Question 1

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 A

Question 2

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 D

Question 3

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 D

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

When paying a credit card bill -

Accepted Answer

A) enter the interest amount in the 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 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 6

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 7

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 8

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

Question 9

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

Question 10

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

Question 11

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 12

You can import journal entries from the Accountant's Copy to your data files -

Accepted Answer

A) only after you have created an Accountant's Copy of your data 
B) only before you close the books and start a new fiscal period 
C) only if you work with a backup copy of your data 
D) at any time 
A) only after you have created an Accountant's Copy of your data 
B) only before you close the books and start a new fiscal period 
C) only if you work with a backup copy of your data 
D) at any time

Question 13

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 14

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 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

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

Question 17

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 18

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 19

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 20

The linked accounts for Freight and HST 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)

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

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

Exchange rates are required in journal entries -

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

When paying a credit card bill -

Checklists can be -

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

The currency setting for a supplier -

Adjusting entries are required before closing the books -

You will find the transfer funds journal icon in -

Checklists may not be used to -

You can import journal entries from the Accountant's Copy to your data files -

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

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

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

Which one of the following general statements is true -

Checklists should be viewed -

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

The transfer funds journal may be used for -

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

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Exam 12: Maple Leaf Rags

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

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

Exchange rates are required in journal entries -

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

When paying a credit card bill -

Checklists can be -

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

The currency setting for a supplier -

Adjusting entries are required before closing the books -

You will find the transfer funds journal icon in -

Checklists may not be used to -

You can import journal entries from the Accountant's Copy to your data files -

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

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

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

Which one of the following general statements is true -

Checklists should be viewed -

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

The transfer funds journal may be used for -

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

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

Truman Tires

Village Galleries

Tesses Tresses

Velocity

Ryders Routes Advanced Premium Features

Able Associates Advanced Premium Features

Filters