Question 1

You might use the assign tax codes feature -

Accepted Answer

A) to change tax codes already assigned to customers 
B) change the tax codes for all customers from a single screen 
C) remove tax codes already assigned to customers 
D) for all of the above 
A) to change tax codes already assigned to customers 
B) change the tax codes for all customers from a single screen 
C) remove tax codes already assigned to customers 
D) for all of the above D

Question 2

You can change the default industry terminology for all of the following except -

Accepted Answer

A) sales and purchase quotes and orders 
B) receipts and payments 
C) sales and purchases 
D) suppliers and customers 
A) sales and purchase quotes and orders 
B) receipts and payments 
C) sales and purchases 
D) suppliers and customers B

Question 3

From the inventory settings options screen you may choose all but one of the following -

Accepted Answer

A) profit evaluation method 
B) method of sorting inventory 
C) inventory linked accounts 
D) allow inventory levels to go below zero 
A) profit evaluation method 
B) method of sorting inventory 
C) inventory linked accounts 
D) allow inventory levels to go below zero C

Question 4

After you finish the history for a company data set,you cannot change the inventory -

Accepted Answer

A) item number 
B) item description 
C) unit of measure 
D) you can change any of these inventory details 
A) item number 
B) item description 
C) unit of measure 
D) you can change any of these inventory details

Question 5

Which one of the following statements about inventory prices for foreign customers is not correct -

Accepted Answer

A) foreign prices may be entered in the inventory ledger 
B) inventory prices in the ledger may be stated only in the home currency 
C) prices may be based on the exchange rate at the time of the sale 
D) prices may be based on the exchange rate in the customer's ledger 
A) foreign prices may be entered in the inventory ledger 
B) inventory prices in the ledger may be stated only in the home currency 
C) prices may be based on the exchange rate at the time of the sale 
D) prices may be based on the exchange rate in the customer's ledger

Question 6

To sell inventory items,you must -

Accepted Answer

A) identify linked revenue and C.O.G.S.accounts for inventory items 
B) identify linked inventory adjustment and write-off accounts 
C) identify linked revenue and C.O.G.S.accounts 
D) identify linked variance,asset and revenue accounts 
A) identify linked revenue and C.O.G.S.accounts for inventory items 
B) identify linked inventory adjustment and write-off accounts 
C) identify linked revenue and C.O.G.S.accounts 
D) identify linked variance,asset and revenue accounts

Question 7

To change a supplier's currency after entering historical invoices and before finishing the history you must -

Accepted Answer

A) delete the supplier record and re-enter it 
B) edit the currency selection 
C) select the correct currency for later invoices and it will be changed for the supplier overall 
D) pay historical transactions,clear paid transactions,remove the supplier record,re-enter the supplier with the correct currency selection and re-enter the historical invoices 
A) delete the supplier record and re-enter it 
B) edit the currency selection 
C) select the correct currency for later invoices and it will be changed for the supplier overall 
D) pay historical transactions,clear paid transactions,remove the supplier record,re-enter the supplier with the correct currency selection and re-enter the historical invoices

Question 8

The currency setting for a bank account is changed in -

Accepted Answer

A) the settings window for the general ledger 
B) the account tab screen of the bank's ledger record 
C) the class options tab screen of the bank's ledger record 
D) the bank tab screen of the bank's ledger record 
A) the settings window for the general ledger 
B) the account tab screen of the bank's ledger record 
C) the class options tab screen of the bank's ledger record 
D) the bank tab screen of the bank's ledger record

Question 9

If inventory statistics details are not entered you will -

Accepted Answer

A) allow tracking of year-to-date inventory sales and purchases 
B) not be able to track year-to-date inventory sales and purchases 
C) allow tracking of number of transactions purchased 
D) allow tracking of number of transactions sold 
A) allow tracking of year-to-date inventory sales and purchases 
B) not be able to track year-to-date inventory sales and purchases 
C) allow tracking of number of transactions purchased 
D) allow tracking of number of transactions sold

Question 10

There are two units of an inventory item in stock.The selling price is $400 and the value is $400.What is the individual cost of the item -

Accepted Answer

A) $100 
B) $200 
C) $300 
D) $400 
A) $100 
B) $200 
C) $300 
D) $400

Question 11

You can access the assign tax codes feature from -

Accepted Answer

A) the Company Sales Taxes settings window 
B) the Payables tax codes settings window 
C) the Receivables tax codes settings window 
D) the ledger records for customers or suppliers 
A) the Company Sales Taxes settings window 
B) the Payables tax codes settings window 
C) the Receivables tax codes settings window 
D) the ledger records for customers or suppliers

Question 12

Inventory prices for sales to foreign customers -

Accepted Answer

A) may be based on the exchange rate 
B) may be selected from the ledger record 
C) may be changed or entered in the sales journal 
D) all of the above 
A) may be based on the exchange rate 
B) may be selected from the ledger record 
C) may be changed or entered in the sales journal 
D) all of the above

Question 13

You cannot enter separate inventory prices for -

Accepted Answer

A) individual inventory asset accounts 
B) preferred customers 
C) individual inventory items 
D) foreign customers 
A) individual inventory asset accounts 
B) preferred customers 
C) individual inventory items 
D) foreign customers

Question 14

Which of the following can be done from the inventory ledger -

Accepted Answer

A) change inventory profit evaluation from markup to margin 
B) create a ledger for Services Revenue 
C) create a new inventory item 
D) all of the above 
A) change inventory profit evaluation from markup to margin 
B) create a ledger for Services Revenue 
C) create a new inventory item 
D) all of the above

Question 15

Which of the following choices are not options when using the inventory ledger -

Accepted Answer

A) accessing inventory lists from the home window or the inventory & services window 
B) item assembly costs or adjustment write-off costs 
C) sort inventory by item and name 
D) profit evaluation method by markup or margin 
A) accessing inventory lists from the home window or the inventory & services window 
B) item assembly costs or adjustment write-off costs 
C) sort inventory by item and name 
D) profit evaluation method by markup or margin

Question 16

If you are unable to finish entering the history for the inventory ledger,a message might advise you that -

Accepted Answer

A) the inventory items historical information does not equal the opening balances of their linked asset accounts 
B) the linked accounts are not in logical order or are missing 
C) a backup copy of the file has not been taken 
D) the inventory items historical information does not equal the opening balances of their linked revenue accounts 
A) the inventory items historical information does not equal the opening balances of their linked asset accounts 
B) the linked accounts are not in logical order or are missing 
C) a backup copy of the file has not been taken 
D) the inventory items historical information does not equal the opening balances of their linked revenue accounts

Question 17

Ledger records for inventory items and services differ as to -

Accepted Answer

A) the requirement to enter linked expense accounts 
B) the requirement to enter linked revenue accounts 
C) the requirement to enter linked asset accounts 
D) items and services require the same linked accounts 
A) the requirement to enter linked expense accounts 
B) the requirement to enter linked revenue accounts 
C) the requirement to enter linked asset accounts 
D) items and services require the same linked accounts

Question 18

Which one of the following is the preferred order for entering supplier information -

Accepted Answer

A) supplier name and address,historical invoices,terms,currency 
B) supplier name and address,terms,currency,historical invoices 
C) supplier name,terms,sales taxes and codes,historical invoices,currency 
D) it does not matter which order you use to enter the above information 
A) supplier name and address,historical invoices,terms,currency 
B) supplier name and address,terms,currency,historical invoices 
C) supplier name,terms,sales taxes and codes,historical invoices,currency 
D) it does not matter which order you use to enter the above information

Question 19

One of the following is required when import duties are charged on purchases -

Accepted Answer

A) change the inventory ledger settings to charge duty on inventory items 
B) change the payables ledger settings to charge import duties 
C) enter a linked account to track import duties 
D) change the system settings to charge import duties 
A) change the inventory ledger settings to charge duty on inventory items 
B) change the payables ledger settings to charge import duties 
C) enter a linked account to track import duties 
D) change the system settings to charge import duties

Question 20

Which one of the following is not a reason for entering currency information early in the setup -

Accepted Answer

A) to allow entering sales tax codes for foreign suppliers and customers 
B) to allow selection of currency for suppliers and customers 
C) to allow entering bank account balances in the foreign currency 
D) to allow entering the linked bank account for foreign currency transactions 
A) to allow entering sales tax codes for foreign suppliers and customers 
B) to allow selection of currency for suppliers and customers 
C) to allow entering bank account balances in the foreign currency 
D) to allow entering the linked bank account for foreign currency transactions

You might use the assign tax codes feature -

You can change the default industry terminology for all of the following except -

From the inventory settings options screen you may choose all but one of the following -

After you finish the history for a company data set,you cannot change the inventory -

Which one of the following statements about inventory prices for foreign customers is not correct -

To sell inventory items,you must -

To change a supplier's currency after entering historical invoices and before finishing the history you must -

The currency setting for a bank account is changed in -

If inventory statistics details are not entered you will -

There are two units of an inventory item in stock.The selling price is $400 and the value is $400.What is the individual cost of the item -

You can access the assign tax codes feature from -

Inventory prices for sales to foreign customers -

You cannot enter separate inventory prices for -

Which of the following can be done from the inventory ledger -

Which of the following choices are not options when using the inventory ledger -

If you are unable to finish entering the history for the inventory ledger,a message might advise you that -

Ledger records for inventory items and services differ as to -

Which one of the following is the preferred order for entering supplier information -

One of the following is required when import duties are charged on purchases -

Which one of the following is not a reason for entering currency information early in the setup -

Getting Started

GST,hST and PST

Binhs Bins

Love It Again

Groen Fields

Phoebes Photo Studio

Air Care Services

Helenas Academy

Northern Lights

Flabuless Fitness

Andersson Chiropractic Clinic

Maple Leaf Rags

Shady Corners

Sound Inc

Tesses Tresses

Ryders Routes Advanced Premium Features

Able Associates Advanced Premium Features

Filters

Exam 16: Velocity

You might use the assign tax codes feature -

You can change the default industry terminology for all of the following except -

From the inventory settings options screen you may choose all but one of the following -

After you finish the history for a company data set,you cannot change the inventory -

Which one of the following statements about inventory prices for foreign customers is not correct -

To sell inventory items,you must -

To change a supplier's currency after entering historical invoices and before finishing the history you must -

The currency setting for a bank account is changed in -

If inventory statistics details are not entered you will -

There are two units of an inventory item in stock.The selling price is $400 and the value is $400.What is the individual cost of the item -

You can access the assign tax codes feature from -

Inventory prices for sales to foreign customers -

You cannot enter separate inventory prices for -

Which of the following can be done from the inventory ledger -

Which of the following choices are not options when using the inventory ledger -

If you are unable to finish entering the history for the inventory ledger,a message might advise you that -

Ledger records for inventory items and services differ as to -

Which one of the following is the preferred order for entering supplier information -

One of the following is required when import duties are charged on purchases -

Which one of the following is not a reason for entering currency information early in the setup -

Getting Started

GST,hST and PST

Binhs Bins

Love It Again

Groen Fields

Phoebes Photo Studio

Air Care Services

Helenas Academy

Northern Lights

Flabuless Fitness

Andersson Chiropractic Clinic

Maple Leaf Rags

Shady Corners

Sound Inc

Tesses Tresses

Ryders Routes Advanced Premium Features

Able Associates Advanced Premium Features

Filters