Question
15-A sales journal entry will not balance if we - a. omit the payment terms b. omit the HST charged on sales c. include a
15-A sales journal entry will not balance if we -
a. omit the payment terms
b. omit the HST charged on sales
c. include a second sale item in the invoice
d. this entry will balance whether we omit or include any of the above items
16-Choosing to show corrections in the journal report options window will -
a. show the original and reversing entries
b. show the reversing and correcting entries
c. show the original, reversing and correcting entries
d. show only the final correct entry
17-What is the purpose of entering historical invoices and payments for suppliers -
a. to allow tracking of discounts taken
b. to total all purchases for the supplier this year
c. to allow the supplier balance field to be updated
d. all of the above
18-What step is not involved in setting up the receivables ledger -
a. setting the defaults to customize the receivables ledger
b. recording a sales invoice
c. setting the receivables bank and accounts receivable linked accounts
d. receivables ledger amounts must match the general ledger amounts
19-Expense accounts created in account ledger windows are assigned by default to -
a. the expenses class
b. the operating expenses class
c. the extraordinary expenses class
d. the cost of good sold class
20-When correcting a purchase order error before posting you should -
a. remove the purchase order from the edit menu
b. re-select from suppliers list
c. select the incorrect field(s) in the journal and input the correct data
d. open a new purchase order and enter the correct work
21-When customers settle their accounts in full after you enter deposits in the receipts journal-
a. the net amount owing appears on the invoice line
b. the deposit is already taken to reduce the invoice amount owing
c. the net amount owing appears on the deposit line
d. you must pay or mark as paid both the invoice amount and the deposit
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