Question 1

In the income statement reports, once budgets are set up -

Accepted Answer

A)  budgeted amounts may be omitted from the reports 
B)  actual amounts are always greater than the budgeted amounts 
C)  actual amounts are always less than the budgeted amounts 
D)  actual amounts are always given as a percentage of the budgeted amounts 
A)  budgeted amounts may be omitted from the reports 
B)  actual amounts are always greater than the budgeted amounts 
C)  actual amounts are always less than the budgeted amounts 
D)  actual amounts are always given as a percentage of the budgeted amounts A

Question 2

Which of the following statements is correct about budgets -

Accepted Answer

A)  there is a module window for journals that use budgets 
B)  budget settings are entered on the budget module settings screen 
C)  budget amounts do not affect journal transactions 
D)  all of the above 
A)  there is a module window for journals that use budgets 
B)  budget settings are entered on the budget module settings screen 
C)  budget amounts do not affect journal transactions 
D)  all of the above C

Question 3

Once budgets are set up -

Accepted Answer

A)  budget information must be added to reports 
B)  budget information must be included in customer records 
C)  budget information must be added to account ledger records 
D)  budget information may be omitted from any report 
A)  budget information must be added to reports 
B)  budget information must be included in customer records 
C)  budget information must be added to account ledger records 
D)  budget information may be omitted from any report D

Question 4

If budget forecasts are incorrect you can change the budget amounts by -

Accepted Answer

A)  cancelling the budget this account feature 
B)  processing an entry through the general journal 
C)  editing amounts in the general ledger budget tab screen 
D)  you cannot change the amounts once they are set for a period 
A)  cancelling the budget this account feature 
B)  processing an entry through the general journal 
C)  editing amounts in the general ledger budget tab screen 
D)  you cannot change the amounts once they are set for a period

Question 5

Budget frequencies should be changed -

Accepted Answer

A)  when you want to report income for a shorter period than the budget 
B)  when you want to report income for a longer period than the budget 
C)  when the business cycle changes 
D)  whenever you change budget amounts 
A)  when you want to report income for a shorter period than the budget 
B)  when you want to report income for a longer period than the budget 
C)  when the business cycle changes 
D)  whenever you change budget amounts

Question 6

Use the partial income statement below to answer the following group of questions 
$$\begin{array} { l r r r } 
& \text { Actual } & \text { Budget } & \text { Difference } \
\text { Revenue from Sales } & \$ 65000 & \$ 55000 & 18 \% \
\text { Sales Discounts } & - 5000 & - 2000 & 150 \% \
\text { Net Sales } & 60000 & 53000 & 13 \% \
\text { Advertising } & 4000 & 1000 & 300 \% \
\text { Cost of Goods Sold } & 25000 & 28000 & - 11 \% \
& & & \
\text { Sales Commissions } & 6000 & 3000 & 100 \% \
\text { Other Expenses } & 4000 & 4000 & 0 \% \
\text { Total Expenses } & 39000 & 36000 & 8 \% \
& & & \
\text { Net Income } & \mathbf { 2 1 0 0 0 } & \underline { \mathbf { 1 7 0 0 0 } } & \mathbf { 2 4 }
\end{array}$$
-Which one of the following is not a reasonable explanation for these results -

Accepted Answer

A)  net income was higher than budgeted because sales were higher than budgeted 
B)  net income was higher than budgeted because some expenses were lower than budgeted 
C)  net income was higher than budgeted because the budget was not realistic 
D)  net income may have been higher because inventory prices were raised after the budget was set 
A)  net income was higher than budgeted because sales were higher than budgeted 
B)  net income was higher than budgeted because some expenses were lower than budgeted 
C)  net income was higher than budgeted because the budget was not realistic 
D)  net income may have been higher because inventory prices were raised after the budget was set

Question 7

Printing in batches can be turned on -

Accepted Answer

A)  from the invoice preview screen 
B)  from the invoice journal input screen 
C)  from the journal display screen 
D)  none of the above 
A)  from the invoice preview screen 
B)  from the invoice journal input screen 
C)  from the journal display screen 
D)  none of the above

Question 8

To change a quarterly budget to a monthly frequency you must -

Accepted Answer

A)  recalculate the budget amounts for each month 
B)  not exceed the fiscal period chosen for the company dates 
C)  recalculate the budget amounts manually 
D)  enter general settings and change the frequency to monthly for automatic calculations 
A)  recalculate the budget amounts for each month 
B)  not exceed the fiscal period chosen for the company dates 
C)  recalculate the budget amounts manually 
D)  enter general settings and change the frequency to monthly for automatic calculations

Question 9

Use the partial income statement below to answer the following group of questions 
$$\begin{array} { l r r r } 
& \text { Actual } & \text { Budget } & \text { Difference } \
\text { Revenue from Sales } & \$ 65000 & \$ 55000 & 18 \% \
\text { Sales Discounts } & - 5000 & - 2000 & 150 \% \
\text { Net Sales } & 60000 & 53000 & 13 \% \
\text { Advertising } & 4000 & 1000 & 300 \% \
\text { Cost of Goods Sold } & 25000 & 28000 & - 11 \% \
& & & \
\text { Sales Commissions } & 6000 & 3000 & 100 \% \
\text { Other Expenses } & 4000 & 4000 & 0 \% \
\text { Total Expenses } & 39000 & 36000 & 8 \% \
& & & \
\text { Net Income } & \mathbf { 2 1 0 0 0 } & \underline { \mathbf { 1 7 0 0 0 } } & \mathbf { 2 4 }
\end{array}$$
-From these results, you might conclude -

Accepted Answer

A)  increased advertising expenditures contributed to better performance 
B)  sales commissions were a successful incentive to improve sales results 
C)  discount sales terms encouraged more customers to buy 
D)  all of the above conclusions are consistent with the results 
A)  increased advertising expenditures contributed to better performance 
B)  sales commissions were a successful incentive to improve sales results 
C)  discount sales terms encouraged more customers to buy 
D)  all of the above conclusions are consistent with the results

Question 10

Which one of the following general statements is true -

Accepted Answer

A)  budget amounts cannot be changed at any time 
B)  after setup of budget data, previous operating procedures will change 
C)  budget reports present current ledger data as well as budgeted amounts 
D)  all of the above 
A)  budget amounts cannot be changed at any time 
B)  after setup of budget data, previous operating procedures will change 
C)  budget reports present current ledger data as well as budgeted amounts 
D)  all of the above

Question 11

What reports are affected by the budgeting process -

Accepted Answer

A)  income statements 
B)  balance sheets 
C)  customer sales summary reports 
D)  supplier purchases summary reports 
A)  income statements 
B)  balance sheets 
C)  customer sales summary reports 
D)  supplier purchases summary reports

Question 12

Printing in batches can be used -

Accepted Answer

A)  to print several invoices at one time 
B)  to print several cheques at one time 
C)  to print several sales orders at one time 
D)  for all of the above 
A)  to print several invoices at one time 
B)  to print several cheques at one time 
C)  to print several sales orders at one time 
D)  for all of the above

Question 13

The first step in setting up a budget in Sage 50 Accounting is -

Accepted Answer

A)  changing the general ledger settings for budgeting 
B)  choosing the equity accounts you want included in the budget 
C)  entering budget amounts for the ledger accounts 
D)  choosing set up budget from the settings icon 
A)  changing the general ledger settings for budgeting 
B)  choosing the equity accounts you want included in the budget 
C)  entering budget amounts for the ledger accounts 
D)  choosing set up budget from the settings icon

Question 14

Which of the following statements do not contain features required of a budget -

Accepted Answer

A)  choosing asset and liability accounts 
B)  entering a budget period frequency 
C)  choosing revenue and expense accounts 
D)  entering the budget amounts 
A)  choosing asset and liability accounts 
B)  entering a budget period frequency 
C)  choosing revenue and expense accounts 
D)  entering the budget amounts

Question 15

Batch printing is available -

Accepted Answer

A)  after you turn on the option in the print reports screen 
B)  after you turn on the option in the invoices screen 
C)  after you turn on the option in the forms settings screen 
D)  at any time, you do not need to turn on the feature 
A)  after you turn on the option in the print reports screen 
B)  after you turn on the option in the invoices screen 
C)  after you turn on the option in the forms settings screen 
D)  at any time, you do not need to turn on the feature

Question 16

Budget information may be added to the following reports -

Accepted Answer

A)  general ledger reports 
B)  journal reports 
C)  income statements 
D)  management reports 
A)  general ledger reports 
B)  journal reports 
C)  income statements 
D)  management reports

Question 17

Use the partial income statement below to answer the following group of questions 
$$\begin{array} { l r r r } 
& \text { Actual } & \text { Budget } & \text { Difference } \
\text { Revenue from Sales } & \$ 65000 & \$ 55000 & 18 \% \
\text { Sales Discounts } & - 5000 & - 2000 & 150 \% \
\text { Net Sales } & 60000 & 53000 & 13 \% \
\text { Advertising } & 4000 & 1000 & 300 \% \
\text { Cost of Goods Sold } & 25000 & 28000 & - 11 \% \
& & & \
\text { Sales Commissions } & 6000 & 3000 & 100 \% \
\text { Other Expenses } & 4000 & 4000 & 0 \% \
\text { Total Expenses } & 39000 & 36000 & 8 \% \
& & & \
\text { Net Income } & \mathbf { 2 1 0 0 0 } & \underline { \mathbf { 1 7 0 0 0 } } & \mathbf { 2 4 }
\end{array}$$
-The percentages in the difference section of the statement show that -

Accepted Answer

A)  cost of goods sold was lower than budgeted but other costs were higher 
B)  cost of goods sold was higher than budgeted but other costs were lower 
C)  all expenses were reasonable 
D)  net income was higher than budgeted because the percent difference for expenses was less than the difference for sales 
A)  cost of goods sold was lower than budgeted but other costs were higher 
B)  cost of goods sold was higher than budgeted but other costs were lower 
C)  all expenses were reasonable 
D)  net income was higher than budgeted because the percent difference for expenses was less than the difference for sales

Question 18

Budget amounts should be changed -

Accepted Answer

A)  when actual performance is better than the budget targets 
B)  when expenses are greater than revenue 
C)  at the beginning of each new fiscal period 
D)  not necessarily in any of the situations above 
A)  when actual performance is better than the budget targets 
B)  when expenses are greater than revenue 
C)  at the beginning of each new fiscal period 
D)  not necessarily in any of the situations above

Question 19

In budget reports -

Accepted Answer

A)  the position is favourable when the sales budget amount is higher 
B)  the position is unfavourable when the actual sales amount is lower 
C)  the position is favourable when the budget expense amount is lower 
D)  the position is unfavourable when the actual expense amount is lower 
A)  the position is favourable when the sales budget amount is higher 
B)  the position is unfavourable when the actual sales amount is lower 
C)  the position is favourable when the budget expense amount is lower 
D)  the position is unfavourable when the actual expense amount is lower

Question 20

To print in batches you must -

Accepted Answer

A)  turn on the option to print in batches for all forms in the reports and forms settings screen 
B)  turn on the option to print in batches in the company, forms setting screen 
C)  turn on the option to print in batches for each form you want to print this way 
D)  both b and c above are needed to print in batches 
A)  turn on the option to print in batches for all forms in the reports and forms settings screen 
B)  turn on the option to print in batches in the company, forms setting screen 
C)  turn on the option to print in batches for each form you want to print this way 
D)  both b and c above are needed to print in batches

In the income statement reports, once budgets are set up -

Which of the following statements is correct about budgets -

Once budgets are set up -

If budget forecasts are incorrect you can change the budget amounts by -

Budget frequencies should be changed -

Printing in batches can be turned on -

To change a quarterly budget to a monthly frequency you must -

Which one of the following general statements is true -

What reports are affected by the budgeting process -

Printing in batches can be used -

The first step in setting up a budget in Sage 50 Accounting is -

Which of the following statements do not contain features required of a budget -

Batch printing is available -

Budget information may be added to the following reports -

Budget amounts should be changed -

In budget reports -

To print in batches you must -

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Exam 14: Questions Sound Inc

In the income statement reports, once budgets are set up -

Which of the following statements is correct about budgets -

Once budgets are set up -

If budget forecasts are incorrect you can change the budget amounts by -

Budget frequencies should be changed -

Printing in batches can be turned on -

To change a quarterly budget to a monthly frequency you must -

Which one of the following general statements is true -

What reports are affected by the budgeting process -

Printing in batches can be used -

The first step in setting up a budget in Sage 50 Accounting is -

Which of the following statements do not contain features required of a budget -

Batch printing is available -

Budget information may be added to the following reports -

Budget amounts should be changed -

In budget reports -

To print in batches you must -

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 Tesses Tresses

Questions Velocity

Questions Ryders Routes Advanced Premium Features

Questions Able Associates Advanced Premium Features

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