Sage Chapter 6 questions with complete
solutions rated A+
Transactions entered in the receipts journal will not allow the following - - correct answer ✔✔B)
payments less than the invoice amount
The sales journal may be used for - - correct answer ✔✔D) all of the above
Transactions entered in the sales journal will allow all but one of the following - - correct answer ✔✔B)
only one type of transaction
The receipts journal may be used for the following - - correct answer ✔✔D) all of the above
When you post a sales invoice the following accounts are updated - - correct answer ✔✔C) all properly
linked accounts
How would you enter a sale for an account customer paying by cheque - - correct answer ✔✔A) open
the sales journal and choose invoice and cheque
The "linked" accounts for HST/GST will be updated after which entry - - correct answer ✔✔A) a sales
invoice with cash payment
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 - - correct answer ✔✔B) code G (GST @ 7%)
Which one of the following general statements is incorrect - - correct answer ✔✔C) cash sales are
recorded as other receipts in the receipts journal
Which one of the following general statements is incorrect - - correct answer ✔✔C) the message "there
is no data to report" is found in the receipts journal
, A sales journal entry will not balance if we - - correct answer ✔✔D) this entry will balance whether we
omit or include any of the items listed here
Which one of the following general statements about sales is true - - correct answer ✔✔D) all of the
above
In the receipts journal, once we select the customer we are not required to enter - - correct answer
✔✔B) the original amount
Linked accounts provide all but one of the following controls - - correct answer ✔✔A) amounts cannot
be entered incorrectly
Which of the following reports provides information similar to the Receivables by Aging Periods graph - -
correct answer ✔✔C) customer aged report - summary
What information is provided by the Receivables by Customer graph - - correct answer ✔✔D) all of the
above are provided
What information is not provided by the Sales vs Receivables chart - - correct answer ✔✔A) amounts of
individual receivables and revenue accounts
Which reports provide information similar to Receivables Due vs Payables Due chart - - correct answer
✔✔C) customer aged summary and vendor aged summary
To see a comparison of the amounts owed by a business and the amounts owing to the business you
would view - - correct answer ✔✔B) the receivables due vs payables dues graph
If GST charged had been omitted from a posted sales invoice you should correct the entry by - - correct
answer ✔✔A) selecting the invoice through the adjusting an invoice screen and entering the correction
To enter a NSF cheque - - correct answer ✔✔C) reverse the receipt in the receipts journal
solutions rated A+
Transactions entered in the receipts journal will not allow the following - - correct answer ✔✔B)
payments less than the invoice amount
The sales journal may be used for - - correct answer ✔✔D) all of the above
Transactions entered in the sales journal will allow all but one of the following - - correct answer ✔✔B)
only one type of transaction
The receipts journal may be used for the following - - correct answer ✔✔D) all of the above
When you post a sales invoice the following accounts are updated - - correct answer ✔✔C) all properly
linked accounts
How would you enter a sale for an account customer paying by cheque - - correct answer ✔✔A) open
the sales journal and choose invoice and cheque
The "linked" accounts for HST/GST will be updated after which entry - - correct answer ✔✔A) a sales
invoice with cash payment
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 - - correct answer ✔✔B) code G (GST @ 7%)
Which one of the following general statements is incorrect - - correct answer ✔✔C) cash sales are
recorded as other receipts in the receipts journal
Which one of the following general statements is incorrect - - correct answer ✔✔C) the message "there
is no data to report" is found in the receipts journal
, A sales journal entry will not balance if we - - correct answer ✔✔D) this entry will balance whether we
omit or include any of the items listed here
Which one of the following general statements about sales is true - - correct answer ✔✔D) all of the
above
In the receipts journal, once we select the customer we are not required to enter - - correct answer
✔✔B) the original amount
Linked accounts provide all but one of the following controls - - correct answer ✔✔A) amounts cannot
be entered incorrectly
Which of the following reports provides information similar to the Receivables by Aging Periods graph - -
correct answer ✔✔C) customer aged report - summary
What information is provided by the Receivables by Customer graph - - correct answer ✔✔D) all of the
above are provided
What information is not provided by the Sales vs Receivables chart - - correct answer ✔✔A) amounts of
individual receivables and revenue accounts
Which reports provide information similar to Receivables Due vs Payables Due chart - - correct answer
✔✔C) customer aged summary and vendor aged summary
To see a comparison of the amounts owed by a business and the amounts owing to the business you
would view - - correct answer ✔✔B) the receivables due vs payables dues graph
If GST charged had been omitted from a posted sales invoice you should correct the entry by - - correct
answer ✔✔A) selecting the invoice through the adjusting an invoice screen and entering the correction
To enter a NSF cheque - - correct answer ✔✔C) reverse the receipt in the receipts journal
