Sage 50 - Ch. 3 Review Questions with 100% Correct Answers

Sage 50 - Ch. 3 Review Questions with 100% Correct Answers 1. Which one of the statements about the Sage 50 "date" system is false - A) the posting date is the date of the transaction B) the session date may be advanced by more than one week C) the session date is the first posting date for a series of later transactions D) the session date is the date you are recording transactions - Answer- C) the session date is the first posting date for a series of later transactions 2. Sage 50 provides a complete audit trail by - A) recording original transactions in a journal B) posting the journal amounts into a ledger C) numbering and referencing each transaction D) all of the above statements are correct - Answer- D) all of the above statements are correct 3. Advantages of using the Sage 50 program over a manual accounting system include - A) Sage 50 creates jobs because it requires more individuals to key in data B) through recording journal entries, all ledgers and reports are up to date C) you are unable to set reminders "daily business manager lists" for reports, etc. D) choices a and c are correct - Answer- B) through recording journal entries, all ledgers and reports are up to date 4. The general journal input screen will not allow you to post a transaction - A) unless the debit amounts exceed the credit amounts B) unless the credit amounts exceed the debit amounts C) unless the debit amounts are equal to the credit amounts D) unless you choose to display the general journal entry first - Answer- C) unless the debit amounts are equal to the credit amounts 5. A purchase of supplies for $2,000 plus $100 GST in the general journal would not be posted - A) if the Supplies and GST were recorded as credits and Accounts Payable as debits B) if the GST was omitted and the Accounts Payable credit was $2,000 C) if the GST was omitted, Supplies debit was $2,100 and Accounts Payable credit was $2,100 D) if the debit amounts did not equal the credit amounts - Answer- D) if the debit amounts did not equal the credit amounts 6. A variety of reports and financial statements may be viewed by - A) selecting the reports menu and opening the appropriate choice B) selecting the file menu and opening the appropriate choice C) selecting the view menu and opening the appropriate choice D) selecting the graphs menu and opening the appropriate choice - Answer- A) selecting the reports menu and opening the appropriate choice 7. Which one of the following general statements is incorrect - A) you cannot post an entry if debits do not balance credits B) you must post an entry in order to review or display it C) displaying your general journal entry may uncover errors D) all of the above are correct - Answer- B) you must post an entry in order to review or display it 8. The following General Journal Report "options" must be chosen - A) by date order B) by journal number C) start and finish dates D) none of the above - Answer- C) start and finish dates 9. When in the "account" field of the general journal input screen you cannot - A) type the account name in the account field B) type in the first digit of the account to advance to that section of the account list C) select the name from the "select account" list D) type in the account number - Answer- A) type the account name in the account field 10. By moving the "mouse" over a displayed report - A) you can see the available "drill-down" reports B) you may choose to print the report C) "drill-down" report options at various levels are always available D) you may choose to save the report - Answer- A) you can see the available "drill- down" reports 11. Which one of the following general statements is correct - A) posting creates a permanent record of the accounting transaction B) you may type account numbers directly into account fields C) you may choose to change the session date from the maintenance menu D) all of the above - Answer- D) all of the above 12. Which statement is true about the new account wizard - A) you cannot add new accounts from the account field in a journal B) you must add new accounts before opening a journal C) you may skip directly to the Finish screen in the wizard if the default settings are correct D) you must make a choice for each screen in the wizard - Answer- D) you must make a choice for each screen in the wizard