SAGE 50 FINAL REVIEW
When first opening the Sage 50 program you will be asked to choose - ANSselect an existing company,
create a new company, restore from backup
The Sage 50 home window does not display - ANSicons for individual accounts
Which one of the following comments is not true of the Sage 50 program - ANSthe help menu may be
removed or hidden
When you restore a file from a backup, you must - ANSpress back to change any of your selections
Home window tool icons in Sage 50 - ANSare shortcuts for accessing features provided by some menu
options
Businesses must register for GST and apply GST to sales if - ANSthey have annual sales over $30,000
Items that are not taxable for GST - ANSare mostly basic necessities
HST differs from GST in that - ANSit has a different tax rate, it includes a portion for provincial sales tax
Provincial sales taxes- - ANSon purchases that are treated as business expenses
GST/HST differs from other sales taxes in that- - ANSit applies at all levels of sales
Sales taxes on goods and services in Canada- - ANSare charged at the rate applicable to the province of
destination
Sage 50 provides a complete audit trail by- - ANSrecording 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- - ANSselecting the reports menu and
opening the appropriate choice
Which statement is not true about the session date- - ANSit must be set each time you record an entry
To enter a date for an accounting transaction, you must- - ANSchoose 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- - ANSchange the date, the account number or
the amount, enter additional account lines
To correct a general journal entry, you should - - ANSchoose the adjust an entry option, choose the
transaction, edit it and post
Sorted and filtered reports differ in that - - ANSsorting organizes the report details and filtering selects
the records included
Adding non-postable accounts to your Chart of Accounts- - ANSwill allow you to classify your accounts
with formal accounting headings
What is the purpose for preparing a backup copy of your data before you finish entering the history -
ANSto save you data in case of a malfunction
What types of errors would the program not detect when you finish entering the history- - ANSa ledger
is balanced, but individual accounts have incorrect amounts
One of the following statements is true about the sample from a Balance Sheet shown here- - ANSthat
Accounts Rec & Advances Rec are subgroup accounts
Why are adjusting entries required before closing the books- - ANSto adjust all ledger accounts to their
correct values at year end
When first opening the Sage 50 program you will be asked to choose - ANSselect an existing company,
create a new company, restore from backup
The Sage 50 home window does not display - ANSicons for individual accounts
Which one of the following comments is not true of the Sage 50 program - ANSthe help menu may be
removed or hidden
When you restore a file from a backup, you must - ANSpress back to change any of your selections
Home window tool icons in Sage 50 - ANSare shortcuts for accessing features provided by some menu
options
Businesses must register for GST and apply GST to sales if - ANSthey have annual sales over $30,000
Items that are not taxable for GST - ANSare mostly basic necessities
HST differs from GST in that - ANSit has a different tax rate, it includes a portion for provincial sales tax
Provincial sales taxes- - ANSon purchases that are treated as business expenses
GST/HST differs from other sales taxes in that- - ANSit applies at all levels of sales
Sales taxes on goods and services in Canada- - ANSare charged at the rate applicable to the province of
destination
Sage 50 provides a complete audit trail by- - ANSrecording 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- - ANSselecting the reports menu and
opening the appropriate choice
Which statement is not true about the session date- - ANSit must be set each time you record an entry
To enter a date for an accounting transaction, you must- - ANSchoose 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- - ANSchange the date, the account number or
the amount, enter additional account lines
To correct a general journal entry, you should - - ANSchoose the adjust an entry option, choose the
transaction, edit it and post
Sorted and filtered reports differ in that - - ANSsorting organizes the report details and filtering selects
the records included
Adding non-postable accounts to your Chart of Accounts- - ANSwill allow you to classify your accounts
with formal accounting headings
What is the purpose for preparing a backup copy of your data before you finish entering the history -
ANSto save you data in case of a malfunction
What types of errors would the program not detect when you finish entering the history- - ANSa ledger
is balanced, but individual accounts have incorrect amounts
One of the following statements is true about the sample from a Balance Sheet shown here- - ANSthat
Accounts Rec & Advances Rec are subgroup accounts
Why are adjusting entries required before closing the books- - ANSto adjust all ledger accounts to their
correct values at year end
