Here are those multiple questions from my practice assignmentwhich relates toSage50. I am quite confused about that so please help me. Thank you a lot.

Question 1 One of the following statements is true about credit cards - set up cards used and accepted from the company settings set up cards used from the payables ledger settings set up cards accepted from the receivables ledger settings both b and c are correct Question 2 The Integrity Summary - records the unpaid invoices for customers balances the unpaid invoices with the corresponding ledger balances records the unpaid invoices for suppliers none of the above Question 3 The receivables ledger input screens will let you do all but one of the following - enter e-mail and Web site addresses enter discount rates and amounts enter other options for address, taxes, memo post regular invoices Question 4 Which one of the following will prevent you from finishing the history for the payables ledger - the supplier payment terms are not defined the amounts in the subsidiary supplier accounts do not match the Accounts Payable control account balance the sales tax rate is not defined the program will always finish the history but warns you to make the corrections later Question 5 The class option Bank is needed for accounts used for - payments by cheque in the purchases and payments journals deposits of receipts from customers credit card receipts from customers a and b above are correct Question 6 To charge customers interest on overdue accounts, you need to - enter the interest rate charges in the customer's ledger record and Sage 50 Accounting will automatically create an invoice for the interest charge when the account is overdue enter the interest rate charges as ledger settings, print statements and create the invoices for the interest amounts on the statements calculate the amount of interest owed and create an invoice for this amount print and send out customer statements and enter the receipts when the customers pay the interest charges Question 7 You will be unable to apply tax codes for sales when - the customer is set up as tax exempt the default customer tax code is No tax a foreign customer has been selected for the sale you choose Quick Add for a new customer Question 8 What is the purpose of entering historical invoices and payments for suppliers - to allow tracking of discounts taken to total all purchases for the supplier this year to allow the supplier balance field to be updated all of the above Question 9 What step is not involved in setting up the payables ledger - enter the payables and sales tax setting defaults enter the payables linked accounts enter the supplier payment terms and historical data all of the above are steps in setting up the payables ledger Question 10 What mistakes can you not correct after you finish entering the history for the payables ledger - mistakes made in historical supplier invoices mistakes made in the supplier account names mistakes made in the supplier payment terms you can make all of the above corrections Question 11 Defining linked accounts correctly - allows you to enter historical payments is an essential step for finishing the ledger history allows you to change the payment terms allows you to enter customer records Question 12 Unbalanced amounts for historical General Ledger account balances may be assigned - automatically to the Current Earnings linked account automatically to the Test Balance account you created automatically to any account you choose for this purpose in the settings for the ledger any account you choose when the message about unbalanced amounts appears Question 13 When you record an incorrect receivables historical invoice - delete the historical invoice and re-enter the historical invoice each historical invoice must be recorded separately pay the invoice, delete paid invoices and re-enter historical data click done to save the entry Question 14 Which of the following components make up the payables ledger setup - payables and sales tax setting defaults payables linked accounts set up supplier information and historical data all of the above Question 15 Before you can select these accounts as linked accounts, the class options must be set correctly for - bank class accounts inventory linked accounts income and expense accounts for financial reports all of the above Question 16 If a federal or provincial government changes the sales tax rate, you should - create new tax codes for the tax at the new rate edit the existing tax codes by changing the tax status edit the existing tax codes by changing the tax rate edit the details for the tax on the Sales Tax, Taxes tab screen Question 17 Which statement is true about linked accounts - you must remove the linked account before you can remove the general ledger account linked accounts cannot be removed once the history is finished linked accounts are subsidiary accounts all of the above Question 18 The Credit Card setup information screen requires that - you click the option to allow credit card sales and purchases the name of each credit card appears on a separate line you enter interest rate charged to the credit card company you enter the revenue account to record interest charges Question 19 Which one of the following statements about linked accounts is correct - they show invoices paid and unpaid you are able to enter all linked accounts after finishing the history you are able to post a discounted sale if sales discount is not linked bank accounts may be linked more than once Question 20 Which role do properly linked accounts not perform for a purchase invoice - allow all subsidiary ledgers to be updated with one amount allow HST to be recorded allow freight expense to be recorded allow purchase discounts to be recorded Question 21 Topics called aging periods, interest charges, new customer tax codes are - accounts receivable setting options accounts payable setting options columns found on a sales invoice none of the above Question 22 When you select a different industry or company type - the terminology for home window icons may change the terminology for report names may change the terminology for journal names may change all of the above Question 23 Where do you enter rates for sales taxes - the payables ledger screen the tax options screen the historical suppliers screen none of the above Question 24 If you record an incorrect payables historical invoice - pay all invoices for the supplier, clear paid invoices and re-enter the historical data each historical invoice must be recorded separately delete the historical data and re-enter historical data delete the supplier record and begin again Question 25 If the bank issues a new series of cheques with a different numbering sequence - we must change the payments settings to accommodate the alpha letter and the number we must change the cheque number in the Report & Form Options to match the new cheque numbers we must start the numbering system for forms all over again we must request that the bank prepare another order of cheques to match our numbers