Question 1

The Banking module window includes journal icons for -

Accepted Answer

A)  sales, receipts and payments 
B)  purchases, receipts and payments 
C)  receipts, payments and general journal transactions 
D)  transactions that involve bank accounts 
A)  sales, receipts and payments 
B)  purchases, receipts and payments 
C)  receipts, payments and general journal transactions 
D)  transactions that involve bank accounts D

Question 2

Which accounts may be set up to use account reconciliation -

Accepted Answer

A)  all asset, liability and equity accounts 
B)  only asset and equity or capital accounts 
C)  only bank and credit card asset accounts 
D)  all asset, equity and expense accounts 
A)  all asset, liability and equity accounts 
B)  only asset and equity or capital accounts 
C)  only bank and credit card asset accounts 
D)  all asset, equity and expense accounts A

Question 3

Before using the deposit slip journal for a US dollar account, you need to -

Accepted Answer

A)  add an Undeposited Cash and Cheques clearing account as the linked account for US dollar receipts 
B)  open the deposit slip journal and choose the US dollar bank account 
C)  select the US dollar bank account in the Select Cheques window 
D)  choose the US dollar Undeposited Cash and Cheques account in the deposit slip journal window 
A)  add an Undeposited Cash and Cheques clearing account as the linked account for US dollar receipts 
B)  open the deposit slip journal and choose the US dollar bank account 
C)  select the US dollar bank account in the Select Cheques window 
D)  choose the US dollar Undeposited Cash and Cheques account in the deposit slip journal window A

Question 4

You would use deposit reference no. when a single bank statement entry -

Accepted Answer

A)  shows that several cheques were withdrawn or cashed on the same day 
B)  shows the net effect of cheques and deposits for the same day 
C)  shows that more than one signature is needed to authorize bank transactions 
D)  shows that several cheques were deposited at the same time 
A)  shows that several cheques were withdrawn or cashed on the same day 
B)  shows the net effect of cheques and deposits for the same day 
C)  shows that more than one signature is needed to authorize bank transactions 
D)  shows that several cheques were deposited at the same time

Question 5

After adding all the prior outstanding transactions when you begin account reconciliation -

Accepted Answer

A)  the unresolved amount is usually the same as the opening bank balance 
B)  the unresolved amount should be zero 
C)  the unresolved amount should be the total of all debit transaction amounts 
D)  none of the above 
A)  the unresolved amount is usually the same as the opening bank balance 
B)  the unresolved amount should be zero 
C)  the unresolved amount should be the total of all debit transaction amounts 
D)  none of the above

Question 6

You will have an unresolved reconciliation amount -

Accepted Answer

A)  when a ledger is not balanced 
B)  when an account is not balanced 
C)  when the total debits and credits are not equal 
D)  when you have not entered bank charges for the month 
A)  when a ledger is not balanced 
B)  when an account is not balanced 
C)  when the total debits and credits are not equal 
D)  when you have not entered bank charges for the month

Question 7

All but one of the following are part of setting up account reconciliation for a bank account -

Accepted Answer

A)  print the general ledger or bank account transactions report for the bank account 
B)  turn on the account reconciliation feature 
C)  identify and create the linking reconciliation accounts 
D)  mark the journal entries as cleared 
A)  print the general ledger or bank account transactions report for the bank account 
B)  turn on the account reconciliation feature 
C)  identify and create the linking reconciliation accounts 
D)  mark the journal entries as cleared

Question 8

If the session date is May 31st, what is the purpose of clearing paid customer invoices to April 30th -

Accepted Answer

A)  to allow us to remove stored entries 
B)  to allow us to prepare customer statements for the previous month 
C)  to allow us to remove journal entries 
D)  to allow us to retain HST data for the previous month 
A)  to allow us to remove stored entries 
B)  to allow us to prepare customer statements for the previous month 
C)  to allow us to remove journal entries 
D)  to allow us to retain HST data for the previous month

Question 9

To set up the accounts for recording bank deposit transactions separately from sales and receipts all but one of the following are required -

Accepted Answer

A)  create a separate account for the undeposited receipts 
B)  set up the bank account receiving the deposits for account reconciliation 
C)  choose the undeposited receipts account as the account for receipts and cash sales 
D)  assign the bank or cash class to the undeposited receipts account 
A)  create a separate account for the undeposited receipts 
B)  set up the bank account receiving the deposits for account reconciliation 
C)  choose the undeposited receipts account as the account for receipts and cash sales 
D)  assign the bank or cash class to the undeposited receipts account

Question 10

When you compare the general ledger or bank account transactions report with the bank statement -

Accepted Answer

A)  both records reveal a balanced position 
B)  all deposits made are recorded on the bank statement 
C)  interest and monthly fee amounts are not able to be matched to the cash account 
D)  all the cheques issued have been cashed by the bank 
A)  both records reveal a balanced position 
B)  all deposits made are recorded on the bank statement 
C)  interest and monthly fee amounts are not able to be matched to the cash account 
D)  all the cheques issued have been cashed by the bank

Question 11

Which one of the following general statements is correct -

Accepted Answer

A)  you should clear HST information each time you file a report to the Receiver General 
B)  lookup data is cleared automatically when you clear the paid transactions 
C)  data may be cleared for all customer and supplier accounts or for individual accounts 
D)  a and c above 
A)  you should clear HST information each time you file a report to the Receiver General 
B)  lookup data is cleared automatically when you clear the paid transactions 
C)  data may be cleared for all customer and supplier accounts or for individual accounts 
D)  a and c above

Question 12

When should you not display and print the journal reconciliation report -

Accepted Answer

A)  after marking journal entries as cleared 
B)  before marking journal entries as cleared 
C)  when everything is reconciled 
D)  when the unresolved amount should be zero 
A)  after marking journal entries as cleared 
B)  before marking journal entries as cleared 
C)  when everything is reconciled 
D)  when the unresolved amount should be zero

Question 13

Which one of the following general statements is true -

Accepted Answer

A)  unresolved amounts will be posted to the reconciliation adjustments expense account 
B)  drill-down reports are available from the account reconciliation summary report 
C)  you can enter only one transaction for each type of income and expense 
D)  you must complete the account reconciliation setup each month 
A)  unresolved amounts will be posted to the reconciliation adjustments expense account 
B)  drill-down reports are available from the account reconciliation summary report 
C)  you can enter only one transaction for each type of income and expense 
D)  you must complete the account reconciliation setup each month

Question 14

Which one is not a safeguard for account reconciliation to avoid mistakes -

Accepted Answer

A)  saving a reconciliation transaction before posting 
B)  printing the general ledger or bank transactions report for the bank account 
C)  using deposit slip numbers to clear transactions 
D)  naming and linking reconciliation accounts 
A)  saving a reconciliation transaction before posting 
B)  printing the general ledger or bank transactions report for the bank account 
C)  using deposit slip numbers to clear transactions 
D)  naming and linking reconciliation accounts

Question 15

To transfer funds to and from credit card accounts using the transfer funds journal, choose -

Accepted Answer

A)  credit card bank as the class for these accounts 
B)  the general credit card class 
C)  credit card receivable and credit card payable, or bank for these accounts 
D)  all of the above account class selections will make the accounts available for transfers 
A)  credit card bank as the class for these accounts 
B)  the general credit card class 
C)  credit card receivable and credit card payable, or bank for these accounts 
D)  all of the above account class selections will make the accounts available for transfers

Question 16

Which one of the following general statements about account reconciliation is incorrect -

Accepted Answer

A)  unresolved amounts will be posted to the reconciliation adjustments account 
B)  income, expenses and adjustments are classifications of linked accounts 
C)  a backup copy of the data files should be made after you reconcile the account 
D)  a blank account reconciliation journal form is the last step in the process 
A)  unresolved amounts will be posted to the reconciliation adjustments account 
B)  income, expenses and adjustments are classifications of linked accounts 
C)  a backup copy of the data files should be made after you reconcile the account 
D)  a blank account reconciliation journal form is the last step in the process

Question 17

To reconcile a cheque on a deposit slip that is later returned as NSF -

Accepted Answer

A)  change the status of the deposit slip amount to NSF 
B)  show the deposit slip details and change the status of the single cheque to NSF 
C)  show the deposit slip details and then separately mark the cheque as cleared 
D)  show the deposit slip details and mark all deposit slip items separately as NSF 
A)  change the status of the deposit slip amount to NSF 
B)  show the deposit slip details and change the status of the single cheque to NSF 
C)  show the deposit slip details and then separately mark the cheque as cleared 
D)  show the deposit slip details and mark all deposit slip items separately as NSF

Question 18

Automatic fixed monthly payments such as auto lease, insurance premiums and mortgage -

Accepted Answer

A)  can be recorded in the account reconciliation journal or in the general journal 
B)  must be recorded with a normal general journal entry 
C)  should be recorded in the adjustments journal 
D)  should be recorded as cash payments because they involve withdrawals from the bank account 
A)  can be recorded in the account reconciliation journal or in the general journal 
B)  must be recorded with a normal general journal entry 
C)  should be recorded in the adjustments journal 
D)  should be recorded as cash payments because they involve withdrawals from the bank account

Question 19

Which one of the following general statements is true -

Accepted Answer

A)  you can remove a supplier record at any time if the account is fully paid 
B)  you can restore cleared journal entries as long as you do not exit the Sage 50 Accounting program 
C)  you can remove the record for a supplier to whom you owe money 
D)  make a backup copy of your work before clearing invoices 
A)  you can remove a supplier record at any time if the account is fully paid 
B)  you can restore cleared journal entries as long as you do not exit the Sage 50 Accounting program 
C)  you can remove the record for a supplier to whom you owe money 
D)  make a backup copy of your work before clearing invoices

Question 20

Which one is not a procedure to correct or mark NSF cheques -

Accepted Answer

A)  double click the word cleared in the status column 
B)  display select transaction status and click NSF 
C)  change the status of the journal entry that reverses the receipt to adjustment 
D)  assign the adjustment status to the entry for the final receipt 
A)  double click the word cleared in the status column 
B)  display select transaction status and click NSF 
C)  change the status of the journal entry that reverses the receipt to adjustment 
D)  assign the adjustment status to the entry for the final receipt

The Banking module window includes journal icons for -

Which accounts may be set up to use account reconciliation -

Before using the deposit slip journal for a US dollar account, you need to -

You would use deposit reference no. when a single bank statement entry -

After adding all the prior outstanding transactions when you begin account reconciliation -

You will have an unresolved reconciliation amount -

All but one of the following are part of setting up account reconciliation for a bank account -

If the session date is May 31st, what is the purpose of clearing paid customer invoices to April 30th -

To set up the accounts for recording bank deposit transactions separately from sales and receipts all but one of the following are required -

When you compare the general ledger or bank account transactions report with the bank statement -

Which one of the following general statements is correct -

When should you not display and print the journal reconciliation report -

Which one of the following general statements is true -

Which one is not a safeguard for account reconciliation to avoid mistakes -

To transfer funds to and from credit card accounts using the transfer funds journal, choose -

Which one of the following general statements about account reconciliation is incorrect -

To reconcile a cheque on a deposit slip that is later returned as NSF -

Automatic fixed monthly payments such as auto lease, insurance premiums and mortgage -

Which one of the following general statements is true -

Which one is not a procedure to correct or mark NSF cheques -

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Exam 15: Questions Tesses Tresses

The Banking module window includes journal icons for -

Which accounts may be set up to use account reconciliation -

Before using the deposit slip journal for a US dollar account, you need to -

You would use deposit reference no. when a single bank statement entry -

After adding all the prior outstanding transactions when you begin account reconciliation -

You will have an unresolved reconciliation amount -

All but one of the following are part of setting up account reconciliation for a bank account -

If the session date is May 31st, what is the purpose of clearing paid customer invoices to April 30th -

To set up the accounts for recording bank deposit transactions separately from sales and receipts all but one of the following are required -

When you compare the general ledger or bank account transactions report with the bank statement -

Which one of the following general statements is correct -

When should you not display and print the journal reconciliation report -

Which one of the following general statements is true -

Which one is not a safeguard for account reconciliation to avoid mistakes -

To transfer funds to and from credit card accounts using the transfer funds journal, choose -

Which one of the following general statements about account reconciliation is incorrect -

To reconcile a cheque on a deposit slip that is later returned as NSF -

Automatic fixed monthly payments such as auto lease, insurance premiums and mortgage -

Which one of the following general statements is true -

Which one is not a procedure to correct or mark NSF cheques -

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 Velocity

Questions Ryders Routes Advanced Premium Features

Questions Able Associates Advanced Premium Features

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