SAGE 50 FINAL REVIEW QUESTIONS &
ANSWERS
When first opening the Sage 50 program you will be asked to choose - ANSWERSselect an
existing company, create a new company, restore from backup
The Sage 50 home window does not display - ANSWERSicons for individual accounts
Which one of the following comments is not true of the Sage 50 program - ANSWERSthe help
menu may be removed or hidden
When you restore a file from a backup, you must - ANSWERSpress back to change any of your
selections
Home window tool icons in Sage 50 - ANSWERSare shortcuts for accessing features provided by
some menu options
Businesses must register for GST and apply GST to sales if - ANSWERSthey have annual sales
over $30,000
Items that are not taxable for GST - ANSWERSare mostly basic necessities
HST differs from GST in that - ANSWERSit has a different tax rate, it includes a portion for
provincial sales tax
Provincial sales taxes- - ANSWERSon purchases that are treated as business expenses
, GST/HST differs from other sales taxes in that- - ANSWERSit applies at all levels of sales
Sales taxes on goods and services in Canada- - ANSWERSare charged at the rate applicable to
the province of destination
Sage 50 provides a complete audit trail by- - ANSWERSrecording 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- - ANSWERSselecting the reports
menu and opening the appropriate choice
Which statement is not true about the session date- - ANSWERSit must be set each time you
record an entry
To enter a date for an accounting transaction, you must- - ANSWERSchoose 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- - ANSWERSchange the date, the
account number or the amount, enter additional account lines
To correct a general journal entry, you should - - ANSWERSchoose the adjust an entry option,
choose the transaction, edit it and post
Sorted and filtered reports differ in that - - ANSWERSsorting organizes the report details and
filtering selects the records included
Adding non-postable accounts to your Chart of Accounts- - ANSWERSwill allow you to classify
your accounts with formal accounting headings
ANSWERS
When first opening the Sage 50 program you will be asked to choose - ANSWERSselect an
existing company, create a new company, restore from backup
The Sage 50 home window does not display - ANSWERSicons for individual accounts
Which one of the following comments is not true of the Sage 50 program - ANSWERSthe help
menu may be removed or hidden
When you restore a file from a backup, you must - ANSWERSpress back to change any of your
selections
Home window tool icons in Sage 50 - ANSWERSare shortcuts for accessing features provided by
some menu options
Businesses must register for GST and apply GST to sales if - ANSWERSthey have annual sales
over $30,000
Items that are not taxable for GST - ANSWERSare mostly basic necessities
HST differs from GST in that - ANSWERSit has a different tax rate, it includes a portion for
provincial sales tax
Provincial sales taxes- - ANSWERSon purchases that are treated as business expenses
, GST/HST differs from other sales taxes in that- - ANSWERSit applies at all levels of sales
Sales taxes on goods and services in Canada- - ANSWERSare charged at the rate applicable to
the province of destination
Sage 50 provides a complete audit trail by- - ANSWERSrecording 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- - ANSWERSselecting the reports
menu and opening the appropriate choice
Which statement is not true about the session date- - ANSWERSit must be set each time you
record an entry
To enter a date for an accounting transaction, you must- - ANSWERSchoose 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- - ANSWERSchange the date, the
account number or the amount, enter additional account lines
To correct a general journal entry, you should - - ANSWERSchoose the adjust an entry option,
choose the transaction, edit it and post
Sorted and filtered reports differ in that - - ANSWERSsorting organizes the report details and
filtering selects the records included
Adding non-postable accounts to your Chart of Accounts- - ANSWERSwill allow you to classify
your accounts with formal accounting headings
