Question 1

To print in batches you must -

Accepted Answer

A) turn on the option to print in batches for all forms in the reports and forms settings screen 
B) turn on the option to print in batches in the company,forms setting screen 
C) turn on the option to print in batches for each form you want to print this way 
D) both b and c above are needed to print in batches 
A) turn on the option to print in batches for all forms in the reports and forms settings screen 
B) turn on the option to print in batches in the company,forms setting screen 
C) turn on the option to print in batches for each form you want to print this way 
D) both b and c above are needed to print in batches D

Question 2

Which one of the following general statements is true -

Accepted Answer

A) budget amounts cannot be changed at any time 
B) after setup of budget data,previous operating procedures will change 
C) budget reports present current ledger data as well as budgeted amounts 
D) all of the above 
A) budget amounts cannot be changed at any time 
B) after setup of budget data,previous operating procedures will change 
C) budget reports present current ledger data as well as budgeted amounts 
D) all of the above C

Question 3

Budget information is available for the following graphs -

Accepted Answer

A) receivables by customer,and payables by supplier graphs 
B) expenses by account graphs 
C) receivables vs.payables graphs 
D) budget information is not available for any of these graphs 
A) receivables by customer,and payables by supplier graphs 
B) expenses by account graphs 
C) receivables vs.payables graphs 
D) budget information is not available for any of these graphs D

Question 4

In the income statement reports,once budgets are set up -

Accepted Answer

A) budgeted amounts may be omitted from the reports 
B) actual amounts are always greater than the budgeted amounts 
C) actual amounts are always less than the budgeted amounts 
D) actual amounts are always given as a percentage of the budgeted amounts 
A) budgeted amounts may be omitted from the reports 
B) actual amounts are always greater than the budgeted amounts 
C) actual amounts are always less than the budgeted amounts 
D) actual amounts are always given as a percentage of the budgeted amounts

Question 5

Batch printing is available -

Accepted Answer

A) after you turn on the option in the print reports screen 
B) after you turn on the option in the invoices screen 
C) after you turn on the option in the forms settings screen 
D) at any time,you do not need to turn on the feature 
A) after you turn on the option in the print reports screen 
B) after you turn on the option in the invoices screen 
C) after you turn on the option in the forms settings screen 
D) at any time,you do not need to turn on the feature

Question 6

The first step in setting up a budget in Sage 50 Accounting is -

Accepted Answer

A) changing the general ledger settings for budgeting 
B) choosing the equity accounts you want included in the budget 
C) entering budget amounts for the ledger accounts 
D) choosing set up budget from the settings icon 
A) changing the general ledger settings for budgeting 
B) choosing the equity accounts you want included in the budget 
C) entering budget amounts for the ledger accounts 
D) choosing set up budget from the settings icon

Question 7

From these results,you might conclude -

Accepted Answer

A) increased advertising expenditures contributed to better performance 
B) sales commissions were a successful incentive to improve sales results 
C) discount sales terms encouraged more customers to buy 
D) all of the above conclusions are consistent with the results 
A) increased advertising expenditures contributed to better performance 
B) sales commissions were a successful incentive to improve sales results 
C) discount sales terms encouraged more customers to buy 
D) all of the above conclusions are consistent with the results

Question 8

Printing in batches can be used -

Accepted Answer

A) to print several invoices at one time 
B) to print several cheques at one time 
C) to print several sales orders at one time 
D) for all of the above 
A) to print several invoices at one time 
B) to print several cheques at one time 
C) to print several sales orders at one time 
D) for all of the above

Question 9

Which of the following statements is correct about budgets -

Accepted Answer

A) there is a module window for journals that use budgets 
B) budget settings are entered on the budget module settings screen 
C) budget amounts do not affect journal transactions 
D) all of the above 
A) there is a module window for journals that use budgets 
B) budget settings are entered on the budget module settings screen 
C) budget amounts do not affect journal transactions 
D) all of the above

Question 10

If budget forecasts are incorrect you can change the budget amounts by -

Accepted Answer

A) cancelling the budget this account feature 
B) processing an entry through the general journal 
C) editing amounts in the general ledger budget tab screen 
D) you cannot change the amounts once they are set for a period 
A) cancelling the budget this account feature 
B) processing an entry through the general journal 
C) editing amounts in the general ledger budget tab screen 
D) you cannot change the amounts once they are set for a period

Question 11

Budget frequencies should be changed -

Accepted Answer

A) when you want to report income for a shorter period than the budget 
B) when you want to report income for a longer period than the budget 
C) when the business cycle changes 
D) whenever you change budget amounts 
A) when you want to report income for a shorter period than the budget 
B) when you want to report income for a longer period than the budget 
C) when the business cycle changes 
D) whenever you change budget amounts

Question 12

Which of the following statements do not contain features required of a budget -

Accepted Answer

A) choosing asset and liability accounts 
B) entering a budget period frequency 
C) choosing revenue and expense accounts 
D) entering the budget amounts 
A) choosing asset and liability accounts 
B) entering a budget period frequency 
C) choosing revenue and expense accounts 
D) entering the budget amounts

Question 13

To change a quarterly budget to a monthly frequency you must -

Accepted Answer

A) recalculate the budget amounts for each month 
B) not exceed the fiscal period chosen for the company dates 
C) recalculate the budget amounts manually 
D) enter general settings and change the frequency to monthly for automatic calculations 
A) recalculate the budget amounts for each month 
B) not exceed the fiscal period chosen for the company dates 
C) recalculate the budget amounts manually 
D) enter general settings and change the frequency to monthly for automatic calculations

Question 14

Once budgets are set up -

Accepted Answer

A) budget information must be added to reports 
B) budget information must be included in graphs 
C) budget information must be added to account ledger records 
D) budget information may be omitted from any report or graph 
A) budget information must be added to reports 
B) budget information must be included in graphs 
C) budget information must be added to account ledger records 
D) budget information may be omitted from any report or graph

Question 15

Budget information may be added to the following reports -

Accepted Answer

A) general ledger reports 
B) journal reports 
C) income statements 
D) management reports 
A) general ledger reports 
B) journal reports 
C) income statements 
D) management reports

Question 16

The percentages in the difference section of the statement show that -

Accepted Answer

A) cost of goods sold was lower than budgeted but other costs were higher 
B) cost of goods sold was higher than budgeted but other costs were lower 
C) all expenses were reasonable 
D) net income was higher than budgeted because the percent difference for expenses was less than the difference for sales 
A) cost of goods sold was lower than budgeted but other costs were higher 
B) cost of goods sold was higher than budgeted but other costs were lower 
C) all expenses were reasonable 
D) net income was higher than budgeted because the percent difference for expenses was less than the difference for sales

Question 17

Which one of the following is not a reasonable explanation for these results -

Accepted Answer

A) net income was higher than budgeted because sales were higher than budgeted 
B) net income was higher than budgeted because some expenses were lower than budgeted 
C) net income was higher than budgeted because the budget was not realistic 
D) net income may have been higher because inventory prices were raised after the budget was set 
A) net income was higher than budgeted because sales were higher than budgeted 
B) net income was higher than budgeted because some expenses were lower than budgeted 
C) net income was higher than budgeted because the budget was not realistic 
D) net income may have been higher because inventory prices were raised after the budget was set

Question 18

Printing in batches can be turned on -

Accepted Answer

A) from the invoice preview screen 
B) from the invoice journal input screen 
C) from the journal display screen 
D) none of the above
**********************
Use the partial income statement below to answer the following group of questions #20-#22)
Actual Budget Difference
Revenue from Sales $65 000 $55 000 18%
Sales Discounts -5 000 -2 000 150%
Net Sales 60 000 53 000 13%
Advertising 4 000 1 000 300%
Cost of Goods Sold 25 000 28 000 -11%
Sales Commissions 6 000 3 000 100%
Other Expenses 4 000 4 000 0%
Total Expenses 39 000 36 000 8%
Net Income 21 000 17 000 24% 
A) from the invoice preview screen 
B) from the invoice journal input screen 
C) from the journal display screen 
D) none of the above
**********************
Use the partial income statement below to answer the following group of questions #20-#22)
Actual Budget Difference
Revenue from Sales $65 000 $55 000 18%
Sales Discounts -5 000 -2 000 150%
Net Sales 60 000 53 000 13%
Advertising 4 000 1 000 300%
Cost of Goods Sold 25 000 28 000 -11%
Sales Commissions 6 000 3 000 100%
Other Expenses 4 000 4 000 0%
Total Expenses 39 000 36 000 8%
Net Income 21 000 17 000 24%

Question 19

To change budgeted amounts,you can -

Accepted Answer

A) edit the budget frequency 
B) edit budget amounts in the general ledger 
C) edit budget amounts in the income statement 
D) all of the above 
A) edit the budget frequency 
B) edit budget amounts in the general ledger 
C) edit budget amounts in the income statement 
D) all of the above

Question 20

To display a budget graph,you would -

Accepted Answer

A) display the corresponding report and choose the graph from the report's graph menu 
B) choose Modify This Report and then choose Graph as the template 
C) open the report centre and select Graphs from the Budget select a report list 
D) choose the graph from the home window graphs menu 
A) display the corresponding report and choose the graph from the report's graph menu 
B) choose Modify This Report and then choose Graph as the template 
C) open the report centre and select Graphs from the Budget select a report list 
D) choose the graph from the home window graphs menu

To print in batches you must -

Which one of the following general statements is true -

Budget information is available for the following graphs -

In the income statement reports,once budgets are set up -

Batch printing is available -

The first step in setting up a budget in Sage 50 Accounting is -

From these results,you might conclude -

Printing in batches can be used -

Which of the following statements is correct about budgets -

If budget forecasts are incorrect you can change the budget amounts by -

Budget frequencies should be changed -

Which of the following statements do not contain features required of a budget -

To change a quarterly budget to a monthly frequency you must -

Once budgets are set up -

Budget information may be added to the following reports -

The percentages in the difference section of the statement show that -

Which one of the following is not a reasonable explanation for these results -

Printing in batches can be turned on -

To change budgeted amounts,you can -

To display a budget graph,you would -

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Exam 14: Village Galleries

To print in batches you must -

Which one of the following general statements is true -

Budget information is available for the following graphs -

In the income statement reports,once budgets are set up -

Batch printing is available -

The first step in setting up a budget in Sage 50 Accounting is -

From these results,you might conclude -

Printing in batches can be used -

Which of the following statements is correct about budgets -

If budget forecasts are incorrect you can change the budget amounts by -

Budget frequencies should be changed -

Which of the following statements do not contain features required of a budget -

To change a quarterly budget to a monthly frequency you must -

Once budgets are set up -

Budget information may be added to the following reports -

The percentages in the difference section of the statement show that -

Which one of the following is not a reasonable explanation for these results -

Printing in batches can be turned on -

To change budgeted amounts,you can -

To display a budget graph,you would -

Getting Started

GST,HST and PST

Muriels Murals

Toss for Tots

Chai Tea Room

Phoebes Photo Studio

Air Care Services

Helenas Academy

Lime Light Laundry

Flabuless Fitness

Andersson Chiropractic Clinic

Maple Leaf Rags

Truman Tires

Tesses Tresses

Velocity

Ryders Routes Advanced Premium Features

Able Associates Advanced Premium Features

Filters