SAGE 50 FINAL EXAM REVIEW SOLVED
100% CORRECT
A supplier invoice will not show - ANSWER-the HST rate is incorrect
A variety of reports and financial statements may be viewed by- - ANSWER-selecting
the reports menu and opening the appropriate choice
Adding non-postable accounts to your Chart of Accounts- - ANSWER-will allow you to
classify your accounts with formal accounting headings
All Payables modules reports can be accessed from - - ANSWER-the payables sections
of the report centre
Businesses must register for GST and apply GST to sales if - ANSWER-they have
annual sales over $30,000
Discounts for early payments are offered to encourage customers to- - ANSWER-settle
their accounts on time
GST/HST differs from other sales taxes in that- - ANSWER-it applies at all levels of
sales
Home window tool icons in Sage 50 - ANSWER-are shortcuts for accessing features
provided by some menu options
How would you enter a purchase with payment- - ANSWER-open the payments journal
and choose make other payment
How would you enter a sale for an account customer paying by cheque - - ANSWER-
open the sales journal and choose invoice and cheque
HST differs from GST in that - ANSWER-it has a different tax rate, it includes a portion
for provincial sales tax
If federal or provincial government changes the sales tax rate, you should - - ANSWER-
edit the existing tax codes by changing the tax rate
Items that are not taxable for GST - ANSWER-are mostly basic necessities
Linked accounts provide all but one of the following controls - - ANSWER-required
linked accounts must be defined
100% CORRECT
A supplier invoice will not show - ANSWER-the HST rate is incorrect
A variety of reports and financial statements may be viewed by- - ANSWER-selecting
the reports menu and opening the appropriate choice
Adding non-postable accounts to your Chart of Accounts- - ANSWER-will allow you to
classify your accounts with formal accounting headings
All Payables modules reports can be accessed from - - ANSWER-the payables sections
of the report centre
Businesses must register for GST and apply GST to sales if - ANSWER-they have
annual sales over $30,000
Discounts for early payments are offered to encourage customers to- - ANSWER-settle
their accounts on time
GST/HST differs from other sales taxes in that- - ANSWER-it applies at all levels of
sales
Home window tool icons in Sage 50 - ANSWER-are shortcuts for accessing features
provided by some menu options
How would you enter a purchase with payment- - ANSWER-open the payments journal
and choose make other payment
How would you enter a sale for an account customer paying by cheque - - ANSWER-
open the sales journal and choose invoice and cheque
HST differs from GST in that - ANSWER-it has a different tax rate, it includes a portion
for provincial sales tax
If federal or provincial government changes the sales tax rate, you should - - ANSWER-
edit the existing tax codes by changing the tax rate
Items that are not taxable for GST - ANSWER-are mostly basic necessities
Linked accounts provide all but one of the following controls - - ANSWER-required
linked accounts must be defined
