I need answers to the following questions. Your help is very much appreciated in advance.

TRUE OR FALSE:

1. The Direct Deposit of employee cheques is a free service provided by Sage 50 Accounting and your bank.

2. Employee Advance amounts owing are shown in the Paycheques Journal.

3. Vacation Pay amounts owing to the employee can be viewed in the Payroll Cheque Run Vacation Pay column.

4. An employees wages/salary can be charged to an expense account.

5. An employees wages/salary cannot be charged in the Payroll Journal to a different expense account than what is recorded as a payroll lined account.

6. The employer portion of E.I. and CPP is deducted from the employee and remitted to the Receiver General each month.

7. The Revenue Recognition Principle and the Matching Principle require that accounts receivable be properly aged and collected.

8. After all the month/year end adjustments are made and posted, the adjusted Trial Balance is prepared.

9. When starting a new fiscal year, the previous year's income is cleared, by Sage 50 Accounting, to the Drawings account.

10. The previous fiscal year ending inventory is the new fiscal year beginning inventory.

11. Inventories are adjusted only once at the beginning of the period.

12. When the session date is advanced to the first day of the next year, Sage 50 Accounting:

13. In Sage 50 Accounting, when the session date is advanced to the first day of the next fiscal year, which of the following is true.

14. Debits on the bank statement increase the bank balance.

15. NSF cheques are journalized to Accounts Receivable from the Unresolved account directly from the Account Reconciliation module.

16. NSF items and Bank charges are both credits to the G/L bank account.

17. The Unresolved balance represents items that both the bank and the company have both accounted for.

18. The bank is reconciled when the adjusted G/L balance agrees to the adjusted bank balance.