SAGE 50 - Ch 6 Exam Questions and Answers 100% Pass

SAGE 50 - Ch 6 Exam Questions and Answers 100% Pass 1. The sales journal may be used for - A) all credit sale transactions B) all cash sale transactions C) all credit card sale transactions D) all of the above - Answer- D) all of the above 2. 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 GST from the invoice - Answer- B) only one type of transaction 3. The receipts journal may be used for the following - A) full cash payment from customers B) partial cash payment from customers C) customers paying more than one invoice with a single - Answer- C) customers paying more than one invoice with a single 7. The "linked" accounts for HST/GST will be updated after which entry - A) a sales invoice with cash payment B) a cash receipt on account C) a sales invoice quote D) two of the transactions listed here will update the linked accounts - Answer- A) a sales invoice with cash payment 8. To have only GST added to a sales invoice in Ontario where the GST rate is 7% and the PST rate is 8%, the tax code should be - A) No tax - because the GST is added automatically B) code G (GST @ 7%) C) code GI (GST @ 7% included) D) code GP (GST @ 7%, PST @ 8%) - Answer- B) code G (GST @ 7%) 9. Which one of the following general statements is incorrect - A) an NSF cheque is recorded by an adjusting entry in the receipts journal B) a sale return is recorded as a negative amount in the sales journal C) cash sales are recorded as other receipts in the receipts journal D) new customers may be added from both the sales and receipts journals - Answer- C) cash sales are recorded as other receipts in the receipts journal 10. Which one of the following general statements is incorrect - A) sales journal reports may be accessed from either the home or the customers windows B) new customers may be added from both the sales and receipts journals C) the message "there is no data to report" is found in the receipts journal D) enter payments in the receipts journal rather than the general journal - Answer- C) the message "there is no data to report" is found in the receipts journal 11. A sales journal entry will not balance if we - A) omit the payment terms B) omit the GST charged on sales C) include a second sale item in the invoice D) this entry will balance whether we omit or include any of the items listed here - Answer- D) this entry will balance whether we omit or include any of the items listed here 12. Which one of the following general statements about sales is true - A) journal reports may be accessed from either the home or the customers windows B) new customers may be added from both the sales and receipts journals C) the message "there is no data to report" may be found in the journal reports D) all of the above - Answer- D) all of the above 13. In the receipts journal, once we select the customer we are not required to enter - A) the payment amount B) the original amount C) the date of payment D) we need to enter all the above details - Answer- B) the original amount 14. Linked accounts provide all but one of the following controls - A) amounts cannot be entered incorrectly B) required linked accounts must be defined C) the program automatically updates the corresponding general ledgers D) there is no need to enter the information twice - Answer- A) amounts cannot be entered incorrectly 15. Which of the following reports provides information similar to the Receivables by Aging Periods graph - A) customer aged report - detail B) customer address details report C) customer aged report - summary D) customer linked accounts report - Answer- C) customer aged report - summary 16. What information is provided by the Receivables by Customer graph - A) the amount a customer owes (shown by double clicking a portion of the graph) B) the proportion of outstanding receivables for a customer C) the proportion of outstanding receivables for all customers D) all of the above are provided - Answer- D) all of the above are provided 17. What information is not provided by the Sales vs Receivables chart - A) amounts of individual receivables and revenue accounts B) amounts of account receivables and revenue accounts