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Using Sage 50 Accounting

Business

Quiz 12 :

Questions Maple Leaf Rags

Quiz 12 :

Questions Maple Leaf Rags

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Why might GST amounts in the ledger differ from the GST report - a. GST paid is recorded from the total in the purchases journal b. there is an outstanding GST account balance before the first journal entry c. GST charged is recorded from the sales journal d. the GST ledger and GST report are always in balance
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Answer:

there is an outstanding GST account balance before the first journal entry

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From the invoice lookup window you cannot - a. change the invoice details to correct a mistake b. view a different invoice c. track shipment of the items purchased or sold d. store the invoice
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change the invoice details to correct a mistake

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When the exchange rate for a foreign currency changes between a sale and the receipt of payment - a. the amount of the bank deposit is determined by the rate at the time of the sale b. the amount of the bank deposit is determined by the rate at the time of the receipt c. the amount of revenue is determined by the rate at the time of the receipt d. the amount of revenue is the average of the two exchange rates
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the amount of the bank deposit is determined by the rate at the time of the receipt

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Which one of the following general statements about sales is correct - a. GST charged must be entered as credit amount b. PST charged must be entered as a debit amount c. GST charged must be entered as a debit amount d. PST charged operates in a similar fashion to GST charged
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Checklists can be - a. used as end-of-period reminders to complete certain tasks b. modified by adding tasks to the lists c. modified by removing or editing tasks on the lists d. all of the above
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Credit card bill payment amounts - a. are always the same as the credit card payable account balance b. are recorded in the payments journal c. do not involve any linked accounts d. are recorded in the general journal by crediting bank and debiting credit card payable
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The linked accounts for Freight and GST will be updated after which entry - a. a purchase invoice with cash payment b. a purchase invoice on account with transportation costs c. a purchase invoice quote only d. the cash payment entry for choice (b)
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The PST (retail sales tax) remittance recorded in the payments journal will - a. debit PST Payable; credit Bank b. debit PST Payable; credit Bank and PST Compensation c. debit PST Payable; credit Accounts Payable, d. debit PST Payable; credit Accounts Payable and PST Compensation
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To e-mail a purchase order to a supplier you should - a. complete the order, choose the e-mail function and then record the order b. complete the order, record it and then choose the e-mail function c. complete the order, post it to save it and then choose the e-mail function d. complete the order, fill the order and then choose the e-mail function
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If you forgot to add shipping details to a purchase invoice, you should - a. adjust the invoice to add shipping information b. phone the supplier to get the missing information c. look up the invoice, choose track shipments and add the shipping details d. leave it, you do not need the shipping details
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If you choose Quick Add to enter a new customer record, you cannot change - a. the currency for the transaction b. the name of the customer in the ledger record c. the payment terms for the invoice d. you can change any of the above
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Which one of the following general statements is true - a. GST charged is processed in the receipts journal b. GST payable is processed in the receipts journal c. customer NSF cheques are processed in the receipts journal d. PST refunds are processed in the receipts journal
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Which one of the following statements about taxes is incorrect - a. HST paid is processed in the purchases journal b. HST payable is processed in the payments journal c. HST refunds are processed in the cash payments journal d. all of the above are correct
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You must choose Full Add to create a new foreign supplier record from the purchases journal in order to - a. access the address tab information to enter the foreign address b. access the options tab to choose the foreign currency c. access the taxes tab to indicate whether the supplier charges tax d. access the options tab to enter the payment terms
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Adjusting entries are required before closing the books - a. to record previously unrecorded purchases b. to record previously unrecorded sales c. to adjust all ledger accounts to their correct values at year end d. to adjust previously incorrect entries
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Access a Web site for a supplier using the Web site tool in - a. the home window b. the suppliers window c. the purchases journal screen d. the supplier's ledger record
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One of the following statements is true about sales to foreign customers - a. you must accept the default exchange rate in the sales journal b. GST and PST are not charged on the sale c. all amounts are displayed in the home currency d. separate revenue accounts are needed for foreign sales
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When paying a credit card bill - a. enter the interest amount in the additional Fees & Interest amount field b. enter the fees in the amount field c. enter the amount for purchases in the amount field d. enter the total payment amount in the amount field
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Enter the tracking site information for a shipper - a. in the purchases journal tracking site field b. in the payables ledger settings window c. in the supplier record for the shipper d. at any time when using the program
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One of the following transactions may not be entered in the payments journal - a. payments toward outstanding invoices b. cash purchases c. payments toward a credit card bill d. all of the above may be entered in the payments journal
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