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Exam 4: Questions Love It Again

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Question 1

Multiple Choice

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

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

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Question 2

Multiple Choice

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

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

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Question 3

Multiple Choice

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What does the non-finished symbol on ledgers indicate -

Which statement about editing accounts is true -

When accounts are not in logical order -

You can access the company system settings -

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

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

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

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

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

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

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

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

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

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

When using only the General Ledger closing all other windows -

When you create the Chart of Accounts in Sage 50 -

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

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