SAGE 50 FINAL REVIEW QUESTIONS AND ANSWERS 2024

SAGE 50 FINAL REVIEW QUESTIONS AND ANSWERS 2024 When first opening the Sage 50 program you will be asked to choose - Answer - select an existing company, create a new company, restore from backup The Sage 50 home window does not display - Answer - icons for individual accounts Which one of the following comments is not true of the Sage 50 program - Answer - the help menu may be removed or hidden When you restore a file from a backup, you must - Answer - press back to change any of your selections Home window tool icons in Sage 50 - Answer - are shortcuts for accessing features provided by some menu options Businesses must register for GST and apply GST to sales if - Answer - they have annual sales over $30,000 Items that are not taxable for GST - Answer - are mostly basic necessities HST differs from GST in that - Answer - it has a different tax rate, it includes a portion for provincial sales tax Provincial sales taxes - - Answer - on purchases that are treated as business expenses GST/HST differs from other sales taxes in that - - Answer - it applies at all levels of sales Sales taxes on goods and services in Canada - - Answer - are charged at the rate applicable to the province of destination Sage 50 provides a complete audit trail by - - Answer - 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 - - Answer - selecting the reports menu and opening the appropriate choice Which statement is not true about the session date - - Answer - it must be set each time you record an entry To enter a date for an accounting transaction, you must - - Answer - 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 - - Answer - change the date, the account number or the amount, enter additional account lines To correct a general journal entry, you should - - Answer - choose the adjust an entry option, choose the transaction, edit it and post Sorted and filtered reports differ in that - - Answer - sorting organizes the report details and filtering selects the records included Adding non -postable accounts to your Chart of Accounts - - Answer - will 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 - Answer - to save you data in case of a malfunction What types of errors would the program not detect when you finish entering the history - - Answer - a 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- - Answer - that Accounts Rec & Advances Rec are subgroup accounts