Question 1

The sales journal may be used for -

Accepted Answer

A) all credit card sales transactions 
B) all sale transactions paid by cash 
C) all sales transactions paid by cheque 
D) all of the above 
A) all credit card sales transactions 
B) all sale transactions paid by cash 
C) all sales transactions paid by cheque 
D) all of the above D

Question 2

The customer aged detail report will not include -

Accepted Answer

A) the names of customers who have had no sales 
B) invoice dates and sales terms 
C) invoices that are fully paid 
D) the report will include all these details 
A) the names of customers who have had no sales 
B) invoice dates and sales terms 
C) invoices that are fully paid 
D) the report will include all these details A

Question 3

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 A

Question 4

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 5

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 6

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 7

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 8

You will see the message "there is no data to report" when -

Accepted Answer

A) there are no journal entries for the dates selected for the report 
B) you sort the journal report by invoice number 
C) you filter the journal report by invoice number 
D) you choose to show corrections and there are no correcting entries 
A) there are no journal entries for the dates selected for the report 
B) you sort the journal report by invoice number 
C) you filter the journal report by invoice number 
D) you choose to show corrections and there are no correcting entries

Question 9

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 10

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 11

How would you enter a sale for an account customer paying by cheque -

Accepted Answer

A) open the sales journal and choose invoice and cheque 
B) open the sales journal and choose invoice and pay later 
C) open the receipts journal and choose sale and cheque 
D) open the receipts journal and choose invoice,pay later and cheque 
A) open the sales journal and choose invoice and cheque 
B) open the sales journal and choose invoice and pay later 
C) open the receipts journal and choose sale and cheque 
D) open the receipts journal and choose invoice,pay later and cheque

Question 12

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 13

Which of the following errors can be corrected by adjusting a posted payment or receipt -

Accepted Answer

A) the amount of the payment was entered incorrectly 
B) the payment cheque was returned by the bank as NSF 
C) the payment was entered for the wrong customer or supplier 
D) none of the above - they all require a reversing entry 
A) the amount of the payment was entered incorrectly 
B) the payment cheque was returned by the bank as NSF 
C) the payment was entered for the wrong customer or supplier 
D) none of the above - they all require a reversing entry

Question 14

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 15

If GST charged had been omitted from a posted sales invoice you should correct the entry by -

Accepted Answer

A) selecting the invoice through the adjusting an invoice screen and selecting the appropriate tax code 
B) correct the posted invoice by entering the corrected version 
C) look up the invoice and reverse it 
D) record a separate entry for the GST charged 
A) selecting the invoice through the adjusting an invoice screen and selecting the appropriate tax code 
B) correct the posted invoice by entering the corrected version 
C) look up the invoice and reverse it 
D) record a separate entry for the GST charged

Question 16

When you post a sales invoice the following accounts are updated -

Accepted Answer

A) only the sales and accounts receivable general ledgers 
B) only the sales and accounts receivable subsidiary ledgers 
C) all properly linked accounts 
D) only the sales,accounts receivable ledgers and HST Charged 
A) only the sales and accounts receivable general ledgers 
B) only the sales and accounts receivable subsidiary ledgers 
C) all properly linked accounts 
D) only the sales,accounts receivable ledgers and HST Charged

Question 17

Which one of the following general statements is incorrect -

Accepted Answer

A) sales 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" is found in the receipts journal 
D) enter payments in the receipts journal rather than the general journal 
A) sales 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" is found in the receipts journal 
D) enter payments in the receipts journal rather than the general journal

Question 18

When you click the Add link above the Customer field in the sales journal invoice form -

Accepted Answer

A) you will create a complete customer record if you include the address in the journal 
B) you will automatically create a partial customer record with only a name and continue in the journal 
C) you will open the customer ledger record form for entering the customer details 
D) you will open the customer ledger record and must complete all the ledger details before you can return to the sales invoice 
A) you will create a complete customer record if you include the address in the journal 
B) you will automatically create a partial customer record with only a name and continue in the journal 
C) you will open the customer ledger record form for entering the customer details 
D) you will open the customer ledger record and must complete all the ledger details before you can return to the sales invoice

Question 19

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

Question 20

The Statement of Cash Flows shows -

Accepted Answer

A) how much money there is in the bank account 
B) how much money you have saved 
C) how efficiently cash is being used 
D) b and c above 
A) how much money there is in the bank account 
B) how much money you have saved 
C) how efficiently cash is being used 
D) b and c above

The sales journal may be used for -

The customer aged detail report will not include -

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

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

The default customer early payment and discount terms -

Which one of the following general statements is correct -

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 -

You will see the message "there is no data to report" when -

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 -

How would you enter a sale for an account customer paying by cheque -

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

Which of the following errors can be corrected by adjusting a posted payment or receipt -

To record a NSF cheque,you can -

If GST charged had been omitted from a posted sales invoice you should correct the entry by -

When you post a sales invoice the following accounts are updated -

Which one of the following general statements is incorrect -

When you click the Add link above the Customer field in the sales journal invoice form -

To record a NSF cheque from a customer you could -

The Statement of Cash Flows shows -

Getting Started

GST,hST and PST

Binhs Bins

Love It Again

Groen Fields

Air Care Services

Helenas Academy

Northern Lights

Flabuless Fitness

Andersson Chiropractic Clinic

Maple Leaf Rags

Shady Corners

Sound Inc

Tesses Tresses

Velocity

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Exam 6: Phoebes Photo Studio

The sales journal may be used for -

The customer aged detail report will not include -

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

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

The default customer early payment and discount terms -

Which one of the following general statements is correct -

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 -

You will see the message "there is no data to report" when -

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 -

How would you enter a sale for an account customer paying by cheque -

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

Which of the following errors can be corrected by adjusting a posted payment or receipt -

To record a NSF cheque,you can -

If GST charged had been omitted from a posted sales invoice you should correct the entry by -

When you post a sales invoice the following accounts are updated -

Which one of the following general statements is incorrect -

When you click the Add link above the Customer field in the sales journal invoice form -

To record a NSF cheque from a customer you could -

The Statement of Cash Flows shows -

Getting Started

GST,hST and PST

Binhs Bins

Love It Again

Groen Fields

Air Care Services

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