SAGE 50 FINAL REVIEW QUESTIONS AND ANSWERS RATED A+

SAGE 50 FINAL REVIEW QUESTIONS AND ANSWERS RATED A+ When first opening the Sage 50 program you will be asked to choose select an existing company, create a new company, restore from backup The Sage 50 home window does not display icons for individual accounts Which one of the following comments is not true of the Sage 50 program the help menu may be removed or hidden When you restore a file from a backup, you must press back to change any of your selections Home window tool icons in Sage 50 are shortcuts for accessing features provided by some menu options Businesses must register for GST and apply GST to sales if they have annual sales over $30,000 Items that are not taxable for GST are mostly basic necessities HST differs from GST in that it has a different tax rate, it includes a portion for provincial sales tax Provincial sales taxes- on purchases that are treated as business expenses GST/HST differs from other sales taxes in that- it applies at all levels of sales Sales taxes on goods and services in Canada- are charged at the rate applicable to the province of destination Sage 50 provides a complete audit trail by- recording original transactions in a journal, posting the journal amounts into a ledger, numbering & referencing each transaction A variety of reports and financial statements may be viewed by- selecting the reports menu and opening the appropriate choice Which statement is not true about the session date- it must be set each time you record an entry To enter a date for an accounting transaction, you must- choose a date from the pop-up calendar, type the date in text, enter as two-digit numbers When you adjust a posted general journal entry, you can- change the date, the account number or the amount, enter additional account lines To correct a general journal entry, you should - choose the adjust an entry option, choose the transaction, edit it and post Sorted and filtered reports differ in that - sorting organizes the report details and filtering selects the records included