Answer each multiple choice question correctly.

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

2.Sage 50 provides a full 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

3.Transactions entered in the payments journal will not allow the following -

a.recording of all necessary details surrounding the payment

b.editing the cheque number

c.entering a payment amount that is more than the outstanding balance to make a credit balance

d.editing the payment amount

4.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

5.The employee summary report option shows -

a.wage or salary amounts

b.all year-to-date totals

c.all information entered in employee records

d.earnings and deductions from a paycheque

6.Which one of the following statements about payroll is incorrect -

a.you must record an hourly rate, salary or commission to process a paycheque

b.the program calculates EI, CPP and Income Tax based on federal tax tables

c.you must enter amounts for RRSP and Medical manually in the payroll journals

d.the payroll ledgers do not have a single control account

7.Transactions entered in the payroll journal will not record -

a.all necessary details of the employees pay

b.only hourly wage related types of transactions

c.hourly rated, salary and commission payments

d.all earnings and deductions for the employee

8.When you post a payroll entry the following accounts are updated -

a.all properly linked payroll ledger accounts

b.only the employee's wages expense and wages payable ledgers

c.only the employer's wages expense and wages payable ledgers

d.only the employee's earnings and deductions

9.To correct a data error in a payroll journal entry after posting it you should -

a.select the employee from the employees list

b.select the adjust pay cheque tool as a first step

c.select the incorrect field(s) and enter the correct data

d.select cancel and re-enter the correct information

10.Which of the following statements about inventory is not correct -

a.you can change the default price when you purchase inventory

b.you can change the default price when you sell inventory

c.you can change the default asset account when you purchase inventory

d.you can change the default revenue account when you sell inventory

11.Why does an inventory purchase not usually include a RST/PST amount -

a.the RST/PST default has not been set up

b.the RST/PST amount was missed and not entered

c.the merchandise is for resale and therefore RST/PST exempt

d.only the GST is required on business purchases

12.If the wrong inventory is selected in a purchase, you can make the correction before posting by -

a.opening a new purchase invoice and entering the correct work

b.selecting the incorrect field, entering the correct item, re-entering the quantity

c.re-selecting the supplier from the suppliers list and recording the purchase from scratch

d.removing the purchase invoice from the edit menu and choosing redo

13.Which statement is not true about inventory linked accounts -

a.accounts cannot be changed when recording an inventory purchase

b.accounts cannot be changed in adjustments journal entries

c.accounts can be changed when recording a sale of inventory

d.the main way to change the linked asset is to edit the ledger record

14.To report number of units sold, revenue, cost of goods sold and net profit, you would use the -

a.inventory transaction report

b.inventory statistics report

c.supplier purchases report

d.inventory sales &services summary report

15.When you combine a sales return and new sale in a single journal entry -

a.the sales return is recorded by entering a negative sign for the quantity

b.the sale is recorded by entering a positive quantity

c.the total field for the invoice will net out the sale and return

d.all of the above