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Using Sage 50 Accounting

Business

Quiz 6 :

Questions Phoebes Photo Studio

Quiz 6 :

Questions Phoebes Photo Studio

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When you post a sales invoice the following accounts are updated - a. only the sales and accounts receivable general ledgers b. only the sales and accounts receivable subsidiary ledgers c. all properly linked accounts d. only the sales, accounts receivable ledgers and HST Charged
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all properly linked accounts

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In the receipts journal, once we select the customer we are not required to enter - a. the payment amount b. the original amount c. the date of payment d. we need to enter all the above details
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the original amount

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You will see the message "there is no data to report" when - a. there are no journal entries for the dates selected for the report b. you sort the journal report by invoice number c. you filter the journal report by invoice number d. you choose to show corrections and there are no correcting entries
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there are no journal entries for the dates selected for the report

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How would you enter a sale for an account customer paying by cheque - a. open the sales journal and choose invoice and cheque b. open the sales journal and choose invoice and pay later c. open the receipts journal and choose sale and cheque d. open the receipts journal and choose invoice, pay later and cheque
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A sales journal entry will not balance if we - a. omit the payment terms b. omit the HST charged on sales c. include a second sale item in the invoice d. this entry will balance whether we omit or include any of the above items
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Linked accounts provide all but one of the following controls - a. amounts cannot be entered incorrectly b. required linked accounts must be defined c. the program automatically updates the corresponding general ledgers d. there is no need to enter the information twice
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Which one of the following general statements is incorrect - a. sales journal reports may be accessed from either the home or the customers windows b. new customers may be added from both the sales and receipts journals c. the message "there is no data to report" is found in the receipts journal d. enter payments in the receipts journal rather than the general journal
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To have only GST added to a sales invoice in Manitoba where the GST rate is 5% and the PST rate is 8%, the tax code should be - a. No tax - because the GST is added automatically b. code G (GST @ 5%) c. code GI (GST @ 5% included) d. code GP (GST @ 5%, PST @ 8%)
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The linked accounts for HST/GST will be updated after which entry - a. a sales invoice with cash payment b. a cash receipt on account c. a sales invoice quote d. all of the above
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Which one of the following is not included as an option for tax reports - a. report on PST b. report sales transaction amounts c. report purchase transaction amounts d. all of the above can be included in tax reports
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If GST charged had been omitted from a posted sales invoice you should correct the entry by - a. selecting the invoice through the adjusting an invoice screen and selecting the appropriate tax code b. correct the posted invoice by entering the corrected version c. look up the invoice and reverse it d. record a separate entry for the GST charged
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Which one of the following general statements about sales is true - a. journal reports may be accessed from either the home or the customers windows b. new customers may be added from both the sales and receipts journals c. the message "there is no data to report" may be found in the journal reports d. all of the above
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The Cash Flow Projection report allows you to - a. select more than one cash account b. project future short term cash commitments c. project future long term cash commitments d. all of the above
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Transactions entered in the sales journal will allow all but one of the following - a. recording of all necessary details surrounding the invoice b. only one type of transaction c. more than one type of transaction d. omitting the HST from the invoice
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The receipts journal may be used for the following - a. full cash payment from customers b. partial cash payment from customers c. customers paying more than one invoice with a single cheque d. all of the above
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Transactions entered in the receipts journal will not allow the following - a. payments greater than the invoice amount b. payments less than the invoice amount c. editing of the discount amount d. reversing a previous payment
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To record a NSF cheque, you can - a. re-enter the original sales invoice to restore the balance owing b. reverse the receipt from the adjusting receipt screen c. make a general journal entry that debits Accounts Receivable and credits the bank account for the cheque amount d. use any of the above methods to record the NSF transaction correctly
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To enter a NSF cheque - a. reverse the receipt in the cash sales journal with a payment by cheque b. enter a sales invoice for a negative amount c. reverse the receipt in the receipts journal d. none of the above
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Which one of the following general statements is correct - a. a sales discount is recorded as a negative amount in the receipts journal b. a sale return is recorded as a negative amount in the sales journal c. cash sales are recorded as other receipts in the receipts journal d. a and b above are correct
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The sales journal may be used for - a. all credit card sales transactions b. all sale transactions paid by cash c. all sales transactions paid by cheque d. all of the above
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