d. Customer prepayments are entered just like other customer payments because you receive a cheque from the customer 6) What is the reason that a Credit Card bill requires to be reconciled before payment a. The bill amount may be higher because of interest charges assessed but not recorded b. The bill amount may be lower because of some purchases made after the credit card's billing date C. The bill may be different because of other accounting or journalizing errors d. All of the above 7) Most businesses with employees have payroll liabilities with a number of different agencies and organizations. One of the following sentences is false: a. Income tax, EI , and CPP withheld from employees are paid to the Receiver General b. Employer expenses for WCB & medical premiums are paid to the Provincial Minster of Finance C. The Employer's contribution on behalf of the employee's of EI & CPP is paid to the Receiver General. d. The federal Government collects both Provincial and federal income taxes in all provinces except Quebec. II - Answer the following sentences by saying True or False (8 Points)* 1) When you review the Chart of Accounts, you may find that some of the accounts were entered incorrectly. To correct an opening balance or date, you must change the amount in the register for the account. 2) Cheques written in payment of vendor bills in the pay bills form cannot be corrected from the Write Cheques form, just like other Cheques 3) The Accounts Receivable Aging Reports shows only the outstanding amounts your customers owe aged according the current periods but not previous periods. 4) Inventory adjustments should be performed continuously whenever an item is discovered missing or damaged, as well as periodically when complete inventory stock is taken. 5) The Cost field in Inventory Assembly Icon (new item box) is used to enter the total cost of assembly and this cost represents the purchase price from a vendor. 6) A sales discount is a contra-sales account and its normal balance is debit side 7) You cannot create Invoices directly from the Sales Order form. 8) If customers fail to pay their outstanding balances within the given due date period, they may be charged interest on the overdue amounts. d. Customer prepayments are entered just like other customer payments because you receive a cheque from the customer 6) What is the reason that a Credit Card bill requires to be reconciled before payment a. The bill amount may be higher because of interest charges assessed but not recorded b. The bill amount may be lower because of some purchases made after the credit card's billing date C. The bill may be different because of other accounting or journalizing errors d. All of the above 7) Most businesses with employees have payroll liabilities with a number of different agencies and organizations. One of the following sentences is false: a. Income tax, EI , and CPP withheld from employees are paid to the Receiver General b. Employer expenses for WCB & medical premiums are paid to the Provincial Minster of Finance C. The Employer's contribution on behalf of the employee's of EI & CPP is paid to the Receiver General. d. The federal Government collects both Provincial and federal income taxes in all provinces except Quebec. II - Answer the following sentences by saying True or False (8 Points)* 1) When you review the Chart of Accounts, you may find that some of the accounts were entered incorrectly. To correct an opening balance or date, you must change the amount in the register for the account. 2) Cheques written in payment of vendor bills in the pay bills form cannot be corrected from the Write Cheques form, just like other Cheques 3) The Accounts Receivable Aging Reports shows only the outstanding amounts your customers owe aged according the current periods but not previous periods. 4) Inventory adjustments should be performed continuously whenever an item is discovered missing or damaged, as well as periodically when complete inventory stock is taken. 5) The Cost field in Inventory Assembly Icon (new item box) is used to enter the total cost of assembly and this cost represents the purchase price from a vendor. 6) A sales discount is a contra-sales account and its normal balance is debit side 7) You cannot create Invoices directly from the Sales Order form. 8) If customers fail to pay their outstanding balances within the given due date period, they may be charged interest on the overdue amounts