Question 1

You cannot use the assign tax codes feature -

Accepted Answer

A)  to change tax codes for customers who do not pay taxes 
B)  to create new tax codes 
C)  to change the tax codes for foreign currency suppliers 
D)  unless a tax code has already been assigned 
A)  to change tax codes for customers who do not pay taxes 
B)  to create new tax codes 
C)  to change the tax codes for foreign currency suppliers 
D)  unless a tax code has already been assigned B

Question 2

The first step in setting up company files to allow foreign currency sales and purchases is -

Accepted Answer

A)  allow foreign currency transactions in the ledger record for the bank account 
B)  allow transactions in a foreign currency from the setup menu 
C)  change the currency setting in the supplier's ledger 
D)  enter an exchange rate for the session date 
A)  allow foreign currency transactions in the ledger record for the bank account 
B)  allow transactions in a foreign currency from the setup menu 
C)  change the currency setting in the supplier's ledger 
D)  enter an exchange rate for the session date B

Question 3

Which of the following general statements about inventory is true -

Accepted Answer

A)  Sage 50 Accounting uses a weighted average perpetual inventory method as the default method of costing 
B)  the selling price refers to a single unit, while value refers to cost of the entire stock 
C)  a variance account adjusts the difference between cost of an item sold and the new purchase price 
D)  all of the above 
A)  Sage 50 Accounting uses a weighted average perpetual inventory method as the default method of costing 
B)  the selling price refers to a single unit, while value refers to cost of the entire stock 
C)  a variance account adjusts the difference between cost of an item sold and the new purchase price 
D)  all of the above D

Question 4

As the linked bank account for foreign and home currency transactions, you can select -

Accepted Answer

A)  any asset account, except accounts receivable 
B)  any account that is listed in the Banking module window account list 
C)  any foreign currency bank class account 
D)  any home currency bank class account 
A)  any asset account, except accounts receivable 
B)  any account that is listed in the Banking module window account list 
C)  any foreign currency bank class account 
D)  any home currency bank class account

Question 5

There are two units of an inventory item in stock. The selling price is $400 and the value is $400. What is the individual cost of the item -

Accepted Answer

A)  $100 
B)  $200 
C)  $300 
D)  $400 
A)  $100 
B)  $200 
C)  $300 
D)  $400

Question 6

To change a supplier's currency after entering historical invoices and before finishing the history you must -

Accepted Answer

A)  delete the supplier record and re-enter it 
B)  edit the currency selection 
C)  select the correct currency for later invoices and it will be changed for the supplier overall 
D)  pay historical transactions, clear paid transactions, remove the supplier record, re-enter the supplier with the correct currency selection and re-enter the historical invoices 
A)  delete the supplier record and re-enter it 
B)  edit the currency selection 
C)  select the correct currency for later invoices and it will be changed for the supplier overall 
D)  pay historical transactions, clear paid transactions, remove the supplier record, re-enter the supplier with the correct currency selection and re-enter the historical invoices

Question 7

To sell inventory items, you must -

Accepted Answer

A)  identify linked revenue and C.O.G.S. accounts for inventory items 
B)  identify linked inventory adjustment and write-off accounts 
C)  identify linked revenue and C.O.G.S. accounts 
D)  identify linked variance, asset and revenue accounts 
A)  identify linked revenue and C.O.G.S. accounts for inventory items 
B)  identify linked inventory adjustment and write-off accounts 
C)  identify linked revenue and C.O.G.S. accounts 
D)  identify linked variance, asset and revenue accounts

Question 8

To check the accuracy of the inventory records after you create them you would print -

Accepted Answer

A)  the inventory list and price list 
B)  the inventory summary report 
C)  the inventory quantity report 
D)  all of the above 
A)  the inventory list and price list 
B)  the inventory summary report 
C)  the inventory quantity report 
D)  all of the above

Question 9

Which one of the following is not a reason for entering currency information early in the setup -

Accepted Answer

A)  to allow entering sales tax codes for foreign suppliers and customers 
B)  to allow selection of currency for suppliers and customers 
C)  to allow entering bank account balances in the foreign currency 
D)  to allow entering the linked bank account for foreign currency transactions 
A)  to allow entering sales tax codes for foreign suppliers and customers 
B)  to allow selection of currency for suppliers and customers 
C)  to allow entering bank account balances in the foreign currency 
D)  to allow entering the linked bank account for foreign currency transactions

Question 10

After you finish the history for a company data set, you cannot change the inventory -

Accepted Answer

A)  item number 
B)  item description 
C)  unit of measure 
D)  you can change any of these inventory details 
A)  item number 
B)  item description 
C)  unit of measure 
D)  you can change any of these inventory details

Question 11

Which statement about inventory linked accounts is true -

Accepted Answer

A)  enter linked accounts from the setup menu 
B)  enter linked accounts in the inventory ledger 
C)  you can finish entering the history without entering inventory linked accounts 
D)  all of the above 
A)  enter linked accounts from the setup menu 
B)  enter linked accounts in the inventory ledger 
C)  you can finish entering the history without entering inventory linked accounts 
D)  all of the above

Question 12

One of the following is not a required step in setting up foreign currency sales and purchases -

Accepted Answer

A)  enter the linked account for tracking exchange rate differences 
B)  choose the foreign currency in the supplier and customer ledger 
C)  choose a foreign currency bank as the linked account 
D)  all of these are necessary steps 
A)  enter the linked account for tracking exchange rate differences 
B)  choose the foreign currency in the supplier and customer ledger 
C)  choose a foreign currency bank as the linked account 
D)  all of these are necessary steps

Question 13

Which one of the following is the preferred order for entering supplier information -

Accepted Answer

A)  supplier name and address, historical invoices, terms, currency 
B)  supplier name and address, terms, currency, historical invoices 
C)  supplier name, terms, sales taxes and codes, historical invoices, currency 
D)  it does not matter which order you use to enter the above information 
A)  supplier name and address, historical invoices, terms, currency 
B)  supplier name and address, terms, currency, historical invoices 
C)  supplier name, terms, sales taxes and codes, historical invoices, currency 
D)  it does not matter which order you use to enter the above information

Question 14

You can change the default industry terminology for all of the following except -

Accepted Answer

A)  sales and purchase quotes and orders 
B)  receipts and payments 
C)  sales and purchases 
D)  suppliers and customers 
A)  sales and purchase quotes and orders 
B)  receipts and payments 
C)  sales and purchases 
D)  suppliers and customers

Question 15

If you are unable to finish entering the history for the inventory ledger, a message might advise you that -

Accepted Answer

A)  the inventory items historical information does not equal the opening balances of their linked asset accounts 
B)  the linked accounts are not in logical order or are missing 
C)  a backup copy of the file has not been taken 
D)  the inventory items historical information does not equal the opening balances of their linked revenue accounts 
A)  the inventory items historical information does not equal the opening balances of their linked asset accounts 
B)  the linked accounts are not in logical order or are missing 
C)  a backup copy of the file has not been taken 
D)  the inventory items historical information does not equal the opening balances of their linked revenue accounts

Question 16

Ledger records for inventory items and services differ as to -

Accepted Answer

A)  the requirement to enter linked expense accounts 
B)  the requirement to enter linked revenue accounts 
C)  the requirement to enter linked asset accounts 
D)  items and services require the same linked accounts 
A)  the requirement to enter linked expense accounts 
B)  the requirement to enter linked revenue accounts 
C)  the requirement to enter linked asset accounts 
D)  items and services require the same linked accounts

Question 17

Which one of the following is the best order for entering setup information -

Accepted Answer

A)  accounts, currencies, sales taxes and tax codes, suppliers and customers 
B)  accounts, suppliers and customers, sales taxes and codes, currencies 
C)  currencies, accounts, suppliers and customers, sales taxes and codes 
D)  it does not matter which order you use to enter the above information 
A)  accounts, currencies, sales taxes and tax codes, suppliers and customers 
B)  accounts, suppliers and customers, sales taxes and codes, currencies 
C)  currencies, accounts, suppliers and customers, sales taxes and codes 
D)  it does not matter which order you use to enter the above information

Question 18

Inventory prices for sales to foreign customers -

Accepted Answer

A)  may be based on the exchange rate 
B)  may be selected from the ledger record 
C)  may be changed or entered in the sales journal 
D)  all of the above 
A)  may be based on the exchange rate 
B)  may be selected from the ledger record 
C)  may be changed or entered in the sales journal 
D)  all of the above

Question 19

When you change the inventory item number you must also change -

Accepted Answer

A)  the linked accounts for the inventory ledger 
B)  the related inventory settings 
C)  the linked accounts where the information is posted 
D)  none of the above 
A)  the linked accounts for the inventory ledger 
B)  the related inventory settings 
C)  the linked accounts where the information is posted 
D)  none of the above

Question 20

Foreign selling prices for inventory items -

Accepted Answer

A)  are always set at a fixed price for the currency 
B)  are always based on the home currency price and the exchange rate 
C)  can be based on the exchange rate or fixed prices 
D)  are not needed because inventory is not sold to customers outside of the country 
A)  are always set at a fixed price for the currency 
B)  are always based on the home currency price and the exchange rate 
C)  can be based on the exchange rate or fixed prices 
D)  are not needed because inventory is not sold to customers outside of the country

You cannot use the assign tax codes feature -

The first step in setting up company files to allow foreign currency sales and purchases is -

Which of the following general statements about inventory is true -

As the linked bank account for foreign and home currency transactions, you can select -

There are two units of an inventory item in stock. The selling price is $400 and the value is $400. What is the individual cost of the item -

To change a supplier's currency after entering historical invoices and before finishing the history you must -

To sell inventory items, you must -

To check the accuracy of the inventory records after you create them you would print -

Which one of the following is not a reason for entering currency information early in the setup -

After you finish the history for a company data set, you cannot change the inventory -

Which statement about inventory linked accounts is true -

One of the following is not a required step in setting up foreign currency sales and purchases -

Which one of the following is the preferred order for entering supplier information -

You can change the default industry terminology for all of the following except -

If you are unable to finish entering the history for the inventory ledger, a message might advise you that -

Ledger records for inventory items and services differ as to -

Which one of the following is the best order for entering setup information -

Inventory prices for sales to foreign customers -

When you change the inventory item number you must also change -

Foreign selling prices for inventory items -

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Exam 16: Questions Velocity

You cannot use the assign tax codes feature -

The first step in setting up company files to allow foreign currency sales and purchases is -

Which of the following general statements about inventory is true -

As the linked bank account for foreign and home currency transactions, you can select -

There are two units of an inventory item in stock. The selling price is $400 and the value is $400. What is the individual cost of the item -

To change a supplier's currency after entering historical invoices and before finishing the history you must -

To sell inventory items, you must -

To check the accuracy of the inventory records after you create them you would print -

Which one of the following is not a reason for entering currency information early in the setup -

After you finish the history for a company data set, you cannot change the inventory -

Which statement about inventory linked accounts is true -

One of the following is not a required step in setting up foreign currency sales and purchases -

Which one of the following is the preferred order for entering supplier information -

You can change the default industry terminology for all of the following except -

If you are unable to finish entering the history for the inventory ledger, a message might advise you that -

Ledger records for inventory items and services differ as to -

Which one of the following is the best order for entering setup information -

Inventory prices for sales to foreign customers -

When you change the inventory item number you must also change -

Foreign selling prices for inventory items -

Questions Getting Started

Questions Gst, Hst and Pst

Questions Binhs Bins

Questions Love It Again

Questions Groen Fields

Questions Phoebes Photo Studio

Questions Air Care Services

Questions Helenas Academy

Questions Northern Lights

Questions Karas Kitchens

Questions Andersson Chiropractic Clinic

Questions Maple Leaf Rags

Questions Shady Corners

Questions Sound Inc

Questions Tesses Tresses

Questions Ryders Routes Advanced Premium Features

Questions Able Associates Advanced Premium Features

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