Question 1

How would you enter a purchase with payment -

Accepted Answer

A)   open the payments journal and choose invoice with cheque
B)   open the purchases journal and choose invoice and pay later
C)   open the payments journal and choose supplier with cheque
D)   open the payments journal and choose make other paymentE) A) and C)
F) A) and B)

Question 2

In the Search results window when adjusting an invoice, you can -

Accepted Answer

A)   sort the search results by date
B)   reverse the order of the transactions listed
C)   sort the search results by invoice amount
D)   all of the aboveE) All of the above
F) B) and D)

Question 3

The purchases journal may be used for the following -

Accepted Answer

A)   credit or pay later purchase transactions
B)   purchase transactions paid by cash
C)   purchase transactions paid by cheque
D)   all of the aboveE) A) and C)
F) C) and D)

Question 4

From the Payables Module window you cannot -

Accepted Answer

A)   complete the same activities as you can from the classic view home window
B)   complete all supplier-related activities
C)   access help for entering supplier-related activities
D)   access the home window tools and menu optionsE) A) and B)
F) B) and C)

Question 5

The HST (harmonized sales tax)  on purchases is recorded in -

Accepted Answer

A)   the HST paid account entered as a debit amount
B)   the HST charged account entered as credit amount
C)   the HST charged account entered as a debit amount
D)   the HST paid account entered as a credit amountE) A) and B)
F) A) and D)

Question 6

To find an invoice you need to adjust from the Search window, you can might search for -

Accepted Answer

A)   invoices from suppliers beginning with the letters A to D
B)   invoices for a range of dates
C)   invoices for a range of journal entry numbers
D)   invoices with invoice numbers beginning with A or BE) All of the above
F) B) and C)

Question 7

Which one of the following statements about supplier options is incorrect -

Accepted Answer

A)   an asset account may be selected as the default expense account
B)   print contact on cheques only if the field has an address or department
C)   only the no tax code is available if you choose No as the tax exempt option
D)   you can send e-mails to suppliersE) A) and D)
F) B) and D)

Question 8

Choosing the Suggested Accounts button in the select account list when in the purchases module will -

Accepted Answer

A)   show only revenue accounts
B)   show only expense accounts
C)   show the single account that is most likely the one you need
D)   show revenue accounts when you start from the sales journal and expense accounts when you start from the purchases journalE) A) and B)
F) B) and C)

Question 9

From the supplier aged summary report you can learn -

Accepted Answer

A)   the unpaid balance for each invoice
B)   the total owing to each supplier
C)   the due date for each outstanding invoice
D)   which invoices are fully paidE) A) and B)
F) A) and D)

Question 10

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

Accepted Answer

A)   all properly linked accounts
B)   only the purchases and accounts payable general ledgers
C)   only the purchases and accounts payable subsidiary ledgers
D)   only the purchases, accounts payable ledgers and HST paidE) B) and C)
F) All of the above

Question 11

Which of the following statements is true about entering sales tax codes in the general journal -

Accepted Answer

A)   when you enter a tax account and amount, the tax codes entry screen opens automatically
B)   when you enter a tax account and amount, the sales taxes button becomes available
C)   you can enter the tax codes as soon as you open the general journal
D)   you cannot enter tax codes in the general journalE) A) and B)
F) A) and C)

Question 12

After choosing Continue for a new vendor in a supplier invoice -

Accepted Answer

A)   you can open the vendor's ledger record to add the remaining vendor details
B)   there is no ledger record for the new vendor
C)   you will be unable to edit the vendor payment terms for later purchases
D)   the ledger record already contains all details you added to the purchase invoiceE) B) and C)
F) A) and D)

Question 13

Recurring transactions are not generally used for -

Accepted Answer

A)   daily cash sales
B)   adjusting entries
C)   entries that must be stored and recalled as needed
D)   automatic weekly or monthly charges or paymentsE) All of the above
F) B) and D)

Question 14

The cheque log report -

Accepted Answer

A)   can be displayed from the report centre financials reports
B)   can be displayed from the report centre payables reports
C)   shows whether cheques have been printed
D)   both a and c are correctE) A) and C)
F) B) and D)

Question 15

Which one of the following general statements is incorrect -

Accepted Answer

A)   journal reports may be accessed from either the home window or the suppliers windows
B)   new suppliers may be added from both the purchases and payments journals
C)   the message "there is no data to report" is found in the payments journal
D)   it is much easier to enter payments in the payments journal than the general journalE) All of the above
F) C) and D)

Question 16

If you post a purchase invoice with 2018 as the year in the date field when the fiscal year is 2020 -

Accepted Answer

A)   Sage 50 Accounting will not post the transaction
B)   Sage 50 Accounting will post the purchase with a reminder that prior fiscal period reports are affected
C)   Sage 50 Accounting will ask for confirmation that the date is correct and then post the entry
D)   Sage 50 Accounting will warn you of the error and then close the journalE) A) and D)
F) A) and C)

Question 17

Transactions entered in the payments journal will not allow the following -

Accepted Answer

A)   recording of all necessary details surrounding the payment
B)   editing the cheque number
C)   entering a payment amount that is more than the outstanding balance to create a credit balance
D)   editing the payment amountE) B) and C)
F) None of the above

Question 18

To open the Payables Module window, you could -

Accepted Answer

A)   choose open payables module from the home window file menu
B)   choose open payables module from the home window view menu
C)   make the payables module your default home page
D)   choose payables from the home window modules menuE) B) and D)
F) A) and C)

Question 19

After choosing Continue for a new vendor in a supplier invoice -

Accepted Answer

A)   you can choose to include this vendor in aged payables reports
B)   the aged payables detail report always includes this vendor's purchase
C)   you can choose pay later for the purchase
D)   the journal report will include the purchase details with one-time vendor as the vendor's nameE) A) and B)
F) B) and D)

Question 20

To record a partial payment in the payments journal, you must change -

Accepted Answer

A)   the cheque number
B)   the date of payment
C)   the invoice number
D)   the payment amountE) A) and D)
F) B) and D)

Exam 5: Questions Groen Fields

The purchases journal may be used for the following -

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After choosing Continue for a new vendor in a supplier invoice -

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To record a partial payment in the payments journal, you must change -

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After choosing Continue for a new vendor in a supplier invoice -

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Which one of the following statements about supplier options is incorrect -

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Transactions entered in the payments journal will not allow the following -

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Recurring transactions are not generally used for -

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From the Payables Module window you cannot -

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To open the Payables Module window, you could -

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

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Choosing the Suggested Accounts button in the select account list when in the purchases module will -

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To find an invoice you need to adjust from the Search window, you can might search for -

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How would you enter a purchase with payment -

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Which of the following statements is true about entering sales tax codes in the general journal -

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From the supplier aged summary report you can learn -

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The cheque log report -

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In the Search results window when adjusting an invoice, you can -

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Which one of the following general statements is incorrect -

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If you post a purchase invoice with 2018 as the year in the date field when the fiscal year is 2020 -

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The HST (harmonized sales tax) on purchases is recorded in -

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