Question 1

The Integrity Summary -

Accepted Answer

A) records the unpaid invoices for customers 
B) balances the unpaid invoices with the corresponding ledger balances 
C) records the unpaid invoices for suppliers 
D) none of the above 
A) records the unpaid invoices for customers 
B) balances the unpaid invoices with the corresponding ledger balances 
C) records the unpaid invoices for suppliers 
D) none of the above B

Question 2

If you record an incorrect payables historical invoice -

Accepted Answer

A) pay all invoices for the supplier,clear paid invoices and re-enter the historical data 
B) each historical invoice must be recorded separately 
C) delete the historical data and re-enter historical data 
D) delete the supplier record and begin again 
A) pay all invoices for the supplier,clear paid invoices and re-enter the historical data 
B) each historical invoice must be recorded separately 
C) delete the historical data and re-enter historical data 
D) delete the supplier record and begin again A

Question 3

Expense accounts created in account ledger windows are assigned by default to -

Accepted Answer

A) the expenses class 
B) the operating expenses class 
C) the cost of good sold class 
D) the extraordinary expenses class 
A) the expenses class 
B) the operating expenses class 
C) the cost of good sold class 
D) the extraordinary expenses class C

Question 4

Which one of the following statements about linked accounts is correct -

Accepted Answer

A) they show invoices paid and unpaid 
B) you are able to enter all linked accounts after finishing the history 
C) you are able to post a discounted sale if sales discount is not linked 
D) bank accounts may be linked more than once 
A) they show invoices paid and unpaid 
B) you are able to enter all linked accounts after finishing the history 
C) you are able to post a discounted sale if sales discount is not linked 
D) bank accounts may be linked more than once

Question 5

You will be unable to apply tax codes for sales when -

Accepted Answer

A) the customer is set up as tax exempt 
B) the default customer tax code is No tax 
C) a foreign customer has been selected for the sale 
D) you choose Quick Add for a new customer 
A) the customer is set up as tax exempt 
B) the default customer tax code is No tax 
C) a foreign customer has been selected for the sale 
D) you choose Quick Add for a new customer

Question 6

Unbalanced amounts for historical General Ledger account balances may be assigned -

Accepted Answer

A) automatically to the Current Earnings linked account 
B) automatically to the Test Balance account you created 
C) automatically to any account you choose for this purpose in the settings for the ledger 
D) any account you choose when the message about unbalanced amounts appears 
A) automatically to the Current Earnings linked account 
B) automatically to the Test Balance account you created 
C) automatically to any account you choose for this purpose in the settings for the ledger 
D) any account you choose when the message about unbalanced amounts appears

Question 7

Before you can select these accounts as linked accounts,the class options must be set correctly for -

Accepted Answer

A) bank class accounts 
B) inventory linked accounts 
C) income and expense accounts for financial reports 
D) all of the above 
A) bank class accounts 
B) inventory linked accounts 
C) income and expense accounts for financial reports 
D) all of the above

Question 8

You will be unable to see HST tax codes for sales when -

Accepted Answer

A) the HST charged account is not linked 
B) the PST payable account is not linked 
C) the HST paid account is not linked 
D) all of the above are correct 
A) the HST charged account is not linked 
B) the PST payable account is not linked 
C) the HST paid account is not linked 
D) all of the above are correct

Question 9

To access the Receivables Settings in the classic view you might -

Accepted Answer

A) click the setup tool button,then customers 
B) choose setup from the main menu,settings,Receivables 
C) right-click the customers icon,then click the setup tool button 
D) a and c above 
A) click the setup tool button,then customers 
B) choose setup from the main menu,settings,Receivables 
C) right-click the customers icon,then click the setup tool button 
D) a and c above

Question 10

What step is not involved in setting up the receivables ledger -

Accepted Answer

A) setting the defaults to customize the receivables ledger 
B) setting the receivables bank and accounts receivable linked accounts 
C) receivables ledger amounts must match the general ledger amounts 
D) recording a sales invoice 
A) setting the defaults to customize the receivables ledger 
B) setting the receivables bank and accounts receivable linked accounts 
C) receivables ledger amounts must match the general ledger amounts 
D) recording a sales invoice

Question 11

Where do you enter rates for sales taxes -

Accepted Answer

A) the payables ledger screen 
B) settings,sales taxes 
C) the historical suppliers screen 
D) none of the above 
A) the payables ledger screen 
B) settings,sales taxes 
C) the historical suppliers screen 
D) none of the above

Question 12

One of the following statements is true about credit cards -

Accepted Answer

A) set up cards used and accepted from the company settings 
B) set up cards used from the payables ledger settings 
C) set up cards accepted from the receivables ledger settings 
D) both b and c are correct 
A) set up cards used and accepted from the company settings 
B) set up cards used from the payables ledger settings 
C) set up cards accepted from the receivables ledger settings 
D) both b and c are correct

Question 13

Which of the following components make up the payables ledger setup -

Accepted Answer

A) payables and sales tax setting defaults 
B) payables linked accounts 
C) set up supplier information and historical data 
D) all of the above 
A) payables and sales tax setting defaults 
B) payables linked accounts 
C) set up supplier information and historical data 
D) all of the above

Question 14

The Credit Card setup information screen requires that -

Accepted Answer

A) you click the option to allow credit card sales and purchases 
B) the name of each credit card appears on a separate line 
C) you enter interest rate charged to the credit card company 
D) you enter the revenue account to record interest charges 
A) you click the option to allow credit card sales and purchases 
B) the name of each credit card appears on a separate line 
C) you enter interest rate charged to the credit card company 
D) you enter the revenue account to record interest charges

Question 15

What mistakes can you not correct after you finish entering the history for the payables ledger -

Accepted Answer

A) mistakes made in historical supplier invoices 
B) mistakes made in the supplier account names 
C) mistakes made in the supplier payment terms 
D) you can make all of the above corrections 
A) mistakes made in historical supplier invoices 
B) mistakes made in the supplier account names 
C) mistakes made in the supplier payment terms 
D) you can make all of the above corrections

Question 16

Which role do properly linked accounts not perform for a purchase invoice -

Accepted Answer

A) allow all subsidiary ledgers to be updated with one amount 
B) allow HST to be recorded 
C) allow freight expense to be recorded 
D) allow purchase discounts to be recorded 
A) allow all subsidiary ledgers to be updated with one amount 
B) allow HST to be recorded 
C) allow freight expense to be recorded 
D) allow purchase discounts to be recorded

Question 17

To charge customers interest on overdue accounts,you need to -

Accepted Answer

A) enter the interest rate charges in the customer's ledger record and Sage 50 Accounting will automatically create an invoice for the interest charge when the account is overdue 
B) enter the interest rate charges as ledger settings,print statements and create the invoices for the interest amounts on the statements 
C) calculate the amount of interest owed and create an invoice for this amount 
D) print and send out customer statements and enter the receipts when the customers pay the interest charges 
A) enter the interest rate charges in the customer's ledger record and Sage 50 Accounting will automatically create an invoice for the interest charge when the account is overdue 
B) enter the interest rate charges as ledger settings,print statements and create the invoices for the interest amounts on the statements 
C) calculate the amount of interest owed and create an invoice for this amount 
D) print and send out customer statements and enter the receipts when the customers pay the interest charges

Question 18

Defining linked accounts correctly -

Accepted Answer

A) allows you to enter historical payments 
B) is an essential step for finishing the ledger history 
C) allows you to change the payment terms 
D) allows you to enter customer records 
A) allows you to enter historical payments 
B) is an essential step for finishing the ledger history 
C) allows you to change the payment terms 
D) allows you to enter customer records

Question 19

The receivables ledger input screens will let you do all but one of the following -

Accepted Answer

A) enter e-mail and Web site addresses 
B) enter discount rates and amounts 
C) enter other options for address,taxes,memo 
D) post regular invoices 
A) enter e-mail and Web site addresses 
B) enter discount rates and amounts 
C) enter other options for address,taxes,memo 
D) post regular invoices

Question 20

If you want unbalanced General Ledger historical amounts to be assigned to an account automatically -

Accepted Answer

A) choose the automatic account you want to use when the message about unbalanced amounts appears 
B) choose the automatic account you want to use in the general ledger linked accounts settings screen 
C) choose to apply the balance to the Retained Earnings linked account in the general ledger linked accounts settings screen 
D) you cannot choose an automatic account for this purpose 
A) choose the automatic account you want to use when the message about unbalanced amounts appears 
B) choose the automatic account you want to use in the general ledger linked accounts settings screen 
C) choose to apply the balance to the Retained Earnings linked account in the general ledger linked accounts settings screen 
D) you cannot choose an automatic account for this purpose

The Integrity Summary -

If you record an incorrect payables historical invoice -

Expense accounts created in account ledger windows are assigned by default to -

Which one of the following statements about linked accounts is correct -

You will be unable to apply tax codes for sales when -

Unbalanced amounts for historical General Ledger account balances may be assigned -

Before you can select these accounts as linked accounts,the class options must be set correctly for -

You will be unable to see HST tax codes for sales when -

To access the Receivables Settings in the classic view you might -

What step is not involved in setting up the receivables ledger -

Where do you enter rates for sales taxes -

One of the following statements is true about credit cards -

Which of the following components make up the payables ledger setup -

The Credit Card setup information screen requires that -

What mistakes can you not correct after you finish entering the history for the payables ledger -

Which role do properly linked accounts not perform for a purchase invoice -

To charge customers interest on overdue accounts,you need to -

Defining linked accounts correctly -

The receivables ledger input screens will let you do all but one of the following -

If you want unbalanced General Ledger historical amounts to be assigned to an account automatically -

Getting Started

GST,hST and PST

Binhs Bins

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Groen Fields

Phoebes Photo Studio

Helenas Academy

Northern Lights

Flabuless Fitness

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Exam 7: Air Care Services

The Integrity Summary -

If you record an incorrect payables historical invoice -

Expense accounts created in account ledger windows are assigned by default to -

Which one of the following statements about linked accounts is correct -

You will be unable to apply tax codes for sales when -

Unbalanced amounts for historical General Ledger account balances may be assigned -

Before you can select these accounts as linked accounts,the class options must be set correctly for -

You will be unable to see HST tax codes for sales when -

To access the Receivables Settings in the classic view you might -

What step is not involved in setting up the receivables ledger -

Where do you enter rates for sales taxes -

One of the following statements is true about credit cards -

Which of the following components make up the payables ledger setup -

The Credit Card setup information screen requires that -

What mistakes can you not correct after you finish entering the history for the payables ledger -

Which role do properly linked accounts not perform for a purchase invoice -

To charge customers interest on overdue accounts,you need to -

Defining linked accounts correctly -

The receivables ledger input screens will let you do all but one of the following -

If you want unbalanced General Ledger historical amounts to be assigned to an account automatically -

Getting Started

GST,hST and PST

Binhs Bins

Love It Again

Groen Fields

Phoebes Photo Studio

Helenas Academy

Northern Lights

Flabuless Fitness

Andersson Chiropractic Clinic

Maple Leaf Rags

Shady Corners

Sound Inc

Tesses Tresses

Velocity

Ryders Routes Advanced Premium Features

Able Associates Advanced Premium Features

Filters