SAGE 50 - Ch 7 Exam Questions and Answers
100% Correct
1. Which of the following components make up the payables ledger setup -
A) payables and sales tax setting defaults
B) payables linked accounts
C) set up vendor information and historical data
D) all of the components listed here are necessary
D) all of the components listed here are necessary
2. If the bank issues a new series of cheques with a different numbering sequence -
A) we must change the payments settings to accommodate the "alpha" letter and the
number
B) we must change the cheque number in the ledger to match the new cheque numbers
C) we must start the numbering system for forms all over again
D) we must request that the bank prepare another order of cheques to match our
numbers
B) we must change the cheque number in the ledger to match the new cheque numbers
3. What mistakes can you not correct after finishing the history for the payables ledger -
A) mistakes made in historical vendor invoices
B) mistakes made in the vendor account names
C) mistakes made in the vendor payment terms
D) you can make all of the corrections listed here
A) mistakes made in historical vendor invoices
4. What step is not involved in setting up the payables ledger -
A) enter the payables and sales tax setting defaults
B) enter the payables linked accounts
C) enter the vendor information and historical data
D) entering the company default for discount and number of days for prompt payment
D) entering the company default for discount and number of days for prompt payment
5. If you record an incorrect payables historical invoice -
A) pay all invoices for the vendor, clear paid invoices and re-enter the historical data
B) each historical invoice must be recorded separately
C) delete the historical data and re-enter historical data
D) delete the vendor record and begin again
A) pay all invoices for the vendor, clear paid invoices and re-enter the historical data
6. Which one of the following will prevent you from finishing the history for the payables
ledger -
A) the vendor payment terms are not defined
B) the amounts in the subsidiary vendor accounts do not match the Accounts Payable
balance
C) the sales tax rate is not defined
D) the program will always finish the history but warns you to make the corrections
later
B) the amounts in the subsidiary vendor accounts do not match the Accounts Payable
balance
, 7. What is the purpose of entering historical invoices and payments for vendors -
A) to allow tracking of discounts taken
B) to total all purchases for the vendor this year
C) to allow the vendor balance field to be updated
D) all of the options listed here are relevant
C) to allow the vendor balance field to be updated
8. Where do you enter rates for sales taxes -
A) the payables ledger screen
B) the settings screen
C) the historical vendors screen
D) none of the options listed here are correct
D) none of the options listed here are correct
9. Which statement is true about Linked Accounts -
A) you must remove the linked account before you can remove the general ledger
account
B) linked accounts cannot be removed once the history is finished
C) linked accounts are subsidiary accounts
D) all of the options listed here are correct
A) you must remove the linked account before you can remove the general ledger
account
10. Which role do properly linked accounts not perform for a purchase invoice -
A) allow all subsidiary ledgers to be updated with one amount
B) allow GST to be recorded
C) allow freight expense to be recorded
D) allow purchase discounts to be recorded
A) allow all subsidiary ledgers to be updated with one amount
11. Which one of the following statements about linked accounts is correct -
A) they show invoices paid and unpaid
B) you are able to enter all linked accounts after finishing the history
C) you are able to post a discounted sale if sales discount is not linked
D) bank accounts may be linked more than once
D) bank accounts may be linked more than once
12. What step is not involved in setting up the receivables ledger -
A) setting the defaults to customize the receivables ledger
B) setting the receivables bank and accounts receivable linked accounts
C) receivables ledger amounts must match the general ledger amounts
D) recording a sales invoice
D) recording a sales invoice
13. When you record an incorrect receivables historical invoice -
A) delete the historical invoice and re-enter the historical invoice
B) each historical invoice must be recorded separately
C) pay the invoice, delete paid invoices and re-enter historical data
D) click "done" to save the entry
C) pay the invoice, delete paid invoices and re-enter historical data
100% Correct
1. Which of the following components make up the payables ledger setup -
A) payables and sales tax setting defaults
B) payables linked accounts
C) set up vendor information and historical data
D) all of the components listed here are necessary
D) all of the components listed here are necessary
2. If the bank issues a new series of cheques with a different numbering sequence -
A) we must change the payments settings to accommodate the "alpha" letter and the
number
B) we must change the cheque number in the ledger to match the new cheque numbers
C) we must start the numbering system for forms all over again
D) we must request that the bank prepare another order of cheques to match our
numbers
B) we must change the cheque number in the ledger to match the new cheque numbers
3. What mistakes can you not correct after finishing the history for the payables ledger -
A) mistakes made in historical vendor invoices
B) mistakes made in the vendor account names
C) mistakes made in the vendor payment terms
D) you can make all of the corrections listed here
A) mistakes made in historical vendor invoices
4. What step is not involved in setting up the payables ledger -
A) enter the payables and sales tax setting defaults
B) enter the payables linked accounts
C) enter the vendor information and historical data
D) entering the company default for discount and number of days for prompt payment
D) entering the company default for discount and number of days for prompt payment
5. If you record an incorrect payables historical invoice -
A) pay all invoices for the vendor, clear paid invoices and re-enter the historical data
B) each historical invoice must be recorded separately
C) delete the historical data and re-enter historical data
D) delete the vendor record and begin again
A) pay all invoices for the vendor, clear paid invoices and re-enter the historical data
6. Which one of the following will prevent you from finishing the history for the payables
ledger -
A) the vendor payment terms are not defined
B) the amounts in the subsidiary vendor accounts do not match the Accounts Payable
balance
C) the sales tax rate is not defined
D) the program will always finish the history but warns you to make the corrections
later
B) the amounts in the subsidiary vendor accounts do not match the Accounts Payable
balance
, 7. What is the purpose of entering historical invoices and payments for vendors -
A) to allow tracking of discounts taken
B) to total all purchases for the vendor this year
C) to allow the vendor balance field to be updated
D) all of the options listed here are relevant
C) to allow the vendor balance field to be updated
8. Where do you enter rates for sales taxes -
A) the payables ledger screen
B) the settings screen
C) the historical vendors screen
D) none of the options listed here are correct
D) none of the options listed here are correct
9. Which statement is true about Linked Accounts -
A) you must remove the linked account before you can remove the general ledger
account
B) linked accounts cannot be removed once the history is finished
C) linked accounts are subsidiary accounts
D) all of the options listed here are correct
A) you must remove the linked account before you can remove the general ledger
account
10. Which role do properly linked accounts not perform for a purchase invoice -
A) allow all subsidiary ledgers to be updated with one amount
B) allow GST to be recorded
C) allow freight expense to be recorded
D) allow purchase discounts to be recorded
A) allow all subsidiary ledgers to be updated with one amount
11. Which one of the following statements about linked accounts is correct -
A) they show invoices paid and unpaid
B) you are able to enter all linked accounts after finishing the history
C) you are able to post a discounted sale if sales discount is not linked
D) bank accounts may be linked more than once
D) bank accounts may be linked more than once
12. What step is not involved in setting up the receivables ledger -
A) setting the defaults to customize the receivables ledger
B) setting the receivables bank and accounts receivable linked accounts
C) receivables ledger amounts must match the general ledger amounts
D) recording a sales invoice
D) recording a sales invoice
13. When you record an incorrect receivables historical invoice -
A) delete the historical invoice and re-enter the historical invoice
B) each historical invoice must be recorded separately
C) pay the invoice, delete paid invoices and re-enter historical data
D) click "done" to save the entry
C) pay the invoice, delete paid invoices and re-enter historical data
