Sage 50 chapter 3 questions with 100%
correct answers
Why is it important that you enter purchase entries through the Purchases Journal, rather than the
General Journal? - correct answer ✔✔To keep track of GST/HST paid on purchases, and purchases made
from specific vendors.
Which account is credited in an accounting transaction when you decide to pay a vendor invoice later? -
correct answer ✔✔Accounts payable
What account is credited when you make a cash purchase - correct answer ✔✔The bank account used
for payables payments
What kind of entry can you process with a one time supplier - correct answer ✔✔immediate payments
Sage 50 Accounting will print cheques to suppliers for supplier payments if you use pre-printed cheque
forms. - correct answer ✔✔True
If you have a supplier payment that has to be made on a regular basis (such as monthly), how can you
avoid having to re-think the bookkeeping each time the payment becomes due? - correct answer
✔✔store it as a recurring transaction
In the Payments window, discounts available will be automatically calculated by the system according to
the date of the payment transaction. - correct answer ✔✔True
Payments to suppliers must be made chronologically according to the date of the invoice. - correct
answer ✔✔false
Two steps required for adjusting an invoice are looking up the invoice and adjusting it - correct answer
✔✔true
correct answers
Why is it important that you enter purchase entries through the Purchases Journal, rather than the
General Journal? - correct answer ✔✔To keep track of GST/HST paid on purchases, and purchases made
from specific vendors.
Which account is credited in an accounting transaction when you decide to pay a vendor invoice later? -
correct answer ✔✔Accounts payable
What account is credited when you make a cash purchase - correct answer ✔✔The bank account used
for payables payments
What kind of entry can you process with a one time supplier - correct answer ✔✔immediate payments
Sage 50 Accounting will print cheques to suppliers for supplier payments if you use pre-printed cheque
forms. - correct answer ✔✔True
If you have a supplier payment that has to be made on a regular basis (such as monthly), how can you
avoid having to re-think the bookkeeping each time the payment becomes due? - correct answer
✔✔store it as a recurring transaction
In the Payments window, discounts available will be automatically calculated by the system according to
the date of the payment transaction. - correct answer ✔✔True
Payments to suppliers must be made chronologically according to the date of the invoice. - correct
answer ✔✔false
Two steps required for adjusting an invoice are looking up the invoice and adjusting it - correct answer
✔✔true
