Sage Final || All Answers are Flawless.
Businesses must register for GST and apply GST to sales if correct answers They have annual
sales over $30,000
Registration for GST favours a business because correct answers It allows a business credits for
the GST it pays for business related expenses
Items not taxable for GST correct answers Are mostly basic necessities
A business that is registered to collect PST from customers correct answers Pays PST on taxable
supplies and services that it does not resell
HST differs from GST in that correct answers It has a different tax rate and includes a portion for
PST
PST correct answers On purchases that are treated as business expenses
Businesses allowed to use the quick method for applying GST/HST include correct answers
Some small businesses
PST correct answers None of the above
HST rates correct answers May be different for different provinces
Which statement is true about HST correct answers HST rates depend on on the provincial tax
rate portion included
Which one of the statements about the Sage 50 date system is false correct answers The session
date is the first posting date for a series of later transactions
, Sage 50 provides a complete audit trail by correct answers All of the above are true
Advantages of using Sage 50 program over a manual accounting system include correct answers
Through recording journal entries, all ledgers and reports are automatically posted
A purchase of supplies for $2000 plus $260 HST in the general journal would not be posted
correct answers If debits did not equal the credit amounts
Which of the following general statements is incorrect correct answers you must post an entry in
order to review or display it
The following general journal report options must be chosen correct answers All of the above are
correct
In the account field of the general journal input screen you cannot correct answers Type the
account name in the account field
When you open Sage 50 accounting data file, to enter the session date correct answers All of the
above
To correct a General Journal entry you should correct answers Choose the adjust an entry option,
choose the transaction, edit it and post
Adding non-postable accounts to your Chart of accounts correct answers Will allow you to
classify your accounts with formal accounting headings
When creating the chart of accounts it would be very important to correct answers Leave spaces
between account numbers in order to insert new accounts when required
Businesses must register for GST and apply GST to sales if correct answers They have annual
sales over $30,000
Registration for GST favours a business because correct answers It allows a business credits for
the GST it pays for business related expenses
Items not taxable for GST correct answers Are mostly basic necessities
A business that is registered to collect PST from customers correct answers Pays PST on taxable
supplies and services that it does not resell
HST differs from GST in that correct answers It has a different tax rate and includes a portion for
PST
PST correct answers On purchases that are treated as business expenses
Businesses allowed to use the quick method for applying GST/HST include correct answers
Some small businesses
PST correct answers None of the above
HST rates correct answers May be different for different provinces
Which statement is true about HST correct answers HST rates depend on on the provincial tax
rate portion included
Which one of the statements about the Sage 50 date system is false correct answers The session
date is the first posting date for a series of later transactions
, Sage 50 provides a complete audit trail by correct answers All of the above are true
Advantages of using Sage 50 program over a manual accounting system include correct answers
Through recording journal entries, all ledgers and reports are automatically posted
A purchase of supplies for $2000 plus $260 HST in the general journal would not be posted
correct answers If debits did not equal the credit amounts
Which of the following general statements is incorrect correct answers you must post an entry in
order to review or display it
The following general journal report options must be chosen correct answers All of the above are
correct
In the account field of the general journal input screen you cannot correct answers Type the
account name in the account field
When you open Sage 50 accounting data file, to enter the session date correct answers All of the
above
To correct a General Journal entry you should correct answers Choose the adjust an entry option,
choose the transaction, edit it and post
Adding non-postable accounts to your Chart of accounts correct answers Will allow you to
classify your accounts with formal accounting headings
When creating the chart of accounts it would be very important to correct answers Leave spaces
between account numbers in order to insert new accounts when required
