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SAGE FINAL REVIEW | 51 Questions and Answers with Complete Solutions | Updated 2024
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SAGE FINAL REVIEW | 51 Questions and Answers with Complete Solutions | Updated 2024
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SAGE FINAL REVIEW | 51 Questions andAnswers with Complete Solutions |
Updated 2024
When first opening the Sage 50 program you will be asked to choose -
ANSWER select an existing company, create a new company, restore from
backup
The Sage 50 home window does not display - ANSWER icons for individual
accounts
Which one of the following comments is not true of the Sage 50 program -
ANSWER the help menu may be removed or hidden
When you restore a file from a backup, you must - ANSWER press back to
change any of your selections
Home window tool icons in Sage 50 - ANSWER are shortcuts for accessing
features provided by some menu options
Businesses must register for GST and apply GST to sales if - ANSWER they have
annual sales over $30,000
Items that are not taxable for GST - ANSWER are mostly basic necessities
, HST differs from GST in that - ANSWER it has a different tax rate, it includes a
portion for provincial sales tax
Provincial sales taxes- - ANSWER on purchases that are treated as business
expenses
GST/HST differs from other sales taxes in that- - ANSWER it applies at all levels
of sales
Sales taxes on goods and services in Canada- - ANSWER are charged at the rate
applicable to the province of destination
Sage 50 provides a complete audit trail by- - ANSWER recording original
transactions in a journal, posting the journal amounts into a ledger, numbering &
referencing each transaction
A variety of reports and financial statements may be viewed by- - ANSWER
selecting the reports menu and opening the appropriate choice
Which statement is not true about the session date- - ANSWER it must be set
each time you record an entry
To enter a date for an accounting transaction, you must- - ANSWER choose a
date from the pop-up calendar, type the date in text, enter as two-digit numbers
When you adjust a posted general journal entry, you can- - ANSWER change
the date, the account number or the amount, enter additional account lines
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