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

MULTIPLE CHOICE: 9 Items

1. In Inventory, Services are:

a. Products sold to customers.

b. A sale not involving products.

c. A sale where the price is reduced due to the wrong goods being shipped.

d. The goods being purchased from a company going out of business.

2. Which of the following statements is false?

a. Services received and paid for require HST to be charged.

b. Products sold to the final consumer require HST to be charged.

c. Insurance products require only 8% HST to be charged to the final consumer.

d. All of the above are false.

3. Which of the following is true regarding the use of the INVENTORY & SERVICES Module for recording Service business activity:

a. Is mandatory if a periodic inventory system is used.

b. Is mandatory if a perpetual inventory system is used.

c. Can be used if 3 inventory accounts similar to these are available (#1060 Inventory, 5010 Beginning Inventory, 5090 Ending Inventory).

d. May be used if the owner's thinks that the module will help manage the service business.

4. The Build from Bill of Materials Journal is:

a. Used to record the purchase of material used to make products.

b. Used to record the making of a product/package from items in stock.

c. Like a Purchase Order, it is a bill for a future purchase of material.

5. SAGE50 2021 Assume that you have completed Chapters 1-8 in the text. One step reversals can be completed in all modules except:

a. Inventory Adjustments, Reconciliation & Deposits Journals, Cash Receipts and Cash Payments Journals

b. Inventory Adjustments and Reconciliation & Deposits.

c. Inventory Adjustments.

d. Reconciliation & Deposits.

6. Which of the following is true. The adjusting entry for Depreciation is:

a. Always entered in the COMPANY module.

b. Always entered in the PAYABLES module.

c. Always entered in the RECEIVABLES module.

d. Often entered months in advance.

7. Which of the following is not true. Adjusting entries:

a. Are done to ensure the revenue recognition and matching principles are met.

b. Are usually done during the review of the companys accounts at month-end.

c. Can conveniently be set up as recurring entries to be modified and processed on a monthly basis.

d. Are completed on a random basis, depending on the manager of the business.

8. Which of the following is not true. An accrual is:

a. Recording revenue that has not been previously recorded.

b. Recording expenses that have not been previously recorded.

c. The vacation pay payable owed to employees that have been recorded from previous paycheques.

d. An entry that must include a Payables (vendor) or a Receivables (customer).

9. Which of the following is true: Depreciation

a. Is the yearly cost or expense, over time, of a capital asset.

b. Is the new reduced value of the capital asset.

c. Can not be recorded if the business has a Net Business Loss.

d. Is recorded in the PAYABLES module.