Chapter 12 & 13 Sage Exam 2024 with Solutions

Merchandising businesses purchase the merchandise they sell from suppliers known as: - Answer - Vendors A purchase return to a vendor is recorded on the Vendor Credit Memos window as follows: - Answer - Select Vendor Invoice number quantity returned. When paying vendors, minus a return of merchandise: - Answer -Click on the "Pay" box for the invoice as the purchase return is automatically calculated. If the "A/P Account" field and "GL Account" column are not shown, what Sage 50 menu-bar selection should you check? - Answer -Options Global uncheck Hide General Ledger Accounts. When setting up a new company in Sage 50, select five-digit Chart of Account numbers from the: - Answer -Detailed list. To start journal entries on January 1, 2019, select December 1-31, 2018 as the chart of accounts beginning balance period. - Answer -True Sage 50 uses the periodic inventory systems, which means inventory items are not updated until the end of the accounting period. - Answer -False Both the selling price and unit cost defaults are set up on the Maintain Inventory Items win