Question 1

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 2

Creating an Accountant's Copy of your data allows your accountant to -

Accepted Answer

A) check your journal transactions and correct your posted entries 
B) create adjusting journal entries that you can add to your data file 
C) start a new fiscal period for your company records 
D) all of the above 
A) check your journal transactions and correct your posted entries 
B) create adjusting journal entries that you can add to your data file 
C) start a new fiscal period for your company records 
D) all of the above

Question 3

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

Accepted Answer

A) GST charged must be entered as credit amount 
B) PST charged must be entered as a debit amount 
C) GST charged must be entered as a debit amount 
D) PST charged operates in a similar fashion to GST charged 
A) GST charged must be entered as credit amount 
B) PST charged must be entered as a debit amount 
C) GST charged must be entered as a debit amount 
D) PST charged operates in a similar fashion to GST charged

Question 4

Checklists can be -

Accepted Answer

A) used as end-of-period reminders to complete certain tasks 
B) modified by adding tasks to the lists 
C) modified by removing or editing tasks on the lists 
D) all of the above 
A) used as end-of-period reminders to complete certain tasks 
B) modified by adding tasks to the lists 
C) modified by removing or editing tasks on the lists 
D) all of the above

Question 5

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 6

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 7

The transfer funds journal may be used for -

Accepted Answer

A) transferring Canadian dollars to US currency bank accounts 
B) transferring US dollars to Canadian currency bank accounts 
C) adjusting a previous bank account transfer transaction 
D) all of the above 
A) transferring Canadian dollars to US currency bank accounts 
B) transferring US dollars to Canadian currency bank accounts 
C) adjusting a previous bank account transfer transaction 
D) all of the above

Question 8

One of the following statements is true about sales to foreign customers -

Accepted Answer

A) you must accept the default exchange rate in the sales journal 
B) GST and PST are not charged on the sale 
C) all amounts are displayed in the home currency 
D) separate revenue accounts are needed for foreign sales 
A) you must accept the default exchange rate in the sales journal 
B) GST and PST are not charged on the sale 
C) all amounts are displayed in the home currency 
D) separate revenue accounts are needed for foreign sales

Question 9

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

Question 10

The accounts listed in the Banking module window -

Accepted Answer

A) include credit card expense accounts 
B) can all be used for transfers in the transfer funds journal 
C) can all be used to make payments to vendors 
D) are all bank class accounts 
A) include credit card expense accounts 
B) can all be used for transfers in the transfer funds journal 
C) can all be used to make payments to vendors 
D) are all bank class accounts

Question 11

If you forgot to add shipping details to a purchase invoice,you should -

Accepted Answer

A) adjust the invoice to add shipping information 
B) phone the supplier to get the missing information 
C) look up the invoice,choose track shipments and add the shipping details 
D) leave it,you do not need the shipping details 
A) adjust the invoice to add shipping information 
B) phone the supplier to get the missing information 
C) look up the invoice,choose track shipments and add the shipping details 
D) leave it,you do not need the shipping details

Question 12

If you choose Quick Add to enter a new customer record,you cannot change -

Accepted Answer

A) the currency for the transaction 
B) the name of the customer in the ledger record 
C) the payment terms for the invoice 
D) you can change any of the above 
A) the currency for the transaction 
B) the name of the customer in the ledger record 
C) the payment terms for the invoice 
D) you can change any of the above

Question 13

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 14

While waiting for the accountant's entries to be added to your data files,you cannot -

Accepted Answer

A) continue making journal entries 
B) start a new fiscal period 
C) display any reports because some data will be missing 
D) restore a previous backup file and use it to import the accountant's entries 
A) continue making journal entries 
B) start a new fiscal period 
C) display any reports because some data will be missing 
D) restore a previous backup file and use it to import the accountant's entries

Question 15

Credit card bill payment amounts -

Accepted Answer

A) are always the same as the credit card payable account balance 
B) are recorded in the payments journal 
C) do not involve any linked accounts 
D) are recorded in the general journal by crediting bank and debiting credit card payable 
A) are always the same as the credit card payable account balance 
B) are recorded in the payments journal 
C) do not involve any linked accounts 
D) are recorded in the general journal by crediting bank and debiting credit card payable

Question 16

When you see the message that your bank account is overdrawn after posting a payment,you should −

Accepted Answer

A) call the bank to arrange for overdraft protection 
B) call the bank to cancel the cheque before the supplier can deposit it 
C) require your customers to settle their accounts to increase your bank account balance 
D) none of the above 
A) call the bank to arrange for overdraft protection 
B) call the bank to cancel the cheque before the supplier can deposit it 
C) require your customers to settle their accounts to increase your bank account balance 
D) none of the above

Question 17

Access a Web site for a supplier using the Web site tool in -

Accepted Answer

A) the home window 
B) the suppliers window 
C) the purchases journal screen 
D) the supplier's ledger record 
A) the home window 
B) the suppliers window 
C) the purchases journal screen 
D) the supplier's ledger record

Question 18

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 19

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 20

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

To access checklists,you should -

Creating an Accountant's Copy of your data allows your accountant to -

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

Checklists can be -

Checklists should be viewed -

From the invoice lookup window you cannot -

The transfer funds journal may be used for -

One of the following statements is true about sales to foreign customers -

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

The accounts listed in the Banking module window -

If you forgot to add shipping details to a purchase invoice,you should -

If you choose Quick Add to enter a new customer record,you cannot change -

The linked account for foreign currency transactions -

While waiting for the accountant's entries to be added to your data files,you cannot -

Credit card bill payment amounts -

When you see the message that your bank account is overdrawn after posting a payment,you should −

Access a Web site for a supplier using the Web site tool in -

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

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

Which one of the following general statements is true -

Getting Started

GST,hST and PST

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Exam 12: Maple Leaf Rags

To access checklists,you should -

Creating an Accountant's Copy of your data allows your accountant to -

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

Checklists can be -

Checklists should be viewed -

From the invoice lookup window you cannot -

The transfer funds journal may be used for -

One of the following statements is true about sales to foreign customers -

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

The accounts listed in the Banking module window -

If you forgot to add shipping details to a purchase invoice,you should -

If you choose Quick Add to enter a new customer record,you cannot change -

The linked account for foreign currency transactions -

While waiting for the accountant's entries to be added to your data files,you cannot -

Credit card bill payment amounts -

When you see the message that your bank account is overdrawn after posting a payment,you should −

Access a Web site for a supplier using the Web site tool in -

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

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

Which one of the following general statements is true -

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