SAGE 50 FINAL REVIEW (latest update)
well answered to pass
When first opening the Sage 50 program you will be asked to choose - correct answer ✔✔select an
existing company, create a new company, restore from backup
The Sage 50 home window does not display - correct answer ✔✔icons for individual accounts
Which one of the following comments is not true of the Sage 50 program - correct answer ✔✔the help
menu may be removed or hidden
When you restore a file from a backup, you must - correct answer ✔✔press back to change any of your
selections
Home window tool icons in Sage 50 - correct answer ✔✔are shortcuts for accessing features provided by
some menu options
Businesses must register for GST and apply GST to sales if - correct answer ✔✔they have annual sales
over $30,000
Items that are not taxable for GST - correct answer ✔✔are mostly basic necessities
HST differs from GST in that - correct answer ✔✔it has a different tax rate, it includes a portion for
provincial sales tax
Provincial sales taxes- - correct answer ✔✔on purchases that are treated as business expenses
GST/HST differs from other sales taxes in that- - correct answer ✔✔it applies at all levels of sales
, Sales taxes on goods and services in Canada- - correct answer ✔✔are charged at the rate applicable to
the province of destination
Sage 50 provides a complete audit trail by- - correct 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- - correct answer ✔✔selecting the
reports menu and opening the appropriate choice
Which statement is not true about the session date- - correct answer ✔✔it must be set each time you
record an entry
To enter a date for an accounting transaction, you must- - correct 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- - correct answer ✔✔change the date, the
account number or the amount, enter additional account lines
To correct a general journal entry, you should - - correct answer ✔✔choose the adjust an entry option,
choose the transaction, edit it and post
Sorted and filtered reports differ in that - - correct answer ✔✔sorting organizes the report details and
filtering selects the records included
Adding non-postable accounts to your Chart of Accounts- - correct 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 -
correct 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- - correct
answer ✔✔a ledger is balanced, but individual accounts have incorrect amounts
well answered to pass
When first opening the Sage 50 program you will be asked to choose - correct answer ✔✔select an
existing company, create a new company, restore from backup
The Sage 50 home window does not display - correct answer ✔✔icons for individual accounts
Which one of the following comments is not true of the Sage 50 program - correct answer ✔✔the help
menu may be removed or hidden
When you restore a file from a backup, you must - correct answer ✔✔press back to change any of your
selections
Home window tool icons in Sage 50 - correct answer ✔✔are shortcuts for accessing features provided by
some menu options
Businesses must register for GST and apply GST to sales if - correct answer ✔✔they have annual sales
over $30,000
Items that are not taxable for GST - correct answer ✔✔are mostly basic necessities
HST differs from GST in that - correct answer ✔✔it has a different tax rate, it includes a portion for
provincial sales tax
Provincial sales taxes- - correct answer ✔✔on purchases that are treated as business expenses
GST/HST differs from other sales taxes in that- - correct answer ✔✔it applies at all levels of sales
, Sales taxes on goods and services in Canada- - correct answer ✔✔are charged at the rate applicable to
the province of destination
Sage 50 provides a complete audit trail by- - correct 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- - correct answer ✔✔selecting the
reports menu and opening the appropriate choice
Which statement is not true about the session date- - correct answer ✔✔it must be set each time you
record an entry
To enter a date for an accounting transaction, you must- - correct 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- - correct answer ✔✔change the date, the
account number or the amount, enter additional account lines
To correct a general journal entry, you should - - correct answer ✔✔choose the adjust an entry option,
choose the transaction, edit it and post
Sorted and filtered reports differ in that - - correct answer ✔✔sorting organizes the report details and
filtering selects the records included
Adding non-postable accounts to your Chart of Accounts- - correct 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 -
correct 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- - correct
answer ✔✔a ledger is balanced, but individual accounts have incorrect amounts
