Sage Intacct Implementation Exam Questions and Correct Answers 2024 updated

Sage Intacct Implementation Exam Questions and Correct Answers 2024 updated The maintain function on the menu bar is used for: - ANSWERS Entering Information The task function on the menu bar is used for: - ANSWERS Entering Transactions All ID codes in Sage are: - ANSWERS Case sensitive The reasons that you back up your data in Sage 50 is all but which of the following? - ANSWERS To save your transactions as you enter them Why do you restore your data? - ANSWERS If you had a natural disaster, if your computer crashed, or if you worked off site. Which of the following is not a purpose of the chart of accounts? - ANSWERS To prove debits equal credits Why is the correct classification for accounts critical when using computerized accounting? - ANSWERS If the classification is incorrect, the accounting records will be incorrect causing the financial statements to be incorrect. Where do you go in Sage 50 to set the Accounting Period? - ANSWERS Both Tasks, System, Accounting Period and Accounting Period at the top of the Navigators If you do not see a GL account column on a sales invoice, you need to: - ANSWERS Click on Options, Global and uncheck the hide A/R and Payroll accounts What is the purpose of Analysis on the menu bar? - ANSWERS To see how the company is doing through charts, graphs and ratios. Record adjusting entries. - ANSWERS General Journal Purchase of merchandise on account from a vendor. - ANSWERS Purchases Journal Paid the government for the liability taxes. - ANSWERS Cash Disbursements Journal Paid on the mortgage. - ANSWERS Cash Disbursements Journal Received payment from a customer on account. - ANSWERS Cash Receipts Journal Received a credit memo from a vendor for the return of merchandise - ANSWERS General Journal Purchase of supplies for cash - ANSWERS Cash Disbursements Journal Record the payroll for the week. - ANSWERS General Journal Sale of merchandise on account to a customer. - ANSWERS Sales Journal Paid the telephone bill. - ANSWERS Cash Disbursements Journal Investment of equipment by the owner. - ANSWERS General Journal Pay the vendor for a purchase on account. - ANSWERS Cash Disbursements Journal Record the payroll tax expense for the week. - ANSWERS General Journal Sale of merchandise for cash to customer - ANSWERS Cash Receipts Journal Paid the dividends for the quarter. - ANSWERS Cash Disbursements Journal Borrowed cash from the bank for a long-term note. - ANSWERS Cash Receipts Journal Paid the employees. - ANSWERS Cash Disbursements Journal Issue a credit memo to a customer for the return of damaged goods. - ANSWERS General Journal Purchase office supplies on account. - ANSWERS Purchases Journal Paid the state for the sales taxes. - ANSWERS Cash Disbursements Journal Account Number for Sales Discounts - ANSWERS 40037 Account # for Accumulated Depreciation - Computer Equipment - ANSWERS 10037 Account # for Note Payable - ANSWERS 20037 Account # for Prepaid Insurance - ANSWERS 10037 Acct. # for J. Roberts, Drawing - ANSWERS 30037 Acct. # for Depreciation Expense - Computer Equipment - ANSWERS 60037 Acct. # for Sales - ANSWERS 40037 Acct. # for Merchandise Inventory - ANSWERS 10037 Acct. # for Purchases Discounts - ANSWERS 50037 Acct. # for Computer Equipment - ANSWERS 10037 Acct. Classification for Sales Discounts - ANSWERS Income Acct. Classification for Accumulated Depreciation - Computer Equipment - ANSWERS Fixed Asset Acct. Classification for Note Payable (36 months) - ANSWERS Long-term Liability Acct. Classification for Prepaid Insurance - ANSWERS Current Asset Acct. Classification for J. Roberts, Drawing - ANSWERS Equity Acct. Classification for Depreciation Expense - Computer Equipment - ANSWERS Expense Acct. Classification for Sales - ANSWERS Income Acct. Classification for Merchandise Inventory - ANSWERS Inventory Acct. Classification for Purchases Discounts - ANSWERS Cost of Goods Sold Accts. Classification for Computer Equipment - ANSWER