Question $1$

The PROJECTS Module is used to:

Allocate revenues and expenses to one or more projects.

Allocate one or more projects to revenues and expenses.

Allocate assets and liabilities to one or more projects.

Allocate assets, liabilities, revenues and expenses to one or more projects.

Question $2$

In the PROJECTS Module, which of the following is not true for the Allocation of costs:

by a set amount.

on an amount based on a percentage.

by employee hours.

by budget dollars.

Question $3$

When the PROJECTS module is being used, which of the following is true:

The company must allocate all expenses and revenues to projects.

The company can choose to allocate only portions of relevant expenses and revenues to projects.

The company must convert pre$-$projects module revenue and expense information into a project by project basis.

The company will keep detailed manual records to confirm that Sage $50$ Accounting is keeping the project revenue and expenses correctly.

Question $4$

If the PROJECTS module is being used, which of the following is true when errors have been made?:

Errors can be corrected by posting an exact reversal of the original transaction then entering a new transaction.

Errors cannot be corrected by using the Adjust icon.

Errors require two corrections; one set of entries to reverse and correct G$/$L information and a second set of entries to reverse and correct allocation errors.

Errors must remain in Sage $50$ Accounting until the month$-$end and only then can they be corrected.

Question $5$

Which of the following is true for the PROJECTS module:

Provides useful management information for companies with clearly identifiable cost centers, projects or regions.

Requires the INVENTORY & SERVICES module to be used with transactions.

Required by Revenue Canada in order to provide specific information for tax purposes.

Outside labor costs are accumulated and allocated as a recurring entry.

Question $6$

Income and Expense division budget amounts can be entered for:

Year totals only.

All months must be filled in$.$

Selected months information can be entered, with some months not having a budget amount.

No project budget amounts can be entered.

Question $7$

Allocating, in the PROJECTS module, means the process of distributing sales and expenses to projects or products.

T

True

F

False

Question $8$

A journal entry with allocated sales should have three columns, one for the debits, one for the credits and one for the allocated amounts.

T

True

F

False

Question $9$

Allocations must be made by percentages only.

T

True

F

False

Question $10$

Allocations that don$$t equal $100\%,$ places the General Ledger out of balance.

T

True

F

False

Question $11$

Sales returns are allocated so the allocated sales are reduced.

T

True

F

False

Question $12$

An allocated journal entry shows the allocation in a third column.

T

True

F

False

Question $13$

If a checkmark appears in the Allocations column of the Sales or Purchase invoice, this means the line has not be allocated yet.

T

True

F

False

Question $14$

HST is normally allocated in the same proportions to the projects.

T

True

F

False

Question $15$

The allocated amounts are automatically shown when you view a journal entry for the first time.

T

True

F

False

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