When you set up payroll remittances, the Balance Forward amounts -

a. are the same as the opening trial balance liability amounts for that date

b. are the same as the opening trial balance expense amounts for that date

c. the balance forward date must be the same as the fiscal start date

d. both a and c above are correct

When the exchange rate for a foreign currency changes between a sale and the receipt of payment -

a. the amount of the bank deposit is determined by the rate at the time of the sale

b. the amount of the bank deposit is determined by the rate at the time of the receipt

c. the amount of revenue is determined by the rate at the time of the receipt

d. the amount of revenue is the average of the two exchange rates

Settings for deductions and income are defined on -

a.the payroll deductions settings screen

b.payroll names setting screen

c.the taxes settings screen

d.none of the above

To reconcile a credit card receivable account you must -

a.assign the Bank class to the receivable account

b.choose to save transactions for account reconciliation in the ledger record for the account

c.use the credit card processing option in the sales journal

d.you cannot use account reconciliation for credit card accounts

To set up the accounts for recording bank deposit transactions separately from sales and receipts all but one of the following are required-

1.create separate account for the undeposited receipts

2.set up the bank account receiving the deposits for account reconciliation

3.choose the undeposited receipts account as the account for receipts and cash sales

4.assign the bank or cash class to the undeposited receipts account

When paying a credit card bill -

a.enter the interest amount in the additional Fees & Interest amount field

b.enter the fees in the amount field

c.enter the amount for purchases in the amount field

d.enter the total payment amount in the amount field

Adjusting entries are required before closing the books -

a.to record previously unrecorded purchases

b.to record previously unrecorded sales

c.to adjust all ledger accounts to their correct values at year end

d.to adjust previously incorrect entries

Enter the tracking site information for a shipper -

a.in the purchases journal tracking site field

b.in the payables ledger settings window

c.in the supplier record for the shipper

d.at any time when using the program

To transfer funds to and from credit card accounts using the transfer funds journal, choose -

a.credit card bank as the class for these accounts

b.the general credit card class

c.credit card receivable and credit card payable, or bank for these accounts

d.all of the above account class selections will make the accounts available for transfers

Which one of the following general statements about sales is correct -

a.GST charged must be entered as credit amount

b.PST charged must be entered as a debit amount

c.GST charged must be entered as a debit amount

d.PST charged operates in a similar fashion to GST charged

Credit card bill payment amounts -

a.are always the same as the credit card payable account balance

b.are recorded in the payments journal

c.do not involve any linked accounts

d.are recorded in the general journal by crediting bank and debiting credit card payabl

Setting up for payroll remittances includes-

a.marking Remittance suppliers in Payroll setup

b.entering the amount to be submitted to each payroll authority

c.entering the historical amount paid to each payroll authority

d.choose exempt from taxes for the supplier/payroll authority

Which one of the following statements about payroll linked accounts is correct -

a.each employee has a unique linked wage expense account

b.each employee must be linked to the same wage expense account

c.each type of income must be linked to a unique expense account

d.none of the above

The linked accounts for Freight and GST will be updated after which entry -

a.a purchase invoice with cash payment

b.a purchase invoice on account with transportation costs

c.a purchase invoice quote only

d.the cash payment entry for choice (b)

The linked account for foreign currency transactions -

a.tracks import duties on foreign purchases

b.tracks exchange rate differences

c.is the bank account for foreign currency receipts and payments

d.both b and c are correct

After adding all the prior outstanding transactions when you begin account reconciliation -

a.the unresolved amount is usually the same as the opening bank balance

b.the unresolved amount should be zero

c.the unresolved amount should be the total of all debit transaction amounts

d.none of the above

At any time you may change all but one of the following payroll ledger information-

a.the employee personal information

b.the employer's income tax tables

c.the employee income and taxes

d.the employee default deductions

One of the following transactions may not be entered in the payments journal -

a.payments toward outstanding invoices

b.cash purchases

c.payments toward a credit card bill

d.all of the above may be entered in the payments journal

What steps are involved in setting up the payroll ledger-

a.enter the payroll names and settings defaults

b.enter the linked payroll accounts for liabilities and expenses

c.enter the employee information and historical deductions

d.all of the above

The sales by salesperson report-

a.can be viewed by selecting from the Reports - Payroll menu

b.can be viewed from the sales invoice

c.shows only sales of inventory items

d.can be helpful in calculating sales commissions

For a purchase from a foreign supplier, the purchases journal -

a.shows the amounts only in the home currency

b.always requires you to type in the exchange rate

c.always requires you to choose a currency for the transaction

d.none of the above