Question 1

If the new fiscal start date after starting a new fiscal period is July 1, 2019, the new fiscal end date will be -

Accepted Answer

A)   December 31, 2019
B)   June 30, 2020
C)   July 1, 2020
D)   July 31, 2020

Question 2

When you start a new fiscal period, the fiscal end date is automatically advanced -

Accepted Answer

A)   to create a new fiscal period of one year
B)   to the end of the calendar year for the new start date
C)   to match your previous fiscal period, i.e., by three months if you had a quarterly period before
D)   to the new fiscal start date

Question 3

Which statement about editing accounts is true -

Accepted Answer

A)   you may change group accounts to subgroup accounts without a following subgroup total account
B)   you may change subgroups accounts to group accounts
C)   you cannot change group accounts to subgroup accounts
D)   you cannot change account types

Question 4

After starting a new fiscal period on June 1st, the trial balance will show zero balances for Income Statement accounts on June 1st because -

Accepted Answer

A)   the May 31st accounts have been closed
B)   the May 31st accounts have not been closed
C)   the June 1st accounts have been closed
D)   the June 1st accounts have not been closed A

Question 5

When using only the General Ledger closing all other windows -

Accepted Answer

A)   ensures that all accounts are properly set up
B)   is an option but is not required before finishing the history
C)   will remove the not-finished symbols for all ledgers
D)   is necessary before finishing the history for the general ledger

Question 6

Which one of the following can be changed from the home window View menu -

Accepted Answer

A)   using accounting or non-accounting terms
B)   using cash or accrual based accounting
C)   selecting French or English as the working language for the program
D)   automatically saving changes to accounts C

Question 7

When you create the Chart of Accounts in Sage 50 -

Accepted Answer

A)   subgroup accounts must be followed by a group total
B)   group accounts must be followed by subgroup accounts
C)   group accounts and subgroup totals must be followed by a group total
D)   group headings will be added to the group accounts

Question 8

Which one of the following general statements about closing entries is false -

Accepted Answer

A)   only the asset and liability accounts may be closed
B)   Sage 50 closes the appropriate accounts automatically when you start a new fiscal period
C)   only the revenue and expense accounts may be closed
D)   net income is closed to the retained earnings capital account

Question 9

What does the non-finished symbol on ledgers indicate -

Accepted Answer

A)   the ledger has a malfunction - get help before proceeding
B)   the history for the ledger is not finished
C)   you must remove it in order to get access to a journal
D)   to open the general journal icon, click on it

Question 10

To use only the General Ledger or Company module features, you must -

Accepted Answer

A)   hide all other module or pages windows
B)   hide all modules or pages except Company and Payables
C)   hide all modules or pages except Company and Banking
D)   you do not need to hide any other modules because they are not used

Question 11

Which one of the following methods will not allow you to open a new ledger account -

Accepted Answer

A)   open the chart of accounts icon and proceed to the file menu
B)   open new accounts when finishing the history for the ledger
C)   select create another while still in the general ledger
D)   select the create tool in any ledger window

Question 12

You can access the company system settings -

Accepted Answer

A)   by clicking the Settings icon in a module home window
B)   by clicking the Business Assistant icon
C)   by clicking the Maintenance icon in the company module window
D)   by performing any of the above steps

Question 13

When creating the Chart of Accounts it would be very important to -

Accepted Answer

A)   leave spaces between account numbers in order to insert new accounts when required
B)   leave spaces between account numbers to allow the computer to function better
C)   leave spaces between account numbers for the reporting process
D)   spaces do not have to be left between account numbers A

Question 14

When accounts are not in logical order -

Accepted Answer

A)   you will be unable to display some reports
B)   you can finish the history but you cannot complete journal entries
C)   your subtotal accounts may be following the subgroup accounts instead of the group accounts
D)   the total of debit and credit amounts in the Trial Balance may be unequal

Question 15

What types of errors would the program not detect when you finish entering the history -

Accepted Answer

A)   a ledger is balanced, but individual accounts have incorrect amounts
B)   incorrectly assigned group account types
C)   subgroup accounts not followed by a subgroup total
D)   essential linked accounts are not defined

Question 16

Account types for HST Charged on Sales, HST Paid on Purchases, HST Owing should be -

Accepted Answer

A)   account types G, A, S for the above order
B)   account types G, A, T for the above order
C)   account types A, A, S for the above order
D)   account types A, A, T for the above order

Question 17

Before closing the books for a fiscal period, you should print -

Accepted Answer

A)   reports that provide sufficient detail to create new company files if necessary
B)   all the reports available through Sage 50 Accounting
C)   all the reports in the financials section of the reports menu
D)   all of the management reports for the business

Question 18

The Setup date field drop-down list for session date windows shows -

Accepted Answer

A)   the session date and the current transaction date
B)   the fiscal start and end dates
C)   the earliest transaction date, end of fiscal period and the start of the next fiscal period
D)   all of the above

Question 19

One of the following statements is true about the sample from a Balance Sheet shown here -
  Bank A 100 Bank B 200‾ Cash: Net 300 Accounts Rec 400 Advances Rec 500‾ Receivables: Net 900 Prepaid Expenses 300‾ TOTAL CURRENT ASSETS 1500\begin{array} { l c r } 	ext { Bank A } & 100 & \	ext { Bank B } & \underline { 200 } & \	ext { Cash: Net } & & 300 \	ext { Accounts Rec } & 400 & \	ext { Advances Rec } & \underline { 500 } & \	ext { Receivables: Net } & & 900 \	ext { Prepaid Expenses } && \underline { 300 } \	ext { TOTAL CURRENT ASSETS } && 1500\end{array} Bank A  Bank B  Cash: Net  Accounts Rec  Advances Rec  Receivables: Net  Prepaid Expenses  TOTAL CURRENT ASSETS ​100200​400500​​300900300​1500​

Accepted Answer

A)   that Bank A and Bank B are group accounts
B)   that Accounts Rec and Advances Rec are subgroup accounts
C)   that Cash: Net and Receivables: Net are total accounts
D)   that Prepaid Expenses is a group total account

Question 20

In order to access the General Ledger and view a ledger account you would -

Accepted Answer

A)   open the chart of accounts icon and double click the account
B)   select the file from the pull-down menu and click open ledger
C)   select the account from the drop-down list
D)   options a and b are correct

Exam 4: Questions Love It Again

If the new fiscal start date after starting a new fiscal period is July 1, 2019, the new fiscal end date will be -

Correct Answer
verified

When you start a new fiscal period, the fiscal end date is automatically advanced -

Correct Answer
verified

Which statement about editing accounts is true -

Correct Answer
verified

After starting a new fiscal period on June 1st, the trial balance will show zero balances for Income Statement accounts on June 1st because -

Correct Answer
verified
A

When using only the General Ledger closing all other windows -

Correct Answer
verified

Which one of the following can be changed from the home window View menu -

Correct Answer
verified
C

When you create the Chart of Accounts in Sage 50 -

Correct Answer
verified

Which one of the following general statements about closing entries is false -

Correct Answer
verified

What does the non-finished symbol on ledgers indicate -

Correct Answer
verified

To use only the General Ledger or Company module features, you must -

Correct Answer
verified

Which one of the following methods will not allow you to open a new ledger account -

Correct Answer
verified

You can access the company system settings -

Correct Answer
verified

When creating the Chart of Accounts it would be very important to -

Correct Answer
verified
A

When accounts are not in logical order -

Correct Answer
verified

What types of errors would the program not detect when you finish entering the history -

Correct Answer
verified

Account types for HST Charged on Sales, HST Paid on Purchases, HST Owing should be -

Correct Answer
verified

Before closing the books for a fiscal period, you should print -

Correct Answer
verified

The Setup date field drop-down list for session date windows shows -

Correct Answer
verified

Correct Answer
verified

In order to access the General Ledger and view a ledger account you would -

Correct Answer
verified

Exam 4: Questions Love It Again

If the new fiscal start date after starting a new fiscal period is July 1, 2019, the new fiscal end date will be -

Correct AnswerverifiedShow Answer

When you start a new fiscal period, the fiscal end date is automatically advanced -

Correct AnswerverifiedShow Answer

Which statement about editing accounts is true -

Correct AnswerverifiedShow Answer

After starting a new fiscal period on June 1st, the trial balance will show zero balances for Income Statement accounts on June 1st because -

Correct AnswerverifiedA

When using only the General Ledger closing all other windows -

Correct AnswerverifiedShow Answer

Which one of the following can be changed from the home window View menu -

Correct AnswerverifiedC

When you create the Chart of Accounts in Sage 50 -

Correct AnswerverifiedShow Answer

Which one of the following general statements about closing entries is false -

Correct AnswerverifiedShow Answer

What does the non-finished symbol on ledgers indicate -

Correct AnswerverifiedShow Answer

To use only the General Ledger or Company module features, you must -

Correct AnswerverifiedShow Answer

Which one of the following methods will not allow you to open a new ledger account -

Correct AnswerverifiedShow Answer

You can access the company system settings -

Correct AnswerverifiedShow Answer

When creating the Chart of Accounts it would be very important to -

Correct AnswerverifiedA

When accounts are not in logical order -

Correct AnswerverifiedShow Answer

What types of errors would the program not detect when you finish entering the history -

Correct AnswerverifiedShow Answer

Account types for HST Charged on Sales, HST Paid on Purchases, HST Owing should be -

Correct AnswerverifiedShow Answer

Before closing the books for a fiscal period, you should print -

Correct AnswerverifiedShow Answer

The Setup date field drop-down list for session date windows shows -

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In order to access the General Ledger and view a ledger account you would -

Correct AnswerverifiedShow Answer

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A

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C

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A

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