1. After posting a payment a. You cannot change it b. You have to start over c. You must enter a new negative payment d. You can change it by clicking the Adjust Payment tool 2. Sage 50 does not allow shortcuts in its dashboard a. True b. False 3. If at the time of entering a supplier, we are missing some pieces informa a. We need to wait until our information is complete before adding the suppe b. We can leave those fields blank and add those details later. c. We need to add the supplier, but we cannot edit it later d. Suppliers do not need any detail information 4. Preparation of a Trial Balance is a compulsory step towards accounting cycle a. True b. False In SAGE t h ered the 1. Payables Journal b. Payments Journal c. General Journal d. Receivables Journal 6. The home window of SAGE 50 always opens at the a. Payables Module b. Company c. Dashboard d. Default Page 7. In order to cancel an entry posted in SAGE we need to a. Repost the entry b. Reverse and repost c. Reverse the entry d. Adjust the entry 8. HST GST paid on purchases a is a credit entry b. is a debit entry e need not be posted d. is always 15% 9. In SAGE 50 in order to save a working file we need to a save it from the file menu b. we must create a back up c. we must change its name always and save d. it cannot get saved 10. We cannot post before displaying the report as the journal entry is not recorded a. True b. False 11. If we want to create a new account in the chart of accounts we need to state a. account number, name and account class b. name and account class c. only name is enough d. all accounts are by default given in the system MICAS Cara 12. Mr X sells sells grocery items. He purchases computer in cash to maintain his accounts. The entry in the accounts should be: a. Debit computer credit cash b. Debit inventory credit cash c. Debit equipment credit accounts payable d. Debit inventory credit accounts payable 13. Every payment made must include HST a. True b. False 14. One can change the Date Format of SAGE 50 by which sequence a. Company module ->settings-> date format b. Dash Board->date format c. Payables module->settings->date format d. General journal-> settings->date format 15. Every payment transaction has to refer an invoice a. True b. False 16. The working file of SAGE 50 has which of these extensions? a. .sai b..cab c. saj d. .docx 17. An invoice can be created without a source document number a. True b. False 18. The date shown in general journal a. is the transaction date by default b. is the session date by default c. cannot be changed d. always must be changed 19. The SAGE 50 expenses account category is in the 102A-155 Con MOJA a. 5000 series b. 6000series c 1000 series d. 4000 series 20. Once you have entered the session date you have to restart the application to change the session date a. True b. False 21. The SAGE 50 software has a. one view b. two views c. three views d. four views MIDAS C 22. Payment terms with suppliers are entered at the a. Payments journal b. Purchase journal c. Suppliers records d. General journal 23. If you open a back up file you must restore a. True b. False 24. A quick add of a supplier record means a. a one time entry without supplier being listed b supplier listed with full details c. supplier just listed