Sage Final Exam Questions with Complete Solutions

Sage Final Exam Questions with Complete Solutions Businesses must register for GST and apply GST to sales if - ANSWER They have annual sales over $30,000 Registration for GST favours a business because - ANSWER It allows a business credits for the GST it pays for business related expenses Items not taxable for GST - ANSWER Are mostly basic necessities A business that is registered to collect PST from customers - ANSWER Pays PST on taxable supplies and services that it does not resell HST differs from GST in that - ANSWER It has a different tax rate and includes a portion for PST PST - ANSWER On purchases that are treated as business expenses Businesses allowed to use the quick method for applying GST/HST include - ANSWER Some small businesses PST - ANSWER None of the above HST rates - ANSWER May be different for different provinces Which statement is true about HST - ANSWER HST rates depend on on the provincial tax rate portion included Which one of the statements about the Sage 50 date system is false - ANSWER The session date is the first posting date for a series of later transactions Sage 50 provides a complete audit trail by - ANSWER All of the above are true Advantages of using Sage 50 program over a manual a ccounting system include - ANSWER Through recording journal entries, all ledgers and reports are automatically posted A purchase of supplies for $2000 plus $260 HST in the general journal would not be posted - ANSWER If debits did not equal the credit amounts Which of the following general statements is incorrect - ANSWER you must post an entry in order to review or display it The following general journal report options must be chosen - ANSWER All of the above are correct In the account field of the general journal input screen you cannot - ANSWER Type the account name in the account field When you open Sage 50 accounting data file, to enter the session date - ANSWER All of the above To correct a General Journal entry you should - ANSWER Choose the adjust an entry option, choose the transaction, edit it and post Adding non -postable accounts to your Chart of accounts - ANSWER Will allow you to classify your accounts with formal accounting headings When creating the chart of accounts it would be very important to - ANSWER Leave spaces between account numbers in or der to insert new accounts when required Settings for the system do not include one of the following choices - ANSWER Display font size When changing the system settings, what part of the main menu must you select - ANSWER Setup When using only the general ledger, hiding the other module's - ANSWER Is necessary before finishing the history for the general ledger Which one of the following can be changed from the home window view menu - ANSWER Selecting french or English as th e working language for the program Why are adjusting entries required before closing the books - ANSWER To adjust all ledger accounts to their correct values at year end