Question 1

Customizing the sales journal will not -

Accepted Answer

A) remove the columns you selected from the journal window 
B) modify the invoice you print from the journal 
C) simplify the journal by hiding the fields or columns you do not need 
D) allow you to change the journal window again later 
A) remove the columns you selected from the journal window 
B) modify the invoice you print from the journal 
C) simplify the journal by hiding the fields or columns you do not need 
D) allow you to change the journal window again later B

Question 2

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 A

Question 3

Choosing to show corrections in the journal report options window will -

Accepted Answer

A) show the original,reversing and correcting entries 
B) show the original and reversing entries 
C) show the reversing and correcting entries 
D) show only the final correct entry 
A) show the original,reversing and correcting entries 
B) show the original and reversing entries 
C) show the reversing and correcting entries 
D) show only the final correct entry A

Question 4

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 5

To insert an extra invoice line before the first line of a sales invoice -

Accepted Answer

A) click anywhere on the first line of the invoice,choose the edit menu and click insert line 
B) click at the beginning of the first line of the invoice,type the new information and press enter to insert it 
C) click anywhere on the first line of the journal,press delete to remove this line and then add the new details 
D) you cannot insert a line,you must add it below the invoice lines already used 
A) click anywhere on the first line of the invoice,choose the edit menu and click insert line 
B) click at the beginning of the first line of the invoice,type the new information and press enter to insert it 
C) click anywhere on the first line of the journal,press delete to remove this line and then add the new details 
D) you cannot insert a line,you must add it below the invoice lines already used

Question 6

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 7

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 8

Which one of the following statements is true about credit cards -

Accepted Answer

A) credit card issuers charge a percentage of the sale as the transaction fee 
B) credit cards used and credit cards accepted use the same set of linked accounts 
C) the linked bank account for credit cards used is the payables linked bank account 
D) the linked asset account for credit cards accepted is the receivables linked bank account 
A) credit card issuers charge a percentage of the sale as the transaction fee 
B) credit cards used and credit cards accepted use the same set of linked accounts 
C) the linked bank account for credit cards used is the payables linked bank account 
D) the linked asset account for credit cards accepted is the receivables linked bank account

Question 9

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 10

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 11

Which of the following statements is correct about using the Add link for new customers on the sales journal invoice form -

Accepted Answer

A) choosing the Add link gives the same results as choosing Continue 
B) choosing the Add link gives the same results as choosing Quick Add 
C) choosing the Add link gives the same results as choosing Full Add 
D) none of the above 
A) choosing the Add link gives the same results as choosing Continue 
B) choosing the Add link gives the same results as choosing Quick Add 
C) choosing the Add link gives the same results as choosing Full Add 
D) none of the above

Question 12

Adding the discount terms 2/10,n/30 to a sales invoice for $1 000 will -

Accepted Answer

A) change the accounts receivable amount to $980 
B) change the cash in bank amount to $980 
C) credit $20 to accounts receivable and debit $980 when the account is paid 
D) not change the amounts in the journal entry for the sales invoice 
A) change the accounts receivable amount to $980 
B) change the cash in bank amount to $980 
C) credit $20 to accounts receivable and debit $980 when the account is paid 
D) not change the amounts in the journal entry for the sales invoice

Question 13

The linked accounts for HST/GST will be updated after which entry -

Accepted Answer

A) a sales invoice with cash payment 
B) a cash receipt on account 
C) a sales invoice quote 
D) all of the above 
A) a sales invoice with cash payment 
B) a cash receipt on account 
C) a sales invoice quote 
D) all of the above

Question 14

In the receipts journal,once we select the customer we are not required to enter -

Accepted Answer

A) the payment amount 
B) the original amount 
C) the date of payment 
D) we need to enter all the above details 
A) the payment amount 
B) the original amount 
C) the date of payment 
D) we need to enter all the above details

Question 15

Linked accounts provide all but one of the following controls -

Accepted Answer

A) amounts cannot be entered incorrectly 
B) required linked accounts must be defined 
C) the program automatically updates the corresponding general ledgers 
D) there is no need to enter the information twice 
A) amounts cannot be entered incorrectly 
B) required linked accounts must be defined 
C) the program automatically updates the corresponding general ledgers 
D) there is no need to enter the information twice

Question 16

Discounts for early payments are offered to encourage customers to -

Accepted Answer

A) buy more goods or services 
B) buy on account and pay later instead of paying at the time of the purchase 
C) settle their accounts on time 
D) avoid using their credit cards for purchases 
A) buy more goods or services 
B) buy on account and pay later instead of paying at the time of the purchase 
C) settle their accounts on time 
D) avoid using their credit cards for purchases

Question 17

Which one of the following general statements about credit cards is correct -

Accepted Answer

A) credit card payments must be entered in the receipts journal 
B) credit card receipts are deposited into the accounts receivable account 
C) credit cards sales do not involve any linked accounts 
D) the credit card discount fee is deducted from the receipts 
A) credit card payments must be entered in the receipts journal 
B) credit card receipts are deposited into the accounts receivable account 
C) credit cards sales do not involve any linked accounts 
D) the credit card discount fee is deducted from the receipts

Question 18

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 19

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 20

When you see the message that a sale will cause the customer to exceed the credit limit,you should -

Accepted Answer

A) cancel the sale 
B) call security to escort the customer from the store 
C) ask the customer to pay for the sale item by cheque 
D) not necessarily do any of the above 
A) cancel the sale 
B) call security to escort the customer from the store 
C) ask the customer to pay for the sale item by cheque 
D) not necessarily do any of the above

Customizing the sales journal will not -

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

Choosing to show corrections in the journal report options window will -

Which one of the following general statements is correct -

To insert an extra invoice line before the first line of a sales invoice -

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

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

Which one of the following statements is true about credit cards -

To record a NSF cheque from a customer you could -

The default customer early payment and discount terms -

Which of the following statements is correct about using the Add link for new customers on the sales journal invoice form -

Adding the discount terms 2/10,n/30 to a sales invoice for $1 000 will -

The linked accounts for HST/GST will be updated after which entry -

In the receipts journal,once we select the customer we are not required to enter -

Linked accounts provide all but one of the following controls -

Discounts for early payments are offered to encourage customers to -

Which one of the following general statements about credit cards is correct -

To reverse a sales invoice for selecting the wrong customer,you should -

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

When you see the message that a sale will cause the customer to exceed the credit limit,you should -

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Exam 6: Phoebes Photo Studio

Customizing the sales journal will not -

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

Choosing to show corrections in the journal report options window will -

Which one of the following general statements is correct -

To insert an extra invoice line before the first line of a sales invoice -

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

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

Which one of the following statements is true about credit cards -

To record a NSF cheque from a customer you could -

The default customer early payment and discount terms -

Which of the following statements is correct about using the Add link for new customers on the sales journal invoice form -

Adding the discount terms 2/10,n/30 to a sales invoice for $1 000 will -

The linked accounts for HST/GST will be updated after which entry -

In the receipts journal,once we select the customer we are not required to enter -

Linked accounts provide all but one of the following controls -

Discounts for early payments are offered to encourage customers to -

Which one of the following general statements about credit cards is correct -

To reverse a sales invoice for selecting the wrong customer,you should -

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

When you see the message that a sale will cause the customer to exceed the credit limit,you should -

Getting Started

GST,HST and PST

Muriels Murals

Toss for Tots

Chai Tea Room

Air Care Services

Helenas Academy

Lime Light Laundry

Flabuless Fitness

Andersson Chiropractic Clinic

Maple Leaf Rags

Truman Tires

Village Galleries

Tesses Tresses

Velocity

Ryders Routes Advanced Premium Features

Able Associates Advanced Premium Features

Filters