Question 1

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 B

Question 2

You will find the transfer funds journal icon in -

Accepted Answer

A) the company module window 
B) the general journal transactions drop-down list 
C) the banking module window 
D) all of the above 
A) the company module window 
B) the general journal transactions drop-down list 
C) the banking module window 
D) all of the above C

Question 3

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 C

Question 4

When the exchange rate for a foreign currency increases between a purchase and a payment -

Accepted Answer

A) the payment amount is set by the exchange rate at the time of the purchase 
B) the difference between the two rates is debited to the asset or expense account for the purchase 
C) the difference between the two rates is credited to the linked expense account for tracking exchange rate differences 
D) the difference between the two rates is debited to the linked expense account for tracking exchange rate differences 
A) the payment amount is set by the exchange rate at the time of the purchase 
B) the difference between the two rates is debited to the asset or expense account for the purchase 
C) the difference between the two rates is credited to the linked expense account for tracking exchange rate differences 
D) the difference between the two rates is debited to the linked expense account for tracking exchange rate differences

Question 5

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 6

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 7

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)

Question 8

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 9

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 10

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

Question 11

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 12

Enter the tracking site information for a shipper -

Accepted Answer

A) in the purchases journal tracking site field 
B) in the payables ledger settings window 
C) in the supplier record for the shipper 
D) at any time when using the program 
A) in the purchases journal tracking site field 
B) in the payables ledger settings window 
C) in the supplier record for the shipper 
D) at any time when using the program

Question 13

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

Question 14

When paying a credit card bill -

Accepted Answer

A) enter the interest amount in the additional Fees & Interest amount field 
B) enter the fees in the amount field 
C) enter the amount for purchases in the amount field 
D) enter the total payment amount in the amount field 
A) enter the interest amount in the additional Fees & Interest amount field 
B) enter the fees in the amount field 
C) enter the amount for purchases in the amount field 
D) enter the total payment amount in the amount field

Question 15

When your accountant is working with the Accountant's Copy of your data file,you cannot −

Accepted Answer

A) change an account number 
B) start a new fiscal period 
C) enter general journal transactions 
D) make a backup copy of your data file 
A) change an account number 
B) start a new fiscal period 
C) enter general journal transactions 
D) make a backup copy of your data file

Question 16

To e-mail a purchase order to a supplier you should -

Accepted Answer

A) complete the order,choose the e-mail function and then record the order 
B) complete the order,record it and then choose the e-mail function 
C) complete the order,post it to save it and then choose the e-mail function 
D) complete the order,fill the order and then choose the e-mail function 
A) complete the order,choose the e-mail function and then record the order 
B) complete the order,record it and then choose the e-mail function 
C) complete the order,post it to save it and then choose the e-mail function 
D) complete the order,fill the order and then choose the e-mail function

Question 17

Exchange rates are required in journal entries -

Accepted Answer

A) only when payments are made to suppliers or received from customers because money has changed hands 
B) only at the time of a purchase or sale because the expense or income is realized at that time in accrual-based accounting 
C) whenever the exchange rate changes because otherwise they do not affect amounts in journal transactions 
D) for all journal transactions involving foreign currencies 
A) only when payments are made to suppliers or received from customers because money has changed hands 
B) only at the time of a purchase or sale because the expense or income is realized at that time in accrual-based accounting 
C) whenever the exchange rate changes because otherwise they do not affect amounts in journal transactions 
D) for all journal transactions involving foreign currencies

Question 18

Checklists may not be used to -

Accepted Answer

A) verify that a task has been completed 
B) monitor that customer accounts are paid in full 
C) see the tasks that are recommended for different periods 
D) create a list of tasks unique for your company 
A) verify that a task has been completed 
B) monitor that customer accounts are paid in full 
C) see the tasks that are recommended for different periods 
D) create a list of tasks unique for your company

Question 19

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 20

Adjusting entries are required before closing the books -

Accepted Answer

A) to record previously unrecorded purchases 
B) to record previously unrecorded sales 
C) to adjust all ledger accounts to their correct values at year end 
D) to adjust previously incorrect entries 
A) to record previously unrecorded purchases 
B) to record previously unrecorded sales 
C) to adjust all ledger accounts to their correct values at year end 
D) to adjust previously incorrect entries

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

You will find the transfer funds journal icon in -

The currency setting for a supplier -

When the exchange rate for a foreign currency increases between a purchase and a payment -

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

Which one of the following statements about taxes is incorrect -

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

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

Checklists are helpful because they -

To modify a checklist task you should -

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

Enter the tracking site information for a shipper -

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

When paying a credit card bill -

When your accountant is working with the Accountant's Copy of your data file,you cannot −

To e-mail a purchase order to a supplier you should -

Exchange rates are required in journal entries -

Checklists may not be used to -

Exchange rates for foreign currency transactions -

Adjusting entries are required before closing the books -

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

Shady Corners

Sound Inc

Tesses Tresses

Velocity

Ryders Routes Advanced Premium Features

Able Associates Advanced Premium Features

Filters

Exam 12: Maple Leaf Rags

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

You will find the transfer funds journal icon in -

The currency setting for a supplier -

When the exchange rate for a foreign currency increases between a purchase and a payment -

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

Which one of the following statements about taxes is incorrect -

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

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

Checklists are helpful because they -

To modify a checklist task you should -

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

Enter the tracking site information for a shipper -

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

When paying a credit card bill -

When your accountant is working with the Accountant's Copy of your data file,you cannot −

To e-mail a purchase order to a supplier you should -

Exchange rates are required in journal entries -

Checklists may not be used to -

Exchange rates for foreign currency transactions -

Adjusting entries are required before closing the books -

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

Shady Corners

Sound Inc

Tesses Tresses

Velocity

Ryders Routes Advanced Premium Features

Able Associates Advanced Premium Features

Filters