SAGE 50 FINAL REVIEW EXAM ___QUESTIONS & ANSWERS
(VERIFIED)___LATEST UPDATE ___GRADED A+
When first opening the Sage 50 program you will be asked to choose ✅ (Correct
Answer) - select an existing company, create a new company, restore from backup
The Sage 50 home window does not display ✅ (Correct Answer) - icons for individual
accounts
Which one of the following comments is not true of the Sage 50 program ✅ (Correct
Answer) - the help menu may be removed or hidden
When you restore a file from a backup, you must ✅ (Correct Answer) - press back to
change any of your selections
Home window tool icons in Sage 50 ✅ (Correct Answer) - are shortcuts for accessing
features provided by some menu options
Businesses must register for GST and apply GST to sales if ✅ (Correct Answer) - they
have annual sales over $30,000
Items that are not taxable for GST ✅ (Correct Answer) - are mostly basic necessities
HST differs from GST in that ✅ (Correct Answer) - it has a different tax rate, it includes
a portion for provincial sales tax
, Provincial sales taxes- ✅ (Correct Answer) - on purchases that are treated as business
expenses
GST/HST differs from other sales taxes in that- ✅ (Correct Answer) - it applies at all
levels of sales
Sales taxes on goods and services in Canada- ✅ (Correct Answer) - are charged at the
rate applicable to the province of destination
Sage 50 provides a complete audit trail by- ✅ (Correct 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- ✅ (Correct Answer) -
selecting the reports menu and opening the appropriate choice
Which statement is not true about the session date- ✅ (Correct Answer) - it must be set
each time you record an entry
To enter a date for an accounting transaction, you must- ✅ (Correct 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- ✅ (Correct Answer) - change
the date, the account number or the amount, enter additional account lines
To correct a general journal entry, you should - ✅ (Correct Answer) - choose the adjust
an entry option, choose the transaction, edit it and post
(VERIFIED)___LATEST UPDATE ___GRADED A+
When first opening the Sage 50 program you will be asked to choose ✅ (Correct
Answer) - select an existing company, create a new company, restore from backup
The Sage 50 home window does not display ✅ (Correct Answer) - icons for individual
accounts
Which one of the following comments is not true of the Sage 50 program ✅ (Correct
Answer) - the help menu may be removed or hidden
When you restore a file from a backup, you must ✅ (Correct Answer) - press back to
change any of your selections
Home window tool icons in Sage 50 ✅ (Correct Answer) - are shortcuts for accessing
features provided by some menu options
Businesses must register for GST and apply GST to sales if ✅ (Correct Answer) - they
have annual sales over $30,000
Items that are not taxable for GST ✅ (Correct Answer) - are mostly basic necessities
HST differs from GST in that ✅ (Correct Answer) - it has a different tax rate, it includes
a portion for provincial sales tax
, Provincial sales taxes- ✅ (Correct Answer) - on purchases that are treated as business
expenses
GST/HST differs from other sales taxes in that- ✅ (Correct Answer) - it applies at all
levels of sales
Sales taxes on goods and services in Canada- ✅ (Correct Answer) - are charged at the
rate applicable to the province of destination
Sage 50 provides a complete audit trail by- ✅ (Correct 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- ✅ (Correct Answer) -
selecting the reports menu and opening the appropriate choice
Which statement is not true about the session date- ✅ (Correct Answer) - it must be set
each time you record an entry
To enter a date for an accounting transaction, you must- ✅ (Correct 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- ✅ (Correct Answer) - change
the date, the account number or the amount, enter additional account lines
To correct a general journal entry, you should - ✅ (Correct Answer) - choose the adjust
an entry option, choose the transaction, edit it and post
