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SAGE 50 FINAL REVIEW | 100% Correct |
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When first opening the Sage 50 program you will be asked to choose - ✔✔select an existing company, create a new company, restore from backup The Sage 50 home window does not display - ✔✔icons for individual accounts Which one of the following comments is not true of the Sage 50 program - ✔✔the help menu may be removed or hidden When you restore a file from a backup, you must - ✔✔press back to change any of your selections Home window tool icons in Sage 50 - ✔✔are shortcuts for accessing features provided by some menu options Businesses must register for GST and apply GST to sales if - ✔✔they have annual sales over $30, Items that are not taxable for GST - ✔✔are mostly basic necessities HST differs from GST in that - ✔✔it has a different tax rate, it includes a portion for provincial sales tax Provincial sales taxes- - ✔✔on purchases that are treated as business expenses GST/HST differs from other sales taxes in that- - ✔✔it applies at all levels of sales Sales taxes on goods and services in Canada- - ✔✔are charged at the rate applicable to the province of destination
Sage 50 provides a complete audit trail by- - ✔✔recording original transactions in a journal, posting the journal amounts into a ledger, numbering & referencing each transaction A variety of reports and financial statements may be viewed by- - ✔✔selecting the reports menu and opening the appropriate choice Which statement is not true about the session date- - ✔✔it must be set each time you record an entry To enter a date for an accounting transaction, you must- - ✔✔choose a date from the pop-up calendar, type the date in text, enter as two-digit numbers When you adjust a posted general journal entry, you can- - ✔✔change the date, the account number or the amount, enter additional account lines To correct a general journal entry, you should - - ✔✔choose the adjust an entry option, choose the transaction, edit it and post Sorted and filtered reports differ in that - - ✔✔sorting organizes the report details and filtering selects the records included Adding non-postable accounts to your Chart of Accounts- - ✔✔will allow you to classify your accounts with formal accounting headings What is the purpose for preparing a backup copy of your data before you finish entering the history - ✔✔to save you data in case of a malfunction What types of errors would the program not detect when you finish entering the history- - ✔✔a ledger is balanced, but individual accounts have incorrect amounts One of the following statements is true about the sample from a Balance Sheet shown here- - ✔✔that Accounts Rec & Advances Rec are subgroup accounts
The sales journal may be used for- - ✔✔all credit card sales transactions, all sales transactions paid by cash/cheque The receipts journal may be used for the following- - ✔✔full/partial cash payment from customers, customers paying more than one invoice with a single cheque How would you enter a sale for an account customer paying by cheque - - ✔✔open the sales journal and choose invoice and cheque Linked accounts provide all but one of the following controls - - ✔✔required linked accounts must be defined To enter a NSF cheque - ✔✔reverse the receipt in the receipts journal To record a NSF cheque, you can- - ✔✔reverse the receipt from the adjusting receipt screen Which of the following errors can be corrected by adjusting a posted payment or receipt - - ✔✔the amount of the payment was entered incorrectly Discounts for early payments are offered to encourage customers to- - ✔✔settle their accounts on time The default customer early payment and discount terms - - ✔✔can be changed for individual invoices To remove a line from the invoice - - ✔✔click anywhere on the line to be removed, choose the edit menu and click remove line To find an invoice you need to adjust when you know only the customer's name, the invoice amount and the approximate date of the sale, you would enter - - ✔✔the invoice amount and customer name as the search parameters
Where do you enter rates for sales taxes - - ✔✔settings, sales taxes To access the Receivables Settings in the classic view you might - - ✔✔choose setup from the main menu, settings, Receivables What mistakes can you not correct after finishing history - - ✔✔mistakes made in historical invoices The Credit Card setup information screen requires that - - ✔✔the name of each credit card appears on a separate line You will be unable to apply tax codes for sales when - - ✔✔the customer is set up as tax exempt If federal or provincial government changes the sales tax rate, you should - - ✔✔edit the existing tax codes by changing the tax rate
