Sage 50 - Ch. 3 Review Questions

28. To correct a general journal entry you should - A) choose the adjust an entry option, choose the transaction, edit it and post B) make a reversing entry and then enter the transaction correctly C) make a reversing entry to cancel the original incorrect entry D) enter the transaction correctly

A) choose the adjust an entry option, choose the transaction, edit it and post

30. Choosing the Modify Report option in a displayed report will - A) display the report options window again B) close the report and return you to the home window so you can choose from the Reports menu again C) allow you edit the settings in the displayed report D) none of the above

A) display the report options window again

37. Sorted and filtered reports differ in that - A) sorting organizes the report details and filtering selects the details B) sorting is a customizing option and filtering is a report option C) different criteria are used for sorting and filtering D) they are both methods of customizing reports

A) sorting organizes the report details and filtering selects the details

47. When you do not change the default session date in a journal transaction -- A) the transaction will be posted with the session date as the transaction posting date B) it does not matter because transactions are always posted with the session date C) it does not matter because the session date is always the same as the posting date D) you will be reminded to change the date when you try to post the transaction

A) the transaction will be posted with the session date as the transaction posting date

9. When in the "account" field of the general journal input screen you cannot - A) type the account name in the account field B) type in the first digit of the account to advance to that section of the account list C) select the name from the "select account" list D) type in the account number

A) type the account name in the account field

40. Which of the following statements about the report centre is correct? A) All reports are available. B) You can bypass the modify report options screen. C) You can bypass the report sample and description screen. D) The last report you viewed is displayed as the default report.

B) You can bypass the modify report options screen.

17. Which one of the following statements is not true about Restoring a File from Backups- A) choosing restore from the file menu accesses the backup wizard B) backup wizard is an automatic function that reminds you to back up your data C) the program asks you to confirm your choice of backup files to restore D) the program asks you for the name of the new restored file

B) backup wizard is an automatic function that reminds you to back up your data

23. The Sage 50 backup procedure - A) starts automatically each time you choose a new session date B) creates a compressed version of the data files under a different name C) creates a new working copy of the data files under a different name D) must be used before you change a session date

B) creates a compressed version of the data files under a different name

41. The reports pane list of reports -- A) provides access to all reports for that module B) displays reports using the same report options you used last time C) displays reports with all the default options D) opens the modify reports options screens for reports

B) displays reports using the same report options you used last time

3. Advantages of using the Sage 50 program over a manual accounting system include - A) Sage 50 creates jobs because it requires more individuals to key in data B) through recording journal entries, all ledgers and reports are up to date C) you are unable to set reminders "daily business manager lists" for reports, etc. D) choices a and c are correct

B) through recording journal entries, all ledgers and reports are up to date

7. Which one of the following general statements is incorrect - A) you cannot post an entry if debits do not balance credits B) you must post an entry in order to review or display it C) displaying your general journal entry may uncover errors D) all of the above are correct

B) you must post an entry in order to review or display it

25. The date field pop-up calendar shows the range of dates that you can use - A) by adding red circles to the dates that you can choose B) by adding red circles to the dates that you cannot choose C) by not allowing access to the dates that you cannot choose D) the calendar does not limit the dates that you can choose

C) by not allowing access to the dates that you cannot choose

45. To see the drill down reports that are available, you would -- A) double click any number in a displayed report B) double click any heading n a displayed report C) hold the mouse over different parts of a displayed report D) right-click any part of a displayed report to see a pull-down menu of available reports

C) hold the mouse over different parts of a displayed report

11. Which one of the following general statements is correct - A) posting creates a permanent record of the accounting transaction B) you may type account numbers directly into account fields C) you may choose to change the session date from the maintenance menu D) all of the above

D) all of the above

19. What information is provided by the Revenues by Account graph - A) amount of revenue from individual revenue accounts B) amount of revenue from all revenue accounts C) amount of revenue from different periods D) all of the above

D) all of the above

24. When you open a Sage 50 data file, to enter the session date - A) you may enter the month, day and year as numbers B) you may type the date in text style (e.g., April 8) C) you may choose a date from the pop-up calendar D) all of the above

D) all of the above

43. You can access the Report Centre -- A) from the enhanced view module home window B) from the classic view home window C) from the Reports menu in any home window D) all of the above

D) all of the above

44. To change a session date, you can -- A) choose Change Session Date from the Maintenance menu B) choose Change Session Date from the File menu C) choose Change Session Date from the Setup menu D) choose Change Session Date form the Business Activities menu

A) choose Change Session Date from the Maintenance menu

33. Choosing Restore from the home window file menu will - A) restore a compressed backup file to a working data file B) restore the size of the window you are currently working in C) delete the changes from your current work session and restore the data file from your previous session D) restore the classic view home window from an enhanced view module window

A) restore a compressed backup file to a working data file

49. You can review the report options you used most recently by -- A) selecting the report from the home window Recently Viewed Reports list B) modifying the report options again C) displaying the report using the default settings D) none of the above

A) selecting the report from the home window Recently Viewed Reports list

6. A variety of reports and financial statements may be viewed by - A) selecting the reports menu and opening the appropriate choice B) selecting the file menu and opening the appropriate choice C) selecting the view menu and opening the appropriate choice D) selecting the graphs menu and opening the appropriate choice

A) selecting the reports menu and opening the appropriate choice

21. What information is provided by the Expenses and Net Profit as % of Revenue graph - A) what proportion of the revenue is taken by the various expenses B) what amount of revenue is required to be earned C) what amount of expenses are required to be paid D) none of the above

A) what proportion of the revenue is taken by the various expenses

10. By moving the "mouse" over a displayed report - A) you can see the available "drill-down" reports B) you may choose to print the report C) "drill-down" report options at various levels are always available D) you may choose to save the report

A) you can see the available "drill-down" reports

46. The session date appears as the default in a journal transaction window -- A) for all journal transactions B) each time you close the journal and then re-open it C) only when you open the journal for the first time after you change the session date D) after you post a previous journal transaction

B) each time you close the journal and then re-open it

20. What information is not provided by the Expenses by Account graph- A) an individual expense as a percentage of total expenses B) expense accounts with zero balances C) all selected expenses and their percentage of the total expenses D) expenses not selected as a combined other category

B) expense accounts with zero balances

29. The date field drop-down list of dates is available - A) whenever the date calendar appears B) in report date fields and session date windows C) in the General Journal date field D) all of the above

B) in report date fields and session date windows

15. Which statement is not true about the "session" date - A) it is usually the default date for transactions B) it must be set each time you record an entry C) it must be set between the earliest transaction date and the beginning of the next fiscal period D) it may be moved backwards to a previous date

B) it must be set each time you record an entry

22. The journal "icons" in the home window serve to - A) post all entries to the ledgers B) record the original accounting entries C) give information on ledger balances D) give access to various ledger reports

B) record the original accounting entries

14. Upon opening a file, the "session" date dialog box shows - A) the date that the accounting transactions must be recorded B) the date of the previous working session C) that session dates have a special format - month, day, year D) that session dates must be set to the end of the month

B) the date of the previous working session

48. If you reversed the order of transactions in your latest General Journal Report, the next time your review the report -- A) the transactions will be displayed in their standard (not reversed) order B) the transactions will be displayed in the reversed order C) you will need to modify the report options again before you can view the report D) you should view the transactions from the home window Recently Viewed Reports pane to see the standard (not reversed) order

B) the transactions will be displayed in the reversed order

38. When you adjust a General Journal entry, Sage 50 -- A) deletes the original entry and saves the correction B) always includes the original entry and the corrections in reports for a complete audit trail C) includes the original and reversing entry in reports only when you choose to show corrections D) renumbers the correction so that it replaces the original journal entry in the report

C) includes the original and reversing entry in reports only when you choose to show corrections

8. The following General Journal Report "options" must be chosen - A) by date order B) by journal number C) start and finish dates D) none of the above

C) start and finish dates

1. Which one of the statements about the Sage 50 "date" system is false - A) the posting date is the date of the transaction B) the session date may be advanced by more than one week C) the session date is the first posting date for a series of later transactions D) the session date is the date you are recording transactions

C) the session date is the first posting date for a series of later transactions

4. The general journal input screen will not allow you to post a transaction - A) unless the debit amounts exceed the credit amounts B) unless the credit amounts exceed the debit amounts C) unless the debit amounts are equal to the credit amounts D) unless you choose to display the general journal entry first

C) unless the debit amounts are equal to the credit amounts

18. What does it mean if a field, menu option or tool on your input screen is "dimmed" - A) your computer monitor is shutting down B) your frequency settings are not functioning C) you will not be allowed to use that feature at this time D) your frequency settings are functioning

C) you will not be allowed to use that feature at this time

2. Sage 50 provides a complete audit trail by - A) recording original transactions in a journal B) posting the journal amounts into a ledger C) numbering and referencing each transaction D) all of the above statements are correct

D) all of the above statements are correct

27. When you adjust a general journal entry, you can - A) change the date and the source number B) change the account number or the amount C) enter additional account lines D) change any of the above

D) change any of the above

39. To reverse a General Journal entry, you should -- A) click the reverse entry tool in an empty journal window to open the search screen B) click the reverse entry tool in the home window to open the search window C) click the reverse entry tool in the displayed journal reports to open the adjust entry screen D) click the reverse entry tool in the adjusting entry screen

D) click the reverse entry tool in the adjusting entry screen

32. When short dates such as 12-05-05 are used in Sage 50, to check whether month or day comes first you could - A) type dec 5 8 in a date field in Sage 50 B) type 12-05 in a date field in Sage 50 C) choose Dec 5 from the date field calendar D) do either a or c above

D) do either a or c above

34. To see the corrected version of a journal entry that you corrected with the adjust a posted entry tool - A) choose show corrections in the journal report options window B) choose show corrections from the reports menu C) choose show corrections from the displayed journal report options menu D) do nothing, the corrected journal entry is always included in the report

D) do nothing, the corrected journal entry is always included in the report

35. You can customize reports by - A) selecting the columns to be displayed in a report B) changing the order in which report information is displayed C) choosing criteria for including information in the report D) doing any of the above

D) doing any of the above

5. A purchase of supplies for $2,000 plus $100 GST in the general journal would not be posted - A) if the Supplies and GST were recorded as credits and Accounts Payable as debits B) if the GST was omitted and the Accounts Payable credit was $2,000 C) if the GST was omitted, Supplies debit was $2,100 and Accounts Payable credit was $2,100 D) if the debit amounts did not equal the credit amounts

D) if the debit amounts did not equal the credit amounts

42. From the Report Centre, you can access A) all reports and graphs for all modules B) all reports and graphs for the module you started from C) management reports and advice for the open module D) modify report options screens for reports

D) modify report options screens for reports

13. The Display tool button for reports - A) allows you to display all reports B) displays a report only when you select a home window icon C) offers the same choices as the Reports menu D) none of the above

D) none of the above

31. You can access the option to Modify reports from the - A) modify report options window B) the Reports menu in the home window C) the displayed report File menu D) none of the above

D) none of the above

36. To customize reports you should - A) create a new report template and save it B) display the default report and then redo it with the new options C) use the last used report options template D) none of the above

D) none of the above

16. Which statement about Sage 50 is not true - A) use ledger icons to record information about various types of accounts B) use journal icons to record journal transactions C) you may hide icons for ledgers that are not used D) the status bar describes the position of the cursor

D) the status bar describes the position of the cursor

26. To enter a date for an accounting transaction, you must - A) choose a date from the pop-up calendar B) type the date in text style (e.g., April 8) C) enter the month, day and year as two-digit numbers separated by a space D) you may use any of the above to enter the date

D) you may use any of the above to enter the date

12. Which statement is true about the new account wizard - A) you cannot add new accounts from the account field in a journal B) you must add new accounts before opening a journal C) you may skip directly to the Finish screen in the wizard if the default settings are correct D) you must make a choice for each screen in the wizard

D) you must make a choice for each screen in the wizard