Question 1

The Cash Flow Projection report allows you to -

Accepted Answer

A)  select more than one cash account 
B)  project future short term cash commitments 
C)  project future long term cash commitments 
D)  all of the above 
A)  select more than one cash account 
B)  project future short term cash commitments 
C)  project future long term cash commitments 
D)  all of the above D

Question 2

When you see the message that a sale will cause the customer to exceed the credit limit, you should -

Accepted Answer

A)  cancel the sale 
B)  call security to escort the customer from the store 
C)  ask the customer to pay for the sale item by cheque 
D)  not necessarily do any of the above 
A)  cancel the sale 
B)  call security to escort the customer from the store 
C)  ask the customer to pay for the sale item by cheque 
D)  not necessarily do any of the above D

Question 3

To record a NSF cheque from a customer you could -

Accepted Answer

A)  choose the adjust a receipt tool, select the customer's receipt, change the amount paid to zero and post 
B)  notify the customer and ask for a new cheque so no additional journal entry will be needed 
C)  in the general journal, debit accounts receivable and credit the bank account for the cheque amount 
D)  choose the adjust a receipt tool, select the customer's receipt, then choose the reverse entry tool 
A)  choose the adjust a receipt tool, select the customer's receipt, change the amount paid to zero and post 
B)  notify the customer and ask for a new cheque so no additional journal entry will be needed 
C)  in the general journal, debit accounts receivable and credit the bank account for the cheque amount 
D)  choose the adjust a receipt tool, select the customer's receipt, then choose the reverse entry tool D

Question 4

A sales journal entry will not balance if we -

Accepted Answer

A)  omit the payment terms 
B)  omit the HST charged on sales 
C)  include a second sale item in the invoice 
D)  this entry will balance whether we omit or include any of the above items 
A)  omit the payment terms 
B)  omit the HST charged on sales 
C)  include a second sale item in the invoice 
D)  this entry will balance whether we omit or include any of the above items

Question 5

Which one of the following general statements about credit cards is correct -

Accepted Answer

A)  credit card payments must be entered in the receipts journal 
B)  credit card receipts are deposited into the accounts receivable account 
C)  credit cards sales do not involve any linked accounts 
D)  the credit card discount fee is deducted from the receipts 
A)  credit card payments must be entered in the receipts journal 
B)  credit card receipts are deposited into the accounts receivable account 
C)  credit cards sales do not involve any linked accounts 
D)  the credit card discount fee is deducted from the receipts

Question 6

Discounts for early payments are offered to encourage customers to -

Accepted Answer

A)  buy more goods or services 
B)  buy on account and pay later instead of paying at the time of the purchase 
C)  settle their accounts on time 
D)  avoid using their credit cards for purchases 
A)  buy more goods or services 
B)  buy on account and pay later instead of paying at the time of the purchase 
C)  settle their accounts on time 
D)  avoid using their credit cards for purchases

Question 7

To reverse a sales invoice for selecting the wrong customer, you should -

Accepted Answer

A)  open the adjusting sales invoice window and choose the reverse entry tool 
B)  open the receipts journal and pay the invoice to cancel it 
C)  open the adjusting sales invoice window and edit the customer name (choose the correct customer) 
D)  make a general journal adjustment that reduces Accounts Receivable and the revenue accounts for the invoice amount 
A)  open the adjusting sales invoice window and choose the reverse entry tool 
B)  open the receipts journal and pay the invoice to cancel it 
C)  open the adjusting sales invoice window and edit the customer name (choose the correct customer) 
D)  make a general journal adjustment that reduces Accounts Receivable and the revenue accounts for the invoice amount

Question 8

Which one of the following is not included as an option for tax reports -

Accepted Answer

A)  report on PST 
B)  report sales transaction amounts 
C)  report purchase transaction amounts 
D)  all of the above can be included in tax reports 
A)  report on PST 
B)  report sales transaction amounts 
C)  report purchase transaction amounts 
D)  all of the above can be included in tax reports

Question 9

To find an invoice you need to adjust when you know only the customer's name, the invoice amount and the approximate date of the sale, you would enter -

Accepted Answer

A)  the customer's name as the search parameter 
B)  a range of dates as the search parameter 
C)  the customer's name and a range of dates as the search parameter 
D)  the invoice amount and customer name as the search parameters 
A)  the customer's name as the search parameter 
B)  a range of dates as the search parameter 
C)  the customer's name and a range of dates as the search parameter 
D)  the invoice amount and customer name as the search parameters

Question 10

To record a NSF cheque, you can -

Accepted Answer

A)  re-enter the original sales invoice to restore the balance owing 
B)  reverse the receipt from the adjusting receipt screen 
C)  make a general journal entry that debits Accounts Receivable and credits the bank account for the cheque amount 
D)  use any of the above methods to record the NSF transaction correctly 
A)  re-enter the original sales invoice to restore the balance owing 
B)  reverse the receipt from the adjusting receipt screen 
C)  make a general journal entry that debits Accounts Receivable and credits the bank account for the cheque amount 
D)  use any of the above methods to record the NSF transaction correctly

Question 11

Customizing the sales journal will not -

Accepted Answer

A)  remove the columns you selected from the journal window 
B)  modify the invoice you print from the journal 
C)  simplify the journal by hiding the fields or columns you do not need 
D)  allow you to change the journal window again later 
A)  remove the columns you selected from the journal window 
B)  modify the invoice you print from the journal 
C)  simplify the journal by hiding the fields or columns you do not need 
D)  allow you to change the journal window again later

Question 12

You can customize the sales journal by -

Accepted Answer

A)  removing any of the columns in the invoice detail section of the journal 
B)  removing the customer address field 
C)  removing the ship to field and its details 
D)  none of the above 
A)  removing any of the columns in the invoice detail section of the journal 
B)  removing the customer address field 
C)  removing the ship to field and its details 
D)  none of the above

Question 13

Which one of the following general statements is correct -

Accepted Answer

A)  a sales discount is recorded as a negative amount in the receipts journal 
B)  a sale return is recorded as a negative amount in the sales journal 
C)  cash sales are recorded as other receipts in the receipts journal 
D)  a and b above are correct 
A)  a sales discount is recorded as a negative amount in the receipts journal 
B)  a sale return is recorded as a negative amount in the sales journal 
C)  cash sales are recorded as other receipts in the receipts journal 
D)  a and b above are correct

Question 14

Transactions entered in the receipts journal will not allow the following -

Accepted Answer

A)  payments greater than the invoice amount 
B)  payments less than the invoice amount 
C)  editing of the discount amount 
D)  reversing a previous payment 
A)  payments greater than the invoice amount 
B)  payments less than the invoice amount 
C)  editing of the discount amount 
D)  reversing a previous payment

Question 15

Adding the discount terms 2/10, n/30 to a sales invoice for $1 000 will -

Accepted Answer

A)  change the accounts receivable amount to $980 
B)  change the cash in bank amount to $980 
C)  credit $20 to accounts receivable and debit $980 when the account is paid 
D)  not change the amounts in the journal entry for the sales invoice 
A)  change the accounts receivable amount to $980 
B)  change the cash in bank amount to $980 
C)  credit $20 to accounts receivable and debit $980 when the account is paid 
D)  not change the amounts in the journal entry for the sales invoice

Question 16

Choosing to show corrections in the journal report options window will -

Accepted Answer

A)  show the original, reversing and correcting entries 
B)  show the original and reversing entries 
C)  show the reversing and correcting entries 
D)  show only the final correct entry 
A)  show the original, reversing and correcting entries 
B)  show the original and reversing entries 
C)  show the reversing and correcting entries 
D)  show only the final correct entry

Question 17

Which one of the following general statements about sales is true -

Accepted Answer

A)  journal reports may be accessed from either the home or the customers windows 
B)  new customers may be added from both the sales and receipts journals 
C)  the message "there is no data to report" may be found in the journal reports 
D)  all of the above 
A)  journal reports may be accessed from either the home or the customers windows 
B)  new customers may be added from both the sales and receipts journals 
C)  the message "there is no data to report" may be found in the journal reports 
D)  all of the above

Question 18

The default customer early payment and discount terms -

Accepted Answer

A)  apply to all customers 
B)  apply only when customers pay at the time of the sale 
C)  are removed automatically when you choose cheque or debit card as the payment method 
D)  can be changed for individual invoices 
A)  apply to all customers 
B)  apply only when customers pay at the time of the sale 
C)  are removed automatically when you choose cheque or debit card as the payment method 
D)  can be changed for individual invoices

Question 19

If you choose Quick Add to enter a sales invoice for a new customer -

Accepted Answer

A)  you can display the customer's transactions in receivables aged detail reports 
B)  no ledger record is created for the new customer 
C)  you cannot choose pay later as the payment method for the sale 
D)  the customer's ledger record will include all the details you added to the invoice 
A)  you can display the customer's transactions in receivables aged detail reports 
B)  no ledger record is created for the new customer 
C)  you cannot choose pay later as the payment method for the sale 
D)  the customer's ledger record will include all the details you added to the invoice

Question 20

In the Receivables module window, you can add shortcuts -

Accepted Answer

A)  only for the general journal and payables journals 
B)  only for purchase invoices and payments 
C)  only for the general journal and the chart of accounts 
D)  for up to ten different journals or ledger functions 
A)  only for the general journal and payables journals 
B)  only for purchase invoices and payments 
C)  only for the general journal and the chart of accounts 
D)  for up to ten different journals or ledger functions

The Cash Flow Projection report allows you to -

When you see the message that a sale will cause the customer to exceed the credit limit, you should -

To record a NSF cheque from a customer you could -

A sales journal entry will not balance if we -

Which one of the following general statements about credit cards is correct -

Discounts for early payments are offered to encourage customers to -

To reverse a sales invoice for selecting the wrong customer, you should -

Which one of the following is not included as an option for tax reports -

To find an invoice you need to adjust when you know only the customer's name, the invoice amount and the approximate date of the sale, you would enter -

To record a NSF cheque, you can -

Customizing the sales journal will not -

You can customize the sales journal by -

Which one of the following general statements is correct -

Transactions entered in the receipts journal will not allow the following -

Adding the discount terms 2/10, n/30 to a sales invoice for $1 000 will -

Choosing to show corrections in the journal report options window will -

Which one of the following general statements about sales is true -

The default customer early payment and discount terms -

If you choose Quick Add to enter a sales invoice for a new customer -

In the Receivables module window, you can add shortcuts -

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Exam 6: Questions Phoebes Photo Studio

The Cash Flow Projection report allows you to -

When you see the message that a sale will cause the customer to exceed the credit limit, you should -

To record a NSF cheque from a customer you could -

A sales journal entry will not balance if we -

Which one of the following general statements about credit cards is correct -

Discounts for early payments are offered to encourage customers to -

To reverse a sales invoice for selecting the wrong customer, you should -

Which one of the following is not included as an option for tax reports -

To find an invoice you need to adjust when you know only the customer's name, the invoice amount and the approximate date of the sale, you would enter -

To record a NSF cheque, you can -

Customizing the sales journal will not -

You can customize the sales journal by -

Which one of the following general statements is correct -

Transactions entered in the receipts journal will not allow the following -

Adding the discount terms 2/10, n/30 to a sales invoice for $1 000 will -

Choosing to show corrections in the journal report options window will -

Which one of the following general statements about sales is true -

The default customer early payment and discount terms -

If you choose Quick Add to enter a sales invoice for a new customer -

In the Receivables module window, you can add shortcuts -

Questions Getting Started

Questions Gst, Hst and Pst

Questions Binhs Bins

Questions Love It Again

Questions Groen Fields

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 Velocity

Questions Ryders Routes Advanced Premium Features

Questions Able Associates Advanced Premium Features

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