I need answers to these questions. I really appreciate your help in advance.

1. Inventory adjustments are required when:

a. Goods are accidentally broken by staff.

b. The cost price of goods purchased decreases.

c. The selling price of goods increases or decreases.

d. Items are purchased that were not in inventory before.

2. Inventory costs are calculated by Sage 50 Accounting on a(n):

a. FILO (First In Last Out) basis.

b. FIFO (First In First Out) basis.

c. Average Cost basis or FIFO (First In First Out) basis.

d. On any other basis as setup by the user under System Setup.

3. As discussed in the textbook, the INVENTORY & SERVICES Module can be used when:

a. the COMPANY and PAYABLES modules are READY.

b. The COMPANY, PAYABLES and RECEIVABLES modules and INVENTORY & SERVICES are READY.

c. The PAYABLES and RECEIVABLES modules are READY.

d. The EMPLOYEES & PAYROLL module is set to READY.

4. After the INVENTORY & SERVICES module has been set up, which of the following is true:

a. The Item field when purchasing or selling merchandise can be bypassed.

b. The user can choose to enter the selling entry and the related COGS (Cost of Goods Sold) entry separately.

c. Inventory differences are recorded through the Cost of Goods Sold via an account named to suit the business, e.g., Inventory Adjustments, Damaged Goods.

d. You will still need to use three inventory accounts, namely, Asset Inventory, COGS Beginning Inventory, and COGS Ending Inventory in your Chart of Accounts.

5. When an inventory item is added to the Inventory Ledger, which of the following is false:

a. The cost of the goods will be calculated following the adding of historical invoice information

b. Asset, Revenue and Expense accounts must be linked in order for perpetual inventory accounting entries to be recorded.

c. The average purchase cost price of the goods is calculated by Sage 50 Accounting.

d. Preferred selling pricing can no longer be used.

6. The Daily Business Manager:

a. Memo tab is used to replace customer records of purchases of service.

b. Is required in Sage 50 Accounting when the INVENTORY & SERVICES module is used for service businesses.

c. Can be used to organize tasks, sales and clients that need service.

d. Is used to control the amount of products (medicine) in stock.

7. In Inventory, Minimum refers to:

a. Lowest number of items that must be kept in stock before re-ordering.

b. Lowest number of items that must be kept in for staff use in displays of products for sale.

c. The highest number of items that can be ordered by management.

d. The number of items that are on order for pending sales orders.

8. In the EMPLOYEES & PAYROLL Module, when posting a paycheque to the Employee Ledger and General Ledger, assuming the date information shown in parts a, b and c, what date will be used for the posting date:

a. The Session date: Jan 04

b. The Cheque date: Jan 03

c. The Payroll Ending date: Jan 02

d. None of the above

9. Making payments to the Receiver General for payroll amounts can be speeded up by using:

a. Payments using the Pay Purchase Invoice selection.

b. Make Other Payment selection.

c. Payments Cheque selection.

d. Pay Remittance selection.

10. Which of the following is true?

a. The income reimbursement field is used to record reimbursement of borrowed funds by the employee to the company.

b. The income reimbursement field is used to reimburse employees for monies they have spent on behalf of the company

c. The income reimbursement field is used to remit monies owing to the government for payroll taxes.

d. The income reimbursement field is used to correct prior payroll cheques issued to employees.