1.

Before you can enter time slips journal information, you must

a. identify the employee in the employee ledger who will complete the activities

b. identify the inventory services that are billed on the basis of time

c. identify the suppliers in the supplier ledger records who will provide the time and billing services

d. identify the customers in customer ledger records who will use the time and billing services

2.

You can change the default industry terminology for all of the following except

a. sales and purchase quotes and orders

b. receipts and payments

c. sales and purchases

d. suppliers and customers

3.

When you convert a purchase quote to a purchase order you can edit all of the following except -

the quote/order number

the quantity ordered

the shipping date

the unit price for the ordered items

4.

Which one of the following is the best order for entering setup information

a. accounts, currencies, sales taxes and tax codes, suppliers and customers

b. accounts, suppliers and customers, sales taxes and codes, currencies

c. currencies, accounts, suppliers and customers, sales taxes and codes

d. it does not matter which order you use to enter the above information

5.

Which statement about inventory linked accounts is true

a. enter linked accounts from the setup menu

b. enter linked accounts in the inventory ledger

c. you can finish entering the history without entering inventory linked accounts

d. all of the above

6.

Which one of the following general statements is not correct

a. HST is never charged on services, only GST is charged

b. you cannot add details for inventory cost and quantity once you finish entering the history

c. services are not involved in inventory item assembly entries

d. item assembly does not involve customers or suppliers

7. Credit card bill payment amounts -

do not involve any linked accounts

are recorded in the general journal by crediting bank and debiting credit card payable

are always the same as the credit card payable account balance

are recorded in the payments journal

8.

When you use five-digit account numbers

a. this changes the way you select an account in a journal

b. you can type four or five digits to enter the account number if the final digit is zero

c. it is more difficult to locate the account you need for a transaction

d. you increase the number of accounts you can create for a company data file

9.

When correcting a purchase order error before posting you should -

select the incorrect field(s) in the journal and input the correct data

open a new purchase order and enter the correct work

re-select from suppliers list

remove the purchase order from the edit menu

10.

To allow the choice between using the exchange rate or ledger information for individual foreign inventory prices, you should

a. make the choice in the ledger record for the inventory item

b. make the choice in the inventory ledger settings screen

c. make the choice in the foreign customers ledger record screen

d. make the choice in the sales journal invoice screen

11.

Choosing Restore from the home window file menu will -

restore the classic view home window from an enhanced view module window

restore a compressed backup file to a working data file

delete the changes from your current work session and restore the data file from your previous session

restore the size of the window you are currently working in

12.

To reverse a sales invoice for selecting the wrong customer, you should -

open the adjusting sales invoice window and edit the customer name (choose the correct customer)

open the adjusting sales invoice window and choose the reverse entry tool

make a general journal adjustment that reduces Accounts Receivable and the revenue accounts for the invoice amount

open the receipts journal and pay the invoice to cancel it

13.

Linked bank accounts for foreign currencies are added from

a. the foreign bank column on the currencies setup screen

b. the ledger record for the foreign bank account

c. the bank account column on the payables and receivables linked accounts screens

d. the linked bank accounts screen

14.

What is the purpose of entering historical invoices and payments for suppliers -

all choices listed are correct

to allow tracking of discounts taken

to allow the supplier balance field to be updated

to total all purchases for the supplier this year

15.

Time and billing reports may be organized by

a. activity, employee and inventory item

b. employee and inventory item

c. customer and activity

d. all of the above

16.

One of the following statements about multiple inventory locations is incorrect

a. you can set up more than two inventory locations

b. inventory locations are selected from drop-down lists in journals

c. you can enter different default selling prices for items at different locations in the ledger records

d. entering inventory locations for transactions will update item quantities in the ledger records

17.

To indicate that an employee has been paid for an activity, you must

a. complete a payroll journal entry and add the time from time slips

b. fill and remove the time slip for that employee

c. complete the sales invoices for all the customers on the employees time slip

d. edit the payroll status in the time slip journal

18.

The discount from entering a line discount in the sales journal

a. is applied immediately as a debit to the sales discount revenue account

b. is applied when the invoice is paid

c. is applied immediately to a separate linked line discount account

d. is applied immediately to reduce the amount credited to the revenue account

19.

You can add departments to

a. accounts

b. supplier and customer records

c. journal entries

d. all of the above

20.

The currency setting for a bank account is changed in

a. the settings window for the general ledger

b. the account tab screen of the banks ledger record

c. the class options tab screen of the banks ledger record

d. the bank tab screen of the banks ledger record

21.

Time and billing details may be added

a. for any service identified as an activity

b. to any inventory item or service

c. to any inventory service

d. from the inventory services item screen

22.

You can access the assign tax codes feature from

a. the Company Sales Taxes settings window

b. the Payables tax codes settings window

c. the Receivables tax codes settings window

d. the ledger records for customers or suppliers

23.

When you compare the general ledger or bank account transactions report with the bank statement

a. both records reveal a balanced position

b. all deposits made are recorded on the bank statement

c. interest and monthly fee amounts are not able to be matched to the cash account

d. all the cheques issued have been cashed by the bank

24.

If the update price lists screen shows the options to set Preferred prices by Decreasing Regular prices Percent 5.0%, you will

a. change the preferred price for the selected items

b. reduce all preferred prices by 5 percent

c. increase all regular prices until they are 5 percent higher than preferred prices

d. reduce all preferred prices so they are 5 percent less than the regular prices

25.

When accounts are not in logical order -

you will be unable to display some reports

your subtotal accounts may be following the subgroup accounts instead of the group accounts

you can finish the history but you cannot complete journal entries

the total of debit and credit amounts in the Trial Balance may be unequal

26.

The Balance Sheet for a single department may not be balanced because

a. some purchases using more than one department were entered

b. some sales using more than one department were entered

c. tax codes were entered incorrectly

d. some amounts using more than one department were entered

27.

When you begin a new fiscal period

a. the fiscal end date is advanced by one quarter if the previous fiscal period was one quarter

b. the fiscal end date must be advanced manually from the company information screen

c. the fiscal end date assigned by the program must be accepted

d. the fiscal end date is automatically advanced by one year

28.

If the session date is May 31st, what is the purpose of clearing paid customer invoices to April 30th

a. to allow us to remove stored entries

b. to allow us to prepare customer statements for the previous month

c. to allow us to remove journal entries

d. to allow us to retain HST data for the previous month

29.

When you use five-digit account numbers, asset account numbers can range from

a. 1000 to 19999

b. 10000 to 10999

c. 10000 to 19990

d. 10000 to 19999

30.

If you post a purchase invoice with 2018 as the year in the date field when the fiscal year is 2020 -

Sage 50 Accounting will warn you of the error and then close the journal

Sage 50 Accounting will ask for confirmation that the date is correct and then post the entry

Sage 50 Accounting will not post the transaction

Sage 50 Accounting will post the purchase with a reminder that prior fiscal period reports are affected

31.

Departmental report options can include

a. an income statement for departments

b. adding departments to journal reports

c. showing supplier and customer aged reports by departments

d. all of the above

32.

Transactions entered in the receipts journal will not allow the following -

payments less than the invoice amount

reversing a previous payment

editing of the discount amount

payments greater than the invoice amount

33.

Which one of the following statements about linked accounts to track exchange rate differences is correct

a. one account is used for all currencies

b. one account is needed for each currency

c. the account may be added later when exchange rates change

d. the linked account is not needed

34.

If you choose Quick Add to enter a new customer record, you cannot change -

the name of the customer in the ledger record

the payment terms for the invoice

the currency for the transaction

you can change any of the above

35.

Enter the tracking site information for a shipper -

in the purchases journal tracking site field

at any time when using the program

in the payables ledger settings window

in the supplier record for the shipper

36.

Sage 50 provides a complete audit trail by -

posting the journal amounts into a ledger

all choices listed are correct

numbering and referencing each transaction

recording original transactions in a journal

None of the choices are correct

37.

Debit card payments in a sales invoice with regular terms of net 30 will -

reduce the bank deposit by the amount of the card transaction fees

withdraw the full invoice amount from the customer's bank account in 30 days when the net amount is due

credit the bank account instead of accounts receivable for the full invoice amount

debit the bank account instead of accounts receivable for the full invoice amount

38.

To enter a date for an accounting transaction, you must -

choose a date from the pop-up calendar

type the date in text style (e.g., April 8)

enter the month, day and year as two-digit numbers separated by a space

all choices listed are correct

39.

When you post a supplier invoice the following accounts are updated -

all properly linked accounts

only the purchases and accounts payable general ledgers

only the purchases, accounts payable ledgers and HST paid

only the purchases and accounts payable subsidiary ledgers