1.The payroll journal may be used for only one of the following -

a.all payments of employee cash transactions

b.all payments for employee purchase transactions

c.all payments that are wage or salary related

d.all payments to employees

2.When you post a payroll entry the following accounts are updated -

a.all properly linked payroll ledger accounts

b.only the employee's wages expense and wages payable ledgers

c.only the employer's wages expense and wages payable ledgers

d.only the employee's earnings and deductions

3.To correct a data error in a payroll journal entry after posting it you should -

a.select the employee from the employees list

b.select the adjust pay cheque tool as a first step

c.select the incorrect field(s) and enter the correct data

d.select cancel and re-enter the correct information

4.When correcting a data error in a payroll journal entry before posting you should -

a.first open the payroll journal and enter the correct work

b.remove the payroll entry from the edit menu

c.select the incorrect field(s) and enter the correct data

d.discard the payroll transaction by clicking the undo tool

5.When in the process of correcting a data error in the payroll entry after posting -

a.one should remember to recalculate the taxes

b.one should remember to reverse all amounts

c.one should remember to first cancel the entry

d.one should remember to re-enter all data

6.Which one of the following general statements about payroll is not true -

a.when adjusting a pay cheque, the program automatically recalculates vacation pay

b.the program will not automatically recalculate CPP, EI and Income Tax

c.when correcting for a wrong employee, you do not have to reverse the data

d.changes for employee earnings and deductions cannot be made at any time

7.In the payroll cheque run journal, you cannot -

a.enter amounts for advances and advances recovered

b.enter amounts for bonuses and commissions

c.edit the salary amount for a period

d.all of the above can be entered in the payroll cheque run journal

8.To pay out the vacation pay for a previously retained amount, you must -

a.de-select the employee's retain vacation check box

b.once the amount is released, choose recalculate taxes

c.remove wage amounts and optional deductions

d.a and c above

9.Which of the following payroll details cannot be entered in the payroll cheque run journal-

a.personal or sick leave days taken

b.employee benefits

c.advances given and recovered

d.all of the above can be entered in the payroll cheque run journal

10.Which of the following would be considered a user-defined payroll expense-

a.employer contributions to employment insurance (EI)

b.an employer pays the premiums for an employee life insurance plan

c.an employer pays overtime to employees

d.all of the above are user-defined expenses

11.When an employee has chosen to deposit paycheques directly to his/her bank account-

a.you can click direct deposit in the journal to issue a regular cheque

b.you must add the bank account number to the payroll journal for the employee

c.you cannot enter the paycheque in the payroll cheque run journal

d.you cannot issue a cheque directly to the employee unless you change the employee ledger settings

12.To make payroll tax remittances -

a.select pay remittance in the payroll journal and then select the supplier

b.select pay remittance in the payments journal and then select the supplier

c.select the supplier in the purchases journal and then select pay remittance

d.select the supplier in the payments journal and then select pay remittance

13.The salesperson for a sale is entered in -

a.the payroll journal in the invoice field

b.the sales journal in the employee field

c.the sales journal in the salesperson field

d.the sales journal in the job category field

14.When finishing the history for the payroll ledger -

a.the employee history cannot be changed

b.the employee personal information cannot be corrected

c.the employee default deduction amounts cannot be corrected

d.the employee income and taxes cannot be corrected

15.What steps are involved in setting up the payroll ledger -

a.enter the payroll names and settings defaults

b.enter the linked payroll accounts for liabilities and expenses

c.enter the employee information and historical deductions

d.all of the above

16.At any time you may change all but one of the following payroll ledger information -

a.the employee personal information

b.the employer's income tax tables

c.the employee income and taxes

d.the employee default deductions

17.Creating the employees' records for payroll ledgers requires -

a.input of personal and income and tax information

b.input of historical income and deduction information

c.input of default deduction information

d.all of the above

18.The employee default deductions-

a.are the same for all employees

b.are entered into the employee ledger records

c.cannot be changed once you finish entering the history

d.are defined by the Canada Revenue Agency tax laws

19.You must enter historical payroll income information for employees in the -

a.historical income tab screen

b.payroll ledger screen

c.year-to-date income tab screen

d.none of the above

20.Corrections may be made to any payroll ledger personal information field by -

a.double clicking the error to select it and typing the correct details

b.entering a reminder Memo and typing the correct details

c.selecting the proper default and typing the correct details

d.you cannot make changes to these fields

21.Which of the following is true of income types -

a.income types are defined on the payroll settings screen

b.repayment and salary are income types you can select

c.regular and overtime pay are defined as different incometypes

d.the income type for benefits and advance can be changed

22.Which of the following statements is true about job categories -

a.by default, all employee names appear as in this job category when you create a new category

b.to define or name job categories, choose job categories from the setup menu - settings screen, payroll list

c.all employee names can be selected on sales invoices in the salesperson field

d.to assign employees to job categories, choose employee categories from the setup menu - settings screen, payroll list

23.Setting up for payroll remittances includes -

a.marking Remittance suppliers in Payroll setup

b.entering the amount to be submitted to each payroll authority

c.entering the historical amount paid to each payroll authority

d.choose exempt from taxes for the supplier/payroll authority

24.Paid sick leave and paid vacation time are examples of -

a.benefits

b.income

c.entitlements

d.all of the above

25.Why does an inventory purchase not usually include a RST/PST amount -

a.the RST/PST default has not been set up

b.the RST/PST amount was missed and not entered

c.the merchandise is for resale and therefore RST/PST exempt

d.only the GST is required on business purchases

26.If the wrong inventory is selected in a purchase, you can make the correction before posting by -

a.opening a new purchase invoice and entering the correct work

b.selecting the incorrect field, entering the correct item, re-entering the quantity

c.re-selecting the supplier from the suppliers list and recording the purchase from scratch

d.removing the purchase invoice from the edit menu and choosing redo

27.How would you enter a purchase return of an inventory item in the purchases journal-

a.record a negative amount in the price column

b.record a negative quantity in the quantity column

c.record a negative sign in front of the item number

d.all of the above

28.To determine how many items you have left in stock, you would print -

a.the inventory and service statistics

b.the inventory quantity report

c.the inventory summary report

d.b & c

29.You should use the adjustments journal to record -

a.adjustments to inventory purchase prices from the supplier as an allowance for damages

b.adjustments to inventory sale prices to customers as an allowance for damages

c.adjustments to inventory in stock for damaged goods

d.all of the above

30.To correct a sales invoice that was accidentally posted containing the wrong inventory -

a.reverse all original data in the sales journal with a minus sign and post; enter new sales data and post

b.open adjust an invoice; locate the invoice; edit the inventory item, add the quantity and post

c.pay the original invoice; prepare an invoice for the correct inventory, add the quantity and post

d.prepare a new invoice for the correct inventory item, add the quantity and post

31.When a store chooses to use an item from its inventory in the store -

a.record a sales invoice because the store is selling the item to itself

b.record a purchase invoice because the store is buying the item from itself

c.record an general journal entry for the transfer of inventory stock

d.none of the above

32.When you complete an item assembly journal entry to assemble new inventory -

a.you must transfer inventory items one at a time

b.additional setup costs are divided equally among the assembled items

c.the quantity of assembled items will decrease

d.the quantity of assembly components will increase

33.The inventory journals may be used for one of the following -

a.all credit purchases of inventory merchandise

b.all cash purchases of inventory merchandise

c.all sales of inventory merchandise

d.all adjustments and item assembly of inventory merchandise

34.When you see the message that a sale has caused one or more items to drop below the reorder point, you should -

a.cancel the sale

b.reduce the quantity for the sale

c.review the inventory statistics reports to see the items that you need to reorder

d.review the inventory quantity reports to see the items that you need to reorder

35.A business that provides only services -

a.can use the Inventory and Services module

b.cannot use the Inventory and Services module

c.must buy the services from an external supplier in order to use the Inventory and Services module

d.must have standard prices for the servicesin order to use the Inventory and Services module

36.Which of the following best describes the selection of inventory items in the sales journal -

a.selection lists are available only from the Item Number field list icon or by double clicking the Item Number field

b.selection lists in the Item Description fields are sorted by inventory name or description

c.you cannot create new inventory items from the sales journal

d.both a and c are correct

37.Typing a letter or number of an inventory code in the Item Number field of the sales journal -

a.allows you to see a reduced inventory drop-down list

b.opens the Add Inventory Item Wizard

c.opens a Sage 50 Accounting error message that the code is not valid

d.none of the above

38.Customer deposits (prepayments) are entered as -

a.positive amounts in the sales journal

b.positive amounts in the receipts journal

c.negative amounts in the receipts journal

d.none of the above

39.To convert a purchase quote to a purchase order -

a.select the quote from the quote field list, choose remove the purchase quote and then enter the order

b.select quote as the transaction, select the quote from the Quote No. list, choose convertto order and record the order

c.select quote as the transaction, select the quote from the Quote No. list, fill the quote then enter the order

d.choices a and b are correct

40.When correcting a purchase order error before posting you should -

a.open a new purchase order and enter the correct work

b.remove the purchase order from the edit menu

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

d.re-select from suppliers list

41.To convert a sales quote to a sales order -

a.select the quote from the quote field list, choose remove sales quote and then enter the order

b.enter a new sales order with the correct information

c.select quote as the transaction, select the quote from the Quote No. list and fill the quote

d.select order as the transaction, select the quote from the Quote No. list and convert to the order

42.The receipts journal is used for all but one of the following-

a.entering cash sales to customers

b.entering deposits from customers

c.entering a customer's NSF cheque

d.entering the receipt of an HST refund

43.When customers settle their accounts in full after you enter deposits in the receipts journal -

a.you must pay or mark as paid both the invoice amount and the deposit

b.the net amount owing appears on the invoice line

c.the net amount owing appears on the deposit line

d.the deposit is already taken to reduce the invoice amount owing

44.Customer deposits and prepayments to suppliers are similar as -

a.both increase the bank balance and use the same journal

b.both are required when an order is placed

c.both are entered as negative amounts because they reduce the amount owing

d.both reduce the amount owing on the invoice

45.Which one of the following general statements is correct -

a.a sales discount is recorded as a negative amount in the receipts journal

b.a sale return is recorded as a negative amount in the sales journal

c.an advance from a customer is entered as a negative amount in the receipts journal

d.all of the above statements are correct

46.Whenyou convert a purchase quote to a purchase order you can edit all of the following except -

a.the shipping date

b.the quantity ordered

c.the quote/order number

d.the unit price for the ordered items

47.To remove a recurring transaction -

a.recall the recurring transaction and remove it

b.recall the recurring transaction, edit it and then store it again

c.recall the recurring transaction, choose the edit menu and remove

d.none of the above

48.From the daily business manager Recurring tab screen list, you can post directly (without opening a journal) to -

a.the sales journal

b.the receipts journal

c.the purchases journal

d.a & b above

49.When a regular account customer makes a deposit with a sales order, you should remember -

a.to cancel the deposit when you fill the order

b.to add the deposit amount again when you fill the order

c.to change the method of payment when you fill the order

d.you do not need to do anything special, you can fill the order in the same way as when there is no deposit

50.When you change a purchase quote to a purchase order, you cannot change -

a.the purchase/quote number on the order

b.the quantity ordered

c.the amount or price on the order

d.you can change any of these