Completing default information for the various modules (customers, vendors, employees and inventory) does not enhance any efficiency for future data entry.

True

False

1 points

QUESTION 2

In order to set up employer defaults for payroll liabilities and expenses, select this default:

		Employee Defaults > General
		Employee Defaults > Employee Fields
		Employee Defaults > Company Fields
		Payroll & employees Navigation Center > Pay Employees
		Reports & Forms > Payroll > Payroll Journal

1 points

QUESTION 3

The account type specified on the chart of accounts is also the classification for the:

		Financial reporting
		General ledger
		General journal
		Cash receipts journal
		Check register

1 points

QUESTION 4

The account credited on the Receipts window is:

		Checking Account
		The GL Account selected
		Savings Account
		The Receipts window does not need to have an account credited
		Money Market Account

1 points

QUESTION 5

The Write Checks window automatically debits the following account:

		Checking Account
		The Expense account selected
		You need to select the account credited not debited
		Savings Account
		Money Market Account

1 points

QUESTION 6

To record a deposit in the transaction register, make the following selections:

		From
		From the Banking Navigation Center > select Write Check
		From the menu bar > select Tasks > Receipts
		From the System Navigation Center > select Restore Now w
		From the menu bar > select Tasks > Payments

1 points

QUESTION 7

To change accounting periods, you need to make the following menu bar selections:

		Task > System > Change Accounting Period
		Task > Default > Change Accounting Periods
		Task > Maintain > Defaults
		Maintain > System > Change Accounting Period
		Maintain > User Security

1 points

QUESTION 8

To print a post closing trial balance, you need to

		Select > Tasks > System > Change Accounting Periods > then print a general ledger trial balance
		Select > Reports & Forms > Accounts Receivable > > then print a general ledger trial balance
		Select > Options > Default Information > then print a general ledger trial balance
		Select > Help > About Sage 50 Accounting > then print a general ledger trial balance
		Close the year, then print a general ledger trial balance

1 points

QUESTION 9

When recording vendor information, the following windows are used to enter this information:

		Vendor Defaults and Maintain Vendors
		Maintain Vendors and Tasks
		Inventory Item Defaults and Pay Bills
		Customer Defaults and Maintain Customers/Sales Reps
		Employee Defaults and Maintain Employees

1 points

QUESTION 10

When setting up inventory items on the Maintain Inventory Items window, information must be entered for

		Customer IDs
		Inventory Method
		Inventory Adjustments
		Item ID, Minimum Stock, Reorder Quantity
		Cash Account Credited

1 points

QUESTION 11

The Purchases/Receive Inventory window is also called the

		Cash disbursement journal
		Sales journal
		Cost of goods sold journal
		Purchases journal
		General journal

1 points

QUESTION 12

The Sales/Invoicing window is also known as the

		Purchases journal
		Cash receipts journal
		Sales journal
		Cash disbursements journal
		General ledger

1 points

QUESTION 13

In Sage 50, the receipts window is also known as the

		Sales journal
		Cash receipts journal
		Purchase journal
		Cash disbursements journal
		General journal

1 points

QUESTION 14

Another name for the customer ledger is

		Accounts receivable ledger
		Accounts payable ledger
		Vendor ledger
		Inventory ledger
		Cost of goods sold journal

1 points

QUESTION 15

You enter all checks, cash and credit card sales in the

		Sales receipts window
		Receipts windows
		Payments windows
		General journal window
		Inventory adjustments window

1 points

QUESTION 16

The default inventory costing method used by Sage 50 is the _______ method

		Average cost
		Straight-line
		LIFO
		FIFO
		Double declining

1 points

QUESTION 17

On the Navigation Bar, make the following selections to display the Inventory Item Defaults window:

		Maintain > Setup Checklist
		Inventory & Services Navigation Center > Inventory Items > Set Up Inventory Defaults
		Inventory & Services Navigation Center > Inventory Items > New Inventory Item
		Inventory & Services Navigation Center > Company Services > Set up Company Service Defaults
		Vendor & Purchases Navigation Center > Enter Bill > Edit and Review Invoices

1 points

QUESTION 18

On the Navigation Bar, make the following selections to enter inventory item maintenance:

		Inventory & Services Navigation Center > Inventory Items > View and Edit Inventory Items > then record inventory information.
		Vendors & Purchases Navigation Center > Purchase Orders > New Purchase Orders > then record inventory information
		Inventory & Services Navigation Center > Inventory Items > New Inventory Item > then record inventory information.
		Maintain > Defaults > Inventory Items > then record inventory information
		Vendors & Purchases > Pay Bills > New Bill

1 points

QUESTION 19

The Inventory Profitability Report show the following:

		Gross profit percentage
		Reorder amount
		Net income
		Net loss
		All the assets purchased by the company

1 points

QUESTION 20

On the Navigation Bar, make the following selections to enter employee maintenance information:

		Employees & Payroll Navigation Center > Employees > Write Letters to Employees
		Employees & Payroll Navigation Center >Employees > New Employee
		Employees & Payroll Navigation Center >Pay Employees > Set Up Payroll Service
		Task > Payroll Entry
		Task > Payroll Entry > View and Edit Employee Payments

1 points