SAGE 50 FINAL REVIEW QUESTIONS AND SOLUTIONS

SAGE 50 FINAL REVIEW QUESTIONS AND SOLUTIONS 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