SAGE 50 FINAL REVIEW UPDATED Exam Questions and CORRECT Answers
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Course
SAGE 50
Institution
SAGE 50
SAGE 50 FINAL REVIEW UPDATED Exam
Questions and CORRECT Answers
When first opening the Sage 50 program you will be asked to choose - CORRECT
ANSWER- select an existing company, create a new company, restore from backup
The Sage 50 home window does not display - CORRECT ANSWER- icons for indiv...
SAGE 50 FINAL REVIEW UPDATED Exam
Questions and CORRECT Answers
When first opening the Sage 50 program you will be asked to choose - CORRECT
ANSWER- select an existing company, create a new company, restore from backup
The Sage 50 home window does not display - CORRECT ANSWER- icons for individual
accounts
Which one of the following comments is not true of the Sage 50 program - CORRECT
ANSWER- the help menu may be removed or hidden
When you restore a file from a backup, you must - CORRECT ANSWER- press back to
change any of your selections
Home window tool icons in Sage 50 - CORRECT ANSWER- are shortcuts for accessing
features provided by some menu options
Businesses must register for GST and apply GST to sales if - CORRECT ANSWER- they
have annual sales over $30,000
Items that are not taxable for GST - CORRECT ANSWER- are mostly basic necessities
HST differs from GST in that - CORRECT ANSWER- it has a different tax rate, it includes a
portion for provincial sales tax
Provincial sales taxes- - CORRECT ANSWER- on purchases that are treated as business
expenses
GST/HST differs from other sales taxes in that- - CORRECT ANSWER- it applies at all
levels of sales
, Sales taxes on goods and services in Canada- - CORRECT ANSWER- are charged at the rate
applicable to the province of destination
Sage 50 provides a complete audit trail by- - CORRECT 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- - CORRECT ANSWER-
selecting the reports menu and opening the appropriate choice
Which statement is not true about the session date- - CORRECT ANSWER- it must be set
each time you record an entry
To enter a date for an accounting transaction, you must- - CORRECT 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- - CORRECT ANSWER- change the
date, the account number or the amount, enter additional account lines
To correct a general journal entry, you should - - CORRECT ANSWER- choose the adjust an
entry option, choose the transaction, edit it and post
Sorted and filtered reports differ in that - - CORRECT ANSWER- sorting organizes the
report details and filtering selects the records included
Adding non-postable accounts to your Chart of Accounts- - CORRECT ANSWER- will allow
you to classify your accounts with formal accounting headings
What is the purpose for preparing a backup copy of your data before you finish entering the
history - CORRECT ANSWER- to save you data in case of a malfunction
What types of errors would the program not detect when you finish entering the history- -
CORRECT ANSWER- a ledger is balanced, but individual accounts have incorrect amounts
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