget forecasts expected revenues and expenses for a medical practice over the coming year?
Answer: Operating budget
An operating budget projects day-to-day revenues and expenses, such as staffing, supplies, and utilities, for the upcoming fiscal year.