View the step-by-step solution to:


I need help for solve this qustion

Its based on SAGE 50 Computerized accountingl


closing the books for a fiscal period, you should print

Select one:

a. all of the management reports for the business

b. all the reports available through Sage 50 Accounting

c. all the reports in the financials section of the reports menu

d. reports that provide sufficient detail to create new company files if necessary

1.When accounts are not in logical order -

Select one:

a. the total of debit and credit amounts in the Trial Balance may be unequal

b. you can finish the history but you cannot complete journal entries

c. you will be unable to display some reports

d. your subtotal accounts may be following the subgroup accounts instead of the group accounts

2.When you post a supplier invoice the following accounts are updated -

Select one:

a. only the purchases and accounts payable general ledgers

b. all properly linked accounts

c. only the purchases, accounts payable ledgers and HST paid

d. only the purchases and accounts payable subsidiary ledgers

3its based .To record a partial payment in the payments journal, you must change -

Select one:

a. the date of payment

b. the payment amount

c. the cheque number

d. the invoice number

4.For which of the following purchase invoice errors would you reverse the entire entry -

Select one:

a. entering incorrect payment terms for the invoice

b. entering the wrong date for the invoice

c. entering the wrong supplier for an invoice

d. entering an incorrect account for the invoice

5.Why might the discount field be blank when entering a payment -

Select one:

a. a discount is not set up

b. the discount has expired

c. a discount is not required

d. all of the above

6.Transactions entered in the sales journal will allow all but one of the following -

Select one:

a. only one type of transaction

b. omitting the HST from the invoice

c. more than one type of transaction

d. recording of all necessary details surrounding the invoice

7.A sales journal entry will not balance if we -

Select one:

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

8.Choosing to show corrections in the journal report options window will -

Select one:

a. show the original, reversing and correcting entries

b. show the original and reversing entries

c. show only the final correct entry

d. show the reversing and correcting entries

9.What is the purpose of entering historical invoices and payments for suppliers -

Select one:

a. to allow tracking of discounts taken

b. to total all purchases for the supplier this year

c. to allow the supplier balance field to be updated

d. all of the above

10.What step is not involved in setting up the receivables ledger -

Select one:

a. setting the defaults to customize the receivables ledger

b. recording a sales invoice

c. receivables ledger amounts must match the general ledger amounts

d. setting the receivables bank and accounts receivable linked accounts

11.Expense accounts created in account ledger windows are assigned by default to -

Select one:

a. the operating expenses class

b. the extraordinary expenses class

c. the cost of good sold class

d. the expenses class

12.When correcting a purchase order error before posting you should -

Select one:

a. select the incorrect field(s) in the journal and input the correct data

b. re-select from suppliers list

c. remove the purchase order from the edit menu

d. open a new purchase order and enter the correct work

Top Answer

Before closing the books for a fiscal period, you should print - d. reports that provide sufficient detail to create new... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question