SAGE 50 FINAL REVIEW QUESTIONS AND ANSWERS 100% CORRECT

SAGE 50 FINAL REVIEW QUESTIONS AND ANSWERS 100% CORRECT When first opening the Sage 50 program you will be asked to choose - Answer- select an existing company, create a new company, restore from backup The Sage 50 home window does not display - Answer- icons for individual accounts Which one of the following comments is not true of the Sage 50 program - Answer- the help menu may be removed or hidden When you restore a file from a backup, you must - Answer- press back to change any of your selections Home window tool icons in Sage 50 - Answer- are shortcuts for accessing features provided by some menu options Businesses must register for GST and apply GST to sales if - Answer- they have annual sales over $30,000 Items that are not taxable for GST - Answer- are mostly basic necessities HST differs from GST in that - Answer- it has a different tax rate, it includes a portion for provincial sales tax Provincial sales taxes- - Answer- on purchases that are treated as business expenses GST/HST differs from other sales taxes in that- - Answer- it applies at all levels of sales Sales taxes on goods and services in Canada- - Answer- are charged at the rate applicable to the province of destination Sage 50 provides a complete audit trail by- - Answer- recording original transactions in a journal, posting the journal amounts into a ledger, numbering & referencing each transaction A variety of reports and financial statements may be viewed by- - Answer- selecting the reports menu and opening the appropriate choice Which statement is not true about the session date- - Answer- it must be set each time you record an entry To enter a date for an accounting transaction, you must- - Answer- choose a date from the pop-up calendar, type the date in text, enter as two-digit numbers When you adjust a posted general journal entry, you can- - Answer- change the date, the account number or the amount, enter additional account lines To correct a general journal entry, you should - - Answer- choose the adjust an entry option, choose the transaction, edit it and post Sorted and filtered reports differ in that - - Answer- sorting organizes the report details and filtering selects the records included Adding non-postable accounts to your Chart of Accounts- - Answer- will allow you to classify your accounts with formal accounting headings What is the purpose for preparing a backup copy of your data before you finish entering the history - Answer- to save you data in case of a malfunction What types of errors would the program not detect when you finish entering the history- - Answer- a ledger is balanced, but individual accounts have incorrect amounts One of the following statements is true about the sample from a Balance Sheet shown here- - Answer- that Accounts Rec & Advances Rec are subgroup acco