SAGE 50 - Ch 6 Questions and Correct Answers/ Latest Update / Already Graded

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SAGE 50 - Ch 6 Questions and Correct
Answers/ Latest Update / Already Graded
1. The sales journal may be used for -

A) all credit sale transactions

B) all cash sale transactions

C) all credit card sale transactions

D) all of the above

Ans: D) all of the above


2. Transactions entered in the sales journal will allow all but one of the
following -

A) recording of all necessary details surrounding the invoice

B) only one type of transaction

C) more than one type of transaction

D) omitting the GST from the invoice

Ans: B) only one type of transaction


3. The receipts journal may be used for the following -

A) full cash payment from customers

B) partial cash payment from customers

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C) customers paying more than one invoice with a single

Ans: C) customers paying more than one invoice with a single


7. The "linked" accounts for HST/GST will be updated after which entry
-

A) a sales invoice with cash payment

B) a cash receipt on account

C) a sales invoice quote

D) two of the transactions listed here will update the linked accounts

Ans: A) a sales invoice with cash payment


8. To have only GST added to a sales invoice in Ontario where the GST
rate is 7% and the

PST rate is 8%, the tax code should be -

A) No tax - because the GST is added automatically

B) code G (GST @ 7%)

C) code GI (GST @ 7% included)

D) code GP (GST @ 7%, PST @ 8%)

Ans: B) code G (GST @ 7%)




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9. Which one of the following general statements is incorrect -

A) an NSF cheque is recorded by an adjusting entry in the receipts
journal

B) a sale return is recorded as a negative amount in the sales journal

C) cash sales are recorded as other receipts in the receipts journal

D) new customers may be added from both the sales and receipts
journals

Ans: C) cash sales are recorded as other receipts in the receipts
journal


10. Which one of the following general statements is incorrect -

A) sales journal reports may be accessed from either the home or the
customers

windows

B) new customers may be added from both the sales and receipts
journals

C) the message "there is no data to report" is found in the receipts
journal

D) enter payments in the receipts journal rather than the general
journal

Ans: C) the message "there is no data to report" is found in the
receipts journal

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