SAGE 50 - Ch 7 Exam Questions and Answers 100% Correct

SAGE 50 - Ch 7 Exam Questions and Answers 100% Correct 1. Which of the following components make up the payables ledger setup - A) payables and sales tax setting defaults B) payables linked accounts C) set up vendor information and historical data D) all of the components listed here are necessary - Answer- D) all of the components listed here are necessary 2. If the bank issues a new series of cheques with a different numbering sequence - A) we must change the payments settings to accommodate the "alpha" letter and the number B) we must change the cheque number in the ledger to match the new cheque numbers C) we must start the numbering system for forms all over again D) we must request that the bank prepare another order of cheques to match our numbers - Answer- B) we must change the cheque number in the ledger to match the new cheque numbers 3. What mistakes can you not correct after finishing the history for the payables ledger - A) mistakes made in historical vendor invoices B) mistakes made in the vendor account names C) mistakes made in the vendor payment terms D) you can make all of the corrections listed here - Answer- A) mistakes made in historical vendor invoices 4. What step is not involved in setting up the payables ledger - A) enter the payables and sales tax setting defaults B) enter the payables linked accounts C) enter the vendor information and historical data D) entering the company default for discount and number of days for prompt payment - Answer- D) entering the company default for discount and number of days for prompt payment 5. If you record an incorrect payables historical invoice - A) pay all invoices for the vendor, clear paid invoices and re-enter the historical data B) each historical invoice must be recorded separately C) delete the historical data and re-enter historical data D) delete the vendor record and begin again - Answer- A) pay all invoices for the vendor, clear paid invoices and re-enter the historical data 6. Which one of the following will prevent you from finishing the history for the payables ledger - A) the vendor payment terms are not defined B) the amounts in the subsidiary vendor accounts do not match the Accounts Payable balance C) the sales tax rate is not defined D) the program will always finish the history but warns you to make the corrections later - Answer- B) the amounts in the subsidiary vendor accounts do not match the Accounts Payable balance 7. What is the purpose of entering historical invoices and payments for vendors - A) to allow tracking of discounts taken B) to total all purchases for the vendor this year C) to allow the vendor balance field to be updated D) all of the options listed here are relevant - Answer- C) to allow