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6. Why is it important to choose the correct account type when setting up the account list? A) If the rate is wrong, the

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6. Why is it important to choose the correct account type when setting up the account list? A) If the rate is wrong, the financial statements will be wrong B) The account type determines how SAGE50 uses the account C) The type of account determines which financial statement the account appears on D) All of the above 7. The Situation Status is related to which of the following? A) A report from the beginning of the fiscal year B) A financial x-ray that shows how the business is doing over a period of time C) A snapshot or image of what your business looks like at a given time D) none of the above 8. In what two ways does SAGE50 use the Account Type? A) To determine in which financial statement the account appears and in what principle the account is framed B) To determine what financial statement the account appears on and how SAGE50 uses the account C) To determine how SAGE50 uses the account and what principle the account follows D) Any of the above 9. When I double click on a Balance Sheet account in the account list, what does SAGE50 show? A) The register of accounts B) The Edit Account window C) The Add New Account window D) The Make Inactive window 10. When receiving payments in SAGE50, you must specify which of the following? A) Which work account will decrease the payment B) Which account is the payment coming from? C) Where the payment goes (Undeposited Funds, Checks, etc.) D) Which company is in the "Pay to order of" field 11. What is the SAGE50 term for an invoice you have received from a supplier? A) Purchase order B) Invoice C) Account statement D) Debit

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