Question 1

Realized Exchange Gain/Loss reports can show whether a business -

Accepted Answer

A)  has lost or gained money on foreign transactions because of changes in exchange rates 
B)  has entered the exchange rates correctly in transactions 
C)  should delay or make payments to foreign suppliers immediately to maximize exchange rate gains 
D)  all of the above 
A)  has lost or gained money on foreign transactions because of changes in exchange rates 
B)  has entered the exchange rates correctly in transactions 
C)  should delay or make payments to foreign suppliers immediately to maximize exchange rate gains 
D)  all of the above A

Question 2

To modify a checklist task you should -

Accepted Answer

A)  choose the edit menu, click checklists and then choose edit 
B)  open the checklist, click the task and then click the modify button 
C)  select the checklist, click the modify button, click the task and then click edit 
D)  you cannot modify checklist tasks 
A)  choose the edit menu, click checklists and then choose edit 
B)  open the checklist, click the task and then click the modify button 
C)  select the checklist, click the modify button, click the task and then click edit 
D)  you cannot modify checklist tasks B

Question 3

For a purchase from a foreign supplier, the purchases journal -

Accepted Answer

A)  shows the amounts only in the home currency 
B)  always requires you to type in the exchange rate 
C)  always requires you to choose a currency for the transaction 
D)  none of the above 
A)  shows the amounts only in the home currency 
B)  always requires you to type in the exchange rate 
C)  always requires you to choose a currency for the transaction 
D)  none of the above D

Question 4

When the exchange rate for a foreign currency changes between a sale and the receipt of payment -

Accepted Answer

A)  the amount of the bank deposit is determined by the rate at the time of the sale 
B)  the amount of the bank deposit is determined by the rate at the time of the receipt 
C)  the amount of revenue is determined by the rate at the time of the receipt 
D)  the amount of revenue is the average of the two exchange rates 
A)  the amount of the bank deposit is determined by the rate at the time of the sale 
B)  the amount of the bank deposit is determined by the rate at the time of the receipt 
C)  the amount of revenue is determined by the rate at the time of the receipt 
D)  the amount of revenue is the average of the two exchange rates

Question 5

The linked account for foreign currency transactions -

Accepted Answer

A)  tracks import duties on foreign purchases 
B)  tracks exchange rate differences 
C)  is the bank account for foreign currency receipts and payments 
D)  both b and c are correct 
A)  tracks import duties on foreign purchases 
B)  tracks exchange rate differences 
C)  is the bank account for foreign currency receipts and payments 
D)  both b and c are correct

Question 6

The currency setting for a supplier -

Accepted Answer

A)  allows purchases from the supplier in both currencies 
B)  can be set in the purchases journal after selecting the supplier 
C)  allows purchases from a supplier in only one currency 
D)  is entered in the activity tab screen in the supplier's ledger 
A)  allows purchases from the supplier in both currencies 
B)  can be set in the purchases journal after selecting the supplier 
C)  allows purchases from a supplier in only one currency 
D)  is entered in the activity tab screen in the supplier's ledger

Question 7

The PST (retail sales tax) remittance recorded in the payments journal will -

Accepted Answer

A)  debit PST Payable; credit Bank 
B)  debit PST Payable; credit Bank and PST Compensation 
C)  debit PST Payable; credit Accounts Payable, 
D)  debit PST Payable; credit Accounts Payable and PST Compensation 
A)  debit PST Payable; credit Bank 
B)  debit PST Payable; credit Bank and PST Compensation 
C)  debit PST Payable; credit Accounts Payable, 
D)  debit PST Payable; credit Accounts Payable and PST Compensation

Question 8

Which one of the following statements about taxes is incorrect -

Accepted Answer

A)  HST paid is processed in the purchases journal 
B)  HST payable is processed in the payments journal 
C)  HST refunds are processed in the cash payments journal 
D)  all of the above are correct 
A)  HST paid is processed in the purchases journal 
B)  HST payable is processed in the payments journal 
C)  HST refunds are processed in the cash payments journal 
D)  all of the above are correct

Question 9

When you enter a different exchange rate for a currency during a purchase transaction, you will -

Accepted Answer

A)  be asked if you wish to make the new rate the default rate for that date 
B)  be asked to confirm that you want to change the rate 
C)  need to enter the new rate in the currency information setup window to make it the default 
D)  be reminded to reset the exchange rate in the bank's ledger record 
A)  be asked if you wish to make the new rate the default rate for that date 
B)  be asked to confirm that you want to change the rate 
C)  need to enter the new rate in the currency information setup window to make it the default 
D)  be reminded to reset the exchange rate in the bank's ledger record

Question 10

You must choose Full Add to create a new foreign supplier record from the purchases journal in order to -

Accepted Answer

A)  access the address tab information to enter the foreign address 
B)  access the options tab to choose the foreign currency 
C)  access the taxes tab to indicate whether the supplier charges tax 
D)  access the options tab to enter the payment terms 
A)  access the address tab information to enter the foreign address 
B)  access the options tab to choose the foreign currency 
C)  access the taxes tab to indicate whether the supplier charges tax 
D)  access the options tab to enter the payment terms

Question 11

The main reason for adding the reminder if an exchange rate is more than one day old is -

Accepted Answer

A)  the exchange rate always changes from one day to the next 
B)  the exchange rate may change from one day to the next 
C)  to remind you to enter an exchange rate on the invoice 
D)  the reminder is not needed 
A)  the exchange rate always changes from one day to the next 
B)  the exchange rate may change from one day to the next 
C)  to remind you to enter an exchange rate on the invoice 
D)  the reminder is not needed

Question 12

Exchange rates for foreign currency transactions -

Accepted Answer

A)  must be entered in the journal for each transaction 
B)  are required only when there is a change in the rate 
C)  must be entered before you open the purchases or sales journals 
D)  must be entered before making a payment or accepting a receipt 
A)  must be entered in the journal for each transaction 
B)  are required only when there is a change in the rate 
C)  must be entered before you open the purchases or sales journals 
D)  must be entered before making a payment or accepting a receipt

Question 13

Which one of the following general statements is true -

Accepted Answer

A)  GST charged is processed in the receipts journal 
B)  GST payable is processed in the receipts journal 
C)  customer NSF cheques are processed in the receipts journal 
D)  PST refunds are processed in the receipts journal 
A)  GST charged is processed in the receipts journal 
B)  GST payable is processed in the receipts journal 
C)  customer NSF cheques are processed in the receipts journal 
D)  PST refunds are processed in the receipts journal

Question 14

Why might GST amounts in the ledger differ from the GST report -

Accepted Answer

A)  GST paid is recorded from the total in the purchases journal 
B)  there is an outstanding GST account balance before the first journal entry 
C)  GST charged is recorded from the sales journal 
D)  the GST ledger and GST report are always in balance 
A)  GST paid is recorded from the total in the purchases journal 
B)  there is an outstanding GST account balance before the first journal entry 
C)  GST charged is recorded from the sales journal 
D)  the GST ledger and GST report are always in balance

Question 15

One of the following transactions may not be entered in the payments journal -

Accepted Answer

A)  payments toward outstanding invoices 
B)  cash purchases 
C)  payments toward a credit card bill 
D)  all of the above may be entered in the payments journal 
A)  payments toward outstanding invoices 
B)  cash purchases 
C)  payments toward a credit card bill 
D)  all of the above may be entered in the payments journal

Question 16

From the invoice lookup window you cannot -

Accepted Answer

A)  change the invoice details to correct a mistake 
B)  view a different invoice 
C)  track shipment of the items purchased or sold 
D)  store the invoice 
A)  change the invoice details to correct a mistake 
B)  view a different invoice 
C)  track shipment of the items purchased or sold 
D)  store the invoice

Question 17

Checklists are helpful because they -

Accepted Answer

A)  remind you about routine procedures that should be completed 
B)  can be edited to suit the needs of your own business 
C)  remind you about bill payments that are due 
D)  a and b above 
A)  remind you about routine procedures that should be completed 
B)  can be edited to suit the needs of your own business 
C)  remind you about bill payments that are due 
D)  a and b above

Question 18

To access checklists, you should -

Accepted Answer

A)  choose the view menu and click view checklists 
B)  click the checklists tool button in the classic view home window 
C)  choose the business assistant menu and click checklists 
D)  b or c above 
A)  choose the view menu and click view checklists 
B)  click the checklists tool button in the classic view home window 
C)  choose the business assistant menu and click checklists 
D)  b or c above

Question 19

Checklists should be viewed -

Accepted Answer

A)  each time you complete a series of accounting transactions 
B)  before you make a backup copy 
C)  regularly, at the end of normal business periods 
D)  there is no need to view checklists; they are not important 
A)  each time you complete a series of accounting transactions 
B)  before you make a backup copy 
C)  regularly, at the end of normal business periods 
D)  there is no need to view checklists; they are not important

Question 20

The linked accounts for Freight and GST will be updated after which entry -

Accepted Answer

A)  a purchase invoice with cash payment 
B)  a purchase invoice on account with transportation costs 
C)  a purchase invoice quote only 
D)  the cash payment entry for choice (b) 
A)  a purchase invoice with cash payment 
B)  a purchase invoice on account with transportation costs 
C)  a purchase invoice quote only 
D)  the cash payment entry for choice (b)

Realized Exchange Gain/Loss reports can show whether a business -

To modify a checklist task you should -

For a purchase from a foreign supplier, the purchases journal -

When the exchange rate for a foreign currency changes between a sale and the receipt of payment -

The linked account for foreign currency transactions -

The currency setting for a supplier -

The PST (retail sales tax) remittance recorded in the payments journal will -

Which one of the following statements about taxes is incorrect -

When you enter a different exchange rate for a currency during a purchase transaction, you will -

You must choose Full Add to create a new foreign supplier record from the purchases journal in order to -

The main reason for adding the reminder if an exchange rate is more than one day old is -

Exchange rates for foreign currency transactions -

Which one of the following general statements is true -

Why might GST amounts in the ledger differ from the GST report -

One of the following transactions may not be entered in the payments journal -

From the invoice lookup window you cannot -

Checklists are helpful because they -

To access checklists, you should -

Checklists should be viewed -

The linked accounts for Freight and GST will be updated after which entry -

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Exam 12: Questions Maple Leaf Rags

Realized Exchange Gain/Loss reports can show whether a business -

To modify a checklist task you should -

For a purchase from a foreign supplier, the purchases journal -

When the exchange rate for a foreign currency changes between a sale and the receipt of payment -

The linked account for foreign currency transactions -

The currency setting for a supplier -

The PST (retail sales tax) remittance recorded in the payments journal will -

Which one of the following statements about taxes is incorrect -

When you enter a different exchange rate for a currency during a purchase transaction, you will -

You must choose Full Add to create a new foreign supplier record from the purchases journal in order to -

The main reason for adding the reminder if an exchange rate is more than one day old is -

Exchange rates for foreign currency transactions -

Which one of the following general statements is true -

Why might GST amounts in the ledger differ from the GST report -

One of the following transactions may not be entered in the payments journal -

From the invoice lookup window you cannot -

Checklists are helpful because they -

To access checklists, you should -

Checklists should be viewed -

The linked accounts for Freight and GST will be updated after which entry -

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 Shady Corners

Questions Sound Inc

Questions Tesses Tresses

Questions Velocity

Questions Ryders Routes Advanced Premium Features

Questions Able Associates Advanced Premium Features

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