Sage Exam Questions and Answers 100% Pass

Sage Exam Questions and Answers 100% Pass The maintain function on the menu bar is used for: - Answer- Entering Information The task function on the menu bar is used for: - Answer- Entering Transactions All ID codes in Sage are: - Answer- Case sensitive The reasons that you back up your data in Sage 50 is all but which of the following? - Answer- To save your transactions as you enter them Why do you restore your data? - Answer- If you had a natural disaster, if your computer crashed, or if you worked off site. Which of the following is not a purpose of the chart of accounts? - Answer- To prove debits equal credits Why is the correct classification for accounts critical when using computerized accounting? - Answer- If the classification is incorrect, the accounting records will be incorrect causing the financial statements to be incorrect. Where do you go in Sage 50 to set the Accounting Period? - Answer- Both Tasks, System, Accounting Period and Accounting Period at the top of the Navigators If you do not see a GL account column on a sales invoice, you need to: - Answer- Click on Options, Global and uncheck the hide A/R and Payroll accounts What is the purpose of Analysis on the menu bar? - Answer- To see how the company is doing through charts, graphs and ratios. Record adjusting entries. - Answer- General Journal Purchase of merchandise on account from a vendor. - Answer- Purchases Journal Paid the government for the liability taxes. - Answer- Cash Disbursements Journal Paid on the mortgage. - Answer- Cash Disbursements Journal Received payment from a customer on account. - Answer- Cash Receipts Journal Received a credit memo from a vendor for the return of merchandise - Answer- General Journal Purchase of supplies for cash - Answer- Cash Disbursements Journal Record the payroll for the week. - Answer- General Journal Sale of merchandise on account to a customer. - Answer- Sales Journal Paid the telephone bill. - Answer- Cash Disbursements Journal Investment of equipment by the owner. - Answer- General Journal Pay the vendor for a purchase on account. - Answer- Cash Disbursements Journal Record the payroll tax expense for the week. - Answer- General Journal Sale of merchandise for cash to customer - Answer- Cash Receipts Journal Paid the dividends for the quarter. - Answer- Cash Disbursements Journal Borrowed cash from the bank for a long-term note. - Answer- Cash Receipts Journal Paid the employees. - Answer- Cash Disbursements Journal Issue a credit memo to a customer for the return of damaged goods. - Answer- General Journal Purchase office supplies on account. - Answer- Purchases Journal Paid the state for the sales taxes. - Answer- Cash Disbursements Journal Account Number for Sales Discounts - Answer- 40037 Account # for Accumulated Depreciation - Computer Equipment - Answer- 10037 Account # for Note Payable - Answer- 20037 Account # for Prepaid Insurance - Answer- 10037 Acct. # for J. Roberts, Drawing - Answer- 30037 Acct. # for Depreciation Expense - Computer Equipment - Answer- 60037 Acct. # for Sales - Answer- 40037 Acct. # for Merchandise Inventory - Answer- 10037 Acct. # for Purchases Discounts - Answer- 50037 Acct. # for Computer Equipment - Answer- 10037 Acct. Classification for Sales Discounts - Answer- Income Acct. Classification for Accumulated Depreciation - Computer Equipment - Answer- Fixed Asset Acct. Classification for Note Payable (36 months) - Answer- Long-term Liability Acct. Classification for Prepaid Insurance - Answer- Current Asset Acct. Classification for J. Roberts, Drawing - Answer- Equity Acct. Classification for Depreciation Expense - Computer