Question 1

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 D)
F) B) and C)

Question 2

Drill-down reports -

Accepted Answer

A)  are available from both purchases and payments journal reports
B)  allow access to detail reports
C)  allow viewing of invoices
D)  all of the aboveE) C) and D)
F) A) and B)

Question 3

A supplier invoice will not show -

Accepted Answer

A)  the description and prices for two items purchased on account
B)  the HST code H (HST @ 13% tax not included in price) 
C)  the HST rate is incorrect
D)  the asset purchases have been charged to the appropriate accountsE) A) and B)
F) C) and D)

Question 4

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) None of the above
F) A) and B) D

Question 5

The Suppliers Aged report does not include -

Accepted Answer

A)  cash purchases entered in the purchases journal when cheque was the method of payment
B)  cash purchases entered with the make other payment option
C)  the original incorrect payment entry for transactions that were adjusted after posting
D)  the report includes all of the aboveE) A) and B)
F) A) and C)

Question 6

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) C) and D)
F) B) and D)

Question 7

A purchases journal entry will not balance if we -

Accepted Answer

A)  omit one of two items that were purchased
B)  omit the HST paid
C)  omit the freight charge
D)  this entry will balance whether or not we omit any of the above itemsE) All of the above
F) C) and D)

Question 8

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) B) and C)
F) None of the above C

Question 9

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 D)
F) None of the above

Question 10

After choosing Quick Add 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 B) A

Question 11

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) None of the above
F) B) and C)

Question 12

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) None of the above
F) A) and D)

Question 13

Choosing Quick Add when you enter a purchase for a new supplier -

Accepted Answer

A)  creates a record for the supplier so you can add details later
B)  opens the ledger window so you can enter all the supplier details you need
C)  adds the supplier's name to the journal entry
D)  is required to continue recording the purchase detailsE) B) and C)
F) B) and D)

Question 14

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 C)
F) A) and B)

Question 15

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) C) and D)
F) A) and B)

Question 16

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 D)
F) A) and C)

Question 17

The payments journal may be used for the following -

Accepted Answer

A)  full cash payment to suppliers
B)  partial cash payment to suppliers
C)  purchase transactions paid by cheque
D)  all of the aboveE) A) and D)
F) A) and C)

Question 18

The supplier aged detail report does not include -

Accepted Answer

A)  the payment terms for each invoice
B)  invoices and payments for one-time suppliers
C)  a separate entry for each invoice and payment
D)  invoices and payments for suppliers added with the quick add optionE) A) and D)
F) None of the above

Question 19

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) A) and B)
F) B) and C)

Question 20

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) All of the above
F) C) and D)

Exam 5: Groen Fields

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

Correct AnswerverifiedShow Answer

Drill-down reports -

Correct AnswerverifiedShow Answer

A supplier invoice will not show -

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedD

The Suppliers Aged report does not include -

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A purchases journal entry will not balance if we -

Correct AnswerverifiedShow Answer

Which one of the following general statements is incorrect -

Correct AnswerverifiedC

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

Correct AnswerverifiedShow Answer

After choosing Quick Add for a new vendor in a supplier invoice -

Correct AnswerverifiedA

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

Correct AnswerverifiedShow Answer

From the supplier aged summary report you can learn -

Correct AnswerverifiedShow Answer

Choosing Quick Add when you enter a purchase for a new supplier -

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The cheque log report -

Correct AnswerverifiedShow Answer

The payments journal may be used for the following -

Correct AnswerverifiedShow Answer

The supplier aged detail report does not include -

Correct AnswerverifiedShow Answer

To open the Payables Module window,you could -

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
D

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
C

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified