SAGE 50 FINAL REVIEW QUESTIONS
AND ANSWERS 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 f...
SAGE 50 FINAL REVIEW QUESTIONS AND ANSWERS 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 To correct a general journal entry, you should - - Answer - choose the adjust an entry option, choose the transaction, edit it and post Sorted and filtered reports differ in that - - Answer - sorting organizes the report details and filtering selects the records included Adding non -postable accounts to your Chart of Accounts - - 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 - 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 - - Answer - a ledger is balanced, but individual accounts have incorrect amounts One of the following statements is true about the sample from a Balance Sheet shown here- - Answer - that Accounts Rec & Advances Rec are subgroup accounts
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KatelynWhitman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R205,11. You're not tied to anything after your purchase.
