Sage 50 - Ch. 3 Review Questions with Complete Solutions

Sage 50 - Ch. 3 Review Questions with Complete Solutions 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 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 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 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 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 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 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