Question 1

A business that provides only services -

Accepted Answer

A)  can use the Inventory and Services module 
B)  cannot use the Inventory and Services module 
C)  must buy the services from an external supplier in order to use the Inventory and Services module 
D)  must have standard prices for the services in order to use the Inventory and Services module 
A)  can use the Inventory and Services module 
B)  cannot use the Inventory and Services module 
C)  must buy the services from an external supplier in order to use the Inventory and Services module 
D)  must have standard prices for the services in order to use the Inventory and Services module A

Question 2

Which of the following best describes inventory item linked accounts -

Accepted Answer

A)  when you purchase the item, the asset account is debited 
B)  when you sell the item, the revenue account is credited 
C)  when you sell the item, the cost of goods sold account is debited 
D)  all of the above 
A)  when you purchase the item, the asset account is debited 
B)  when you sell the item, the revenue account is credited 
C)  when you sell the item, the cost of goods sold account is debited 
D)  all of the above D

Question 3

The discount amount for the sale of inventory items to a preferred customer appears in the journal entry as -

Accepted Answer

A)  a credit to the linked sales discount revenue account 
B)  a debit to the linked sales discount revenue account 
C)  a decreased amount for the linked sales revenue account 
D)  an increased amount for the linked sales revenue account 
A)  a credit to the linked sales discount revenue account 
B)  a debit to the linked sales discount revenue account 
C)  a decreased amount for the linked sales revenue account 
D)  an increased amount for the linked sales revenue account C

Question 4

When you complete an item assembly journal entry to assemble new inventory -

Accepted Answer

A)  you must transfer inventory items one at a time 
B)  additional setup costs are divided equally among the assembled items 
C)  the quantity of assembled items will decrease 
D)  the quantity of assembly components will increase 
A)  you must transfer inventory items one at a time 
B)  additional setup costs are divided equally among the assembled items 
C)  the quantity of assembled items will decrease 
D)  the quantity of assembly components will increase

Question 5

To determine how many items you have left in stock, you would print -

Accepted Answer

A)  the inventory and service statistics 
B)  the inventory quantity report 
C)  the inventory summary report 
D)  b & c 
A)  the inventory and service statistics 
B)  the inventory quantity report 
C)  the inventory summary report 
D)  b & c

Question 6

Which statement is not true about inventory linked accounts -

Accepted Answer

A)  accounts cannot be changed when recording an inventory purchase 
B)  accounts cannot be changed in adjustments journal entries 
C)  accounts can be changed when recording a sale of inventory 
D)  the main way to change the linked asset is to edit the ledger record 
A)  accounts cannot be changed when recording an inventory purchase 
B)  accounts cannot be changed in adjustments journal entries 
C)  accounts can be changed when recording a sale of inventory 
D)  the main way to change the linked asset is to edit the ledger record

Question 7

If the wrong inventory is selected in a purchase, you can make the correction before posting by -

Accepted Answer

A)  opening a new purchase invoice and entering the correct work 
B)  selecting the incorrect field, entering the correct item, re-entering the quantity 
C)  re-selecting the supplier from the suppliers list and recording the purchase from scratch 
D)  removing the purchase invoice from the edit menu and choosing redo 
A)  opening a new purchase invoice and entering the correct work 
B)  selecting the incorrect field, entering the correct item, re-entering the quantity 
C)  re-selecting the supplier from the suppliers list and recording the purchase from scratch 
D)  removing the purchase invoice from the edit menu and choosing redo

Question 8

The Inventory module window has journal icons for -

Accepted Answer

A)  inventory sales and inventory purchases 
B)  item assembly and inventory adjustments 
C)  inventory sales and inventory adjustments 
D)  all of the above 
A)  inventory sales and inventory purchases 
B)  item assembly and inventory adjustments 
C)  inventory sales and inventory adjustments 
D)  all of the above

Question 9

Which of the following general statements is not correct -

Accepted Answer

A)  you can change the selling price for individual sales by editing the price column 
B)  when a customer returns merchandise the HST charged on sales is debited in the sales return entry 
C)  enter purchase returns in the adjustments journal to show the decrease in inventory 
D)  freight expenses that are linked to a single inventory item may be added to the purchase price for the item 
A)  you can change the selling price for individual sales by editing the price column 
B)  when a customer returns merchandise the HST charged on sales is debited in the sales return entry 
C)  enter purchase returns in the adjustments journal to show the decrease in inventory 
D)  freight expenses that are linked to a single inventory item may be added to the purchase price for the item

Question 10

If HST charged had been omitted from a posted inventory sales invoice, you could make the correction by -

Accepted Answer

A)  selecting the invoice through the adjust an invoice screen and adding the tax code that charges HST 
B)  entering a new corrected invoice 
C)  changing the tax code settings 
D)  there is no need to make a correction because HST is not charged on inventory sales 
A)  selecting the invoice through the adjust an invoice screen and adding the tax code that charges HST 
B)  entering a new corrected invoice 
C)  changing the tax code settings 
D)  there is no need to make a correction because HST is not charged on inventory sales

Question 11

Which of the following best describes the selection of inventory items in the sales journal -

Accepted Answer

A)  selection lists are available only from the Item Number field list icon or by double clicking the Item Number field 
B)  selection lists in the Item Description fields are sorted by inventory name or description 
C)  you cannot create new inventory items from the sales journal 
D)  both a and c are correct 
A)  selection lists are available only from the Item Number field list icon or by double clicking the Item Number field 
B)  selection lists in the Item Description fields are sorted by inventory name or description 
C)  you cannot create new inventory items from the sales journal 
D)  both a and c are correct

Question 12

In the sales journal, inventory item selection lists are available from -

Accepted Answer

A)  the Item Number field list icon 
B)  the Item Number field list arrow 
C)  the Item Description field 
D)  all of the above 
A)  the Item Number field list icon 
B)  the Item Number field list arrow 
C)  the Item Description field 
D)  all of the above

Question 13

When you reverse a pay later invoice that was already paid, Sage 50 Accounting will -

Accepted Answer

A)  reverse the payment for the invoice automatically 
B)  create a credit entry for Accounts Receivable and a credit note for the customer 
C)  create a debit entry for Accounts Receivable and a credit note for the customer 
D)  warn that the invoice has been paid and you cannot reverse it until you reverse the payment 
A)  reverse the payment for the invoice automatically 
B)  create a credit entry for Accounts Receivable and a credit note for the customer 
C)  create a debit entry for Accounts Receivable and a credit note for the customer 
D)  warn that the invoice has been paid and you cannot reverse it until you reverse the payment

Question 14

Which of the following statements is true about inventory sales journal entries -

Accepted Answer

A)  the revenue account number can be edited 
B)  a negative quantity must be entered for a sales return 
C)  displaying the entry before making changes is a good idea 
D)  all of the above 
A)  the revenue account number can be edited 
B)  a negative quantity must be entered for a sales return 
C)  displaying the entry before making changes is a good idea 
D)  all of the above

Question 15

When setting up a new inventory item that is combined from other items -

Accepted Answer

A)  enter each of the original items one at a time 
B)  enter all the original items together 
C)  set up an inventory ledger record, name the item, record the linked accounts 
D)  none of the above 
A)  enter each of the original items one at a time 
B)  enter all the original items together 
C)  set up an inventory ledger record, name the item, record the linked accounts 
D)  none of the above

Question 16

When you see the message that a sale has caused one or more items to drop below the reorder point, you should -

Accepted Answer

A)  cancel the sale 
B)  reduce the quantity for the sale 
C)  review the inventory statistics reports to see the items that you need to reorder 
D)  review the inventory quantity reports to see the items that you need to reorder 
A)  cancel the sale 
B)  reduce the quantity for the sale 
C)  review the inventory statistics reports to see the items that you need to reorder 
D)  review the inventory quantity reports to see the items that you need to reorder

Question 17

You should use the adjustments journal to record -

Accepted Answer

A)  adjustments to inventory purchase prices from the supplier as an allowance for damages 
B)  adjustments to inventory sale prices to customers as an allowance for damages 
C)  adjustments to inventory in stock for damaged goods 
D)  all of the above 
A)  adjustments to inventory purchase prices from the supplier as an allowance for damages 
B)  adjustments to inventory sale prices to customers as an allowance for damages 
C)  adjustments to inventory in stock for damaged goods 
D)  all of the above

Question 18

Which of the following statements about inventory is not correct -

Accepted Answer

A)  you can change the default price when you purchase inventory 
B)  you can change the default price when you sell inventory 
C)  you can change the default asset account when you purchase inventory 
D)  you can change the default revenue account when you sell inventory 
A)  you can change the default price when you purchase inventory 
B)  you can change the default price when you sell inventory 
C)  you can change the default asset account when you purchase inventory 
D)  you can change the default revenue account when you sell inventory

Question 19

Why does an inventory purchase not usually include a RST/PST amount -

Accepted Answer

A)  the RST/PST default has not been set up 
B)  the RST/PST amount was missed and not entered 
C)  the merchandise is for resale and therefore RST/PST exempt 
D)  only the GST is required on business purchases 
A)  the RST/PST default has not been set up 
B)  the RST/PST amount was missed and not entered 
C)  the merchandise is for resale and therefore RST/PST exempt 
D)  only the GST is required on business purchases

Question 20

Transactions entered in the inventory journals will allow all but one of the following -

Accepted Answer

A)  recording of customer and supplier invoices involving inventory 
B)  adjustments for lost, stolen or damaged goods 
C)  transfers from one inventory item to another 
D)  the assembly of various inventory items into one finished product 
A)  recording of customer and supplier invoices involving inventory 
B)  adjustments for lost, stolen or damaged goods 
C)  transfers from one inventory item to another 
D)  the assembly of various inventory items into one finished product

A business that provides only services -

Which of the following best describes inventory item linked accounts -

The discount amount for the sale of inventory items to a preferred customer appears in the journal entry as -

When you complete an item assembly journal entry to assemble new inventory -

To determine how many items you have left in stock, you would print -

Which statement is not true about inventory linked accounts -

If the wrong inventory is selected in a purchase, you can make the correction before posting by -

The Inventory module window has journal icons for -

Which of the following general statements is not correct -

If HST charged had been omitted from a posted inventory sales invoice, you could make the correction by -

Which of the following best describes the selection of inventory items in the sales journal -

In the sales journal, inventory item selection lists are available from -

When you reverse a pay later invoice that was already paid, Sage 50 Accounting will -

Which of the following statements is true about inventory sales journal entries -

When setting up a new inventory item that is combined from other items -

When you see the message that a sale has caused one or more items to drop below the reorder point, you should -

You should use the adjustments journal to record -

Which of the following statements about inventory is not correct -

Why does an inventory purchase not usually include a RST/PST amount -

Transactions entered in the inventory journals will allow all but one of the following -

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Exam 10: Questions Karas Kitchens

A business that provides only services -

Which of the following best describes inventory item linked accounts -

The discount amount for the sale of inventory items to a preferred customer appears in the journal entry as -

When you complete an item assembly journal entry to assemble new inventory -

To determine how many items you have left in stock, you would print -

Which statement is not true about inventory linked accounts -

If the wrong inventory is selected in a purchase, you can make the correction before posting by -

The Inventory module window has journal icons for -

Which of the following general statements is not correct -

If HST charged had been omitted from a posted inventory sales invoice, you could make the correction by -

Which of the following best describes the selection of inventory items in the sales journal -

In the sales journal, inventory item selection lists are available from -

When you reverse a pay later invoice that was already paid, Sage 50 Accounting will -

Which of the following statements is true about inventory sales journal entries -

When setting up a new inventory item that is combined from other items -

When you see the message that a sale has caused one or more items to drop below the reorder point, you should -

You should use the adjustments journal to record -

Which of the following statements about inventory is not correct -

Why does an inventory purchase not usually include a RST/PST amount -

Transactions entered in the inventory journals will allow all but one of the following -

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 Andersson Chiropractic Clinic

Questions Maple Leaf Rags

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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