Computerized Accounting 3 Binhs Bins part 1

A professional workspace with a computer displaying Sage 50 Accounting software, with charts and accounting documents in the background.

Mastering Sage 50 Accounting: Quiz

Test your knowledge of Sage 50 Accounting with this comprehensive quiz! Covering key concepts and functionalities, this quiz is designed for those looking to deepen their understanding of computerized accounting practices.

Engage with 25 thought-provoking questions that will challenge your familiarity with the Sage 50 environment.

Explore transaction recording nuances
Understand the journal and ledger systems
Enhance your accounting skills

25 Questions6 MinutesCreated by LearningBee574

Which one of the statements about the Sage 50 date system is false

The posting date is the date of the transaction

The session date may be advanced by more than one week

The session date is the first posting date for a series of later transactions

The session date is the date you are recording transactions

Sage 50 provides a complete audit trail by

Recording original transactions in a journal

Posting the journal amounts into a ledger

Numbering and referencing each transaction

All of the above statements are correct

Advantages of using the Sage 50 program over a manual accounting system include

Sage 50 creates jobs because it requires more individuals to key in data

Through recording journal entries, all ledgers and reports are automatically posted

You are able to set reminders in daily business manager lists for reports, etc.

Choices b and c are correct

The general journal input screen will not allow you to post a transaction

unless the revenue amounts exceed the expense amounts (there is a profit)

Unless the credit amounts exceed the debit amounts

unless the debit amounts are equal to the credit amounts

Unless you choose to display the general journal entry first

A purchase of supplies for $2 000 plus $260 HST in the general journal would not be posted

if the Supplies and HST were recorded as credits and Accounts Payable as debits

If the HST was omitted and the Accounts Payable credit was $2 000

if the HST was omitted, Supplies debit was $2 260 and Accounts Payable credit was $2 260

if the debit amounts did not equal the credit amounts

A variety of reports and financial statements may be viewed by

selecting the reports menu and opening the appropriate choice

selecting the file menu and opening the appropriate choice

Selecting the view menu and opening the appropriate choice

Selecting the dashboard menu and opening the appropriate choice

Which one of the following general statements is incorrect

you cannot post an entry if debits do not balance with credits

You must post an entry in order to review or display it

Displaying your general journal entry may uncover errors

All of the above are correct

The following General Journal Report options must be chosen

By date order

by journal number

start and finish dates

All of the above statements are correct

In the account field of the general journal input screen you cannot

Type the account name in the account field

Type in the first letter of the account name to advance to that section of the account list

Select the name from the select account list

Type in the account number

By moving the mouse over a displayed report

You can see the available drill-down reports

You may choose to print the report

Drill-down report options at various levels are always available

You may choose to save the report

Which one of the following general statements is correct

posting creates a permanent record of the accounting transaction

you may type account numbers directly into account fields

You may choose to change the session date from the maintenance menu

All of the above

Which statement is true about the new account wizard

You cannot add new accounts from the account field in a journal

You must add new accounts before opening a journal

You may skip directly to the Finish screen in the wizard if the default settings are correct

You must make a choice for each screen in the wizard

Upon opening a file, the session date dialog box shows

The date that the accounting transactions must be recorded

The session date previously entered

That session dates have a special format – month, day, year

That session dates must be set to the end of the month

Which statement is not true about the session date

It must be set each time you record an entry

It is usually the default date for transactions

It must be set between the earliest transaction date and the beginning of the next fiscal period

It may be moved backwards to a previous date

Which statement about Sage 50 is not true

Use ledger icons to record information about various types of accounts

Use journal icons to record journal transactions

You may hide icons for ledgers that are not used

The status bar describes the position of the cursor

Which one of the following statements is not true about Backups

Choosing restore from the file menu accesses the wizard

Backup wizard is an automatic function that reminds you to back up your data

the program asks you to confirm your choice of backup files to restore

the program asks you for the name of the new restored file

What does it mean if a field, menu option or tool on your input screen is dimmed

your computer monitor is shutting down

Your frequency settings are not functioning

You will not be allowed to use that feature at this time

your frequency settings are functioning

The journal icons in the home window serve to

Post all entries to the ledgers

Record the original accounting entries

Give information on ledger balances

Give access to various ledger reports

The Sage 50 Accounting backup procedure

Starts automatically each time you choose a new session date

Creates a compressed version of the data files under a different name

Creates a new working copy of the data files under a different name

Must be used before you change a session date

When you open a Sage 50 Accounting data file, to enter the session date

You may enter the month, day and year as numbers

You may type the date in text style (e.g., April 8)

You may choose a date from the pop-up calendar

All of the above

The date field pop-up calendar shows the range of dates that you can use

By adding red circles to the dates that you can choose

By adding red circles to the dates that you cannot choose

By not allowing access to the dates that you cannot choose

The calendar does not limit the dates that you can choose

To enter a date for an accounting transaction, you must

Choose a date from the pop-up calendar

Type the date in text style (e.g., April 8)

Enter the month, day and year as two-digit numbers separated by a space

You may use any of the above to enter the date

When you adjust a posted general journal entry, you can

Change the date

Change the account number or the amount

Enter additional account lines

Change any of the above

To correct a general journal entry you should

Choose the adjust an entry option, choose the transaction, edit it and post

Make a reversing entry and then enter the transaction correctly

Make a reversing entry to cancel the original incorrect entry

Enter the transaction correctly – when you use the same source number, the original entry is cancelled

The date field drop-down list of dates is available

Whenever the date calendar appears

In report date fields and session date windows

In the general journal date field

All of the above

Computerized Accounting 3 Binhs Bins part 1

Mastering Sage 50 Accounting: Quiz

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