Computerized Accounting with Sage 50-Level 1 (SI1E) Final Examination A

In the Receipts Journal, once we select the customer we are NOT required to enter the _________.

1. payment amount
2. original amount
3. date of payment
4. cheque number

How do you enter an NSF cheque?

1. Reverse the receipt in the cash Sales Journal with a payment by cheque.
2. Enter a sales invoice for a negative amount.
3. Reverse the cheque in the Receipts Journal.
4. None of the above

Why might the discount field be blank when entering a receipt?

1. A discount is not set up.
2. The discount period has expired.
3. A discount is not required.
4. All of the above.

How are customer deposits entered?

a. As positive amounts in the Sales Journal.

b. As positive amounts in the Receipts Journal. c. As negative amounts in the Receipts Journal. d. None of the above.

To convert a purchase quote to a purchase order _____________ .

a. select the quote from the quote field list, choose Remove the Purchase Quote and

then enter the order

b. select the quote from the quote field list, select Order as the transaction type and

record the order

c. select Quote as the transaction, fill the quote then enter the purchase order

d. select Quote as the transaction, click the Convert list arrow and click Convert the

Supplier Quote to an Invoice

When paying a credit card bill, enter the __________amount in the Payment Amount field.

1. Interest
2. Fees
3. Purchases
4. Total payment

What are the normal balances for the GST Charged on Sales and GST Paid on Purchases accounts?

1. Debit and debit, respectively
2. Credit and debit, respectively
3. Debit and credit, respectively
4. Credit and credit, respectively

Which menu do you access to create an Accountant's Copy?

1. File
2. Edit
3. Business Assistant
4. Maintenance

What mistakes can you NOT correct after finishing the history for the payables ledger?

1. Mistakes made in historical vendor invoices.
2. Mistakes made in the vendor account names.
3. Mistakes made in the vendor payment terms.
4. You can make all of the above corrections.

Which one of the following statements about linked accounts is correct?

1. An account that is being used as a linked account can readily be deleted.
2. You can define all linked accounts after finishing the history.
3. Linked accounts must be defined for all ledgers whether they are used or not.
4. Bank accounts may be linked to more than one ledger.

Which one of the following statements is TRUE about sales to foreign customers?

1. You must accept the default exchange rate in the sales journal.
2. Taxes are not charged on the sale.
3. All amounts are displayed in the home currency.
4. Separate revenue accounts are needed for foreign sales.

If the exchange rate for a foreign currency increases between the time of purchase made by a foreign customer and the time of payment, __________.

1. the customer is given a discount equivalent to the difference resulting from the rate increase
2. the difference resulting from the rate increase is debited to the linked Exchange Rate Differences account
3. the difference resulting from the rate increase is credited to the linked Exchange Rate Differences account
4. this has no effect on any accounts