Answer all multiple choice questions. Explain why each answer is correct.

Q 1 Which one of the statements about the Sage 50 date system is false -

A)the posting date is the date of the transaction

B)the session date may be advanced by more than one week

C)the session date is the first posting date for a series of later transactions

D)the session date is the date you are recording transactions

Q 2 Sage 50 provides a full audit trail by -

A)recording original transactions in a journal

B)posting the journal amounts into a ledger

C)numbering and referencing each transaction

D)all of the above statements are correct

Q 3 Advantages of using the Sage 50 program over a manual accounting system include -

A)Sage 50 creates jobs because it requires more individuals to key in data

B)through recording journal entries, all ledgers and reports are automatically posted

C)You are able to set reminders in daily business manager lists for reports, etc.

D)choices b and c are correct

Q 4 The general journal input screen will not allow you to post a transaction -

A)unless the revenue amounts exceed the expense amounts (there is a profit)

B)unless the credit amounts exceed the debit amounts

C)unless the debit amounts are equal to the credit amounts

D)unless you choose to display the general journal entry first

Q5 A purchase of supplies for $2 000 plus $260 HST in the general journal would not be posted -

A)if the Supplies and HST were recorded as credits and Accounts Payable as debits

B)if the HST was omitted and the Accounts Payable credit was $2 000

C)if the HST was omitted,Supplies debit was $2 260 and Accounts Payable credit was $2 260

D)if the debit amounts did not equal the credit amounts

Q 6 A variety of reports and financial statements may be viewed by -

A)selecting the reports menu and opening the appropriate choice

B)selecting the file menu and opening the appropriate choice

C)selecting the view menu and opening the appropriate choice

D)selecting the dashboard menu and opening the appropriate choice

Q 7 Which one of the following general statements is incorrect -

A)you cannot post an entry if debits do not balance with credits

B)you must post an entry in order to review or display it

C)displaying your general journal entry may uncover errors

D)all of the above are correct

Q 8 The following General Journal Report options must be chosen -

A)by date order

B)by journal number

C)start and finish dates

D)all of the above statements are correct

Q 9 In the account field of the general journal input screen you cannot -

A)type the account name in the account field

B)type in the first letter of the account name to advance to that section of the account list

C)select the name from the select account list

D)type in the account number

Q 10 By moving the mouse over a displayed report -

A)you can see the available drill-down reports

B)you may choose to print the report

C)drill-down report options at various levels are always available

D)you may choose to save the report

Q 11 Which one of the following general statements is correct -

A)posting creates a permanent record of the accounting transaction

B)you may make account numbers directly into account fields

C)you may choose to change the session date from the maintenance menu

D)all of the above

Q 12 Which statement is true about the new account wizard -

A)you cannot add new accounts from the account field in a journal

B)you must add new accounts before opening a journal

C)you may skip directly to the Finish screen in the wizard if the default settings are correct

D)you must make a choice for each screen in the wizard

Q 13 Upon opening a file, the session date dialog box shows -

A)the date that the accounting transactions must be recorded

B)the session date previously entered

C)that session dates have a special format - month, day, year

D)that session dates must be set to the end of the month

Q 14 Which statement is not true about the session date -

A)it must be set each time you record an entry

B)it is usually the default date for transactions

C)it must be set between the earliest transaction date and the beginning of the next fiscal period

D)it may be moved backwards to a previous date

Q 15 Which statement about Sage 50 is not true -

A)use ledger icons to record information about various types of accounts

B)use journal icons to record journal transactions

C)you may hide icons for ledgers that are not used

D)the status bar describes the position of the cursor

Q 16 Which one of the following statements is not true about Backups -

A)choosing restore from the file menu accesses the wizard

B)backup wizard is an automatic function that reminds you to back up your data

C)the program asks you to confirm your choice of backup files to restore

D)the program asks you for the name of the new restored file

Q 17 What does it mean if a field, menu option or tool on your input screen is dimmed -

A)your computer monitor is shutting down

B)your frequency settings are not functioning

C)you will not be allowed to use that feature at this time

D)your frequency settings are functioning

Q 18 The journal icons in the home window serve to -

A)post all entries to the ledgers

B)record the original accounting entries

C)give information on ledger balances

D)give access to various ledger reports

Q 19 The Sage 50 Accounting backup procedure -

A)starts automatically each time you choose a new session date

B)creates a compressed version of the data files under a different name

C)creates a new working copy of the data files under a different name

D)must be used before you change a session date

Q 20 When you open a Sage 50 Accounting data file, to enter the session date -

A)you may enter the month, day and year as numbers

B)you may type the date in text style

C)you may choose a date from the pop-up calendar

D)all of the above

Q 21 The date field pop-up calendar shows the range of dates that you can use -

A)by adding red circles to the dates that you can choose

B)by adding red circles to the dates that you cannot choose

C)by not allowing access to the dates that you cannot choose

D)the calendar does not limit the dates that you can choose

Q 22 To enter a date for an accounting transaction, you must -

A)choose a date from the pop-up calendar

B)type the date in text style

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

D)you may use any of the above to enter the date

Q 23 When you adjust a posted general journal entry, you can -

A)change the date

B)change the account number or the amount

C)enter additional account lines

D)change any of the above

Please answer the next 22 questions on here: https://quizplus.com/quiz/114536-quiz-3-binhs-bins