Using Sage 50, 2016 - Chapter 3

CHAPTER 3 QUESTIONS (Muriel’s Murals) Which one of the statements about the Sage 50 date system is false – the posting date is the date of the transaction the session date may be advanced by more than one week the session date is the first posting date for a series of later transactions the session date is the date you are recording transactions Sage 50 provides a complete audit trail by – recording original transactions in a journal posting the journal amounts into a ledger numbering and referencing each transaction all of the above statements are correct Advantages of using the Sage 50 program over a manual accounting system include – Sage 50 creates jobs because it requires more individuals to key in data through recording journal entries, all ledgers and reports are automatically posted You are able to set reminders in daily business manager lists for reports, etc. choices b and c are correct The general journal input screen will not allow you to post a transaction – unless the revenue amounts exceed the expense amounts (there is a profit) unless the credit amounts exceed the debit amounts unless the debit amounts are equal to the credit amounts unless you choose to display the general journal entry first A purchase of supplies for $2 000 plus $260 HST in the general journal would not be posted – if the Supplies and HST were recorded as credits and Accounts Payable as debits if the HST was omitted and the Accounts Payable credit was $2 000 if the HST was omitted, Supplies debit was $2 260 and Accounts Payable credit was $2 260 if the debit amounts did not equal the credit amounts A variety of reports and financial statements may be viewed by – selecting the reports menu and opening the appropriate choice selecting the file menu and opening the appropriate choice selecting the view menu and opening the appropriate choice selecting the graphs menu and opening the appropriate choice Which one of the following general statements is incorrect – you cannot post an entry if debits do not balance with credits you must post an entry in order to review or display it displaying your general journal entry may uncover errors all of the above are correct The following General Journal Report options must be chosen – by date order by journal number start and finish dates all of the above statements are correct In the account field of the general journal input screen you cannot – type the account name in the account field type in the first letter of the account name to advance to that section of the account list select the name from the select account list type in the account number By moving the mouse over a displayed report – you can see the available drill-down reports you may choose to print the report drill-down report options at various levels are always available you may choose to save the report Which one of the following general statements is correct – posting creates a permanent record of the accounting transaction you may type account numbers directly into account fields you may choose to change the session date from the maintenance menu all of the above Which statement is true about the new account wizard – you cannot add new accounts from the account field in a journal you must add new accounts before opening a journal you may skip directly to the Finish screen in the wizard if the default settings are correct you must make a choice for each screen in the wizard Upon opening a file, the session date dialog box shows – the date that the accounting transactions must be recorded the session date previously entered that session dates have a special format – month, day, year that session dates must be set to the end of the month Which statement is not true about the session date – it must be set each time you record an entry it is usually the default date for transactions it must be set between the earliest transaction date and the beginning of the next fiscal period it may be moved backwards to a previous date Which statement about Sage 50 is not true – use ledger icons to record information about various types of accounts use journal icons to record journal transactions you may hide icons for ledgers that are not used the status bar describes the position of the cursor Which one of the following statements is not true about Backups – choosing restore from the file menu accesses the wizard backup wizard is an automatic function that reminds you to back up your data the program asks you to confirm your choice of backup files to restore the program asks you for the name of the new restored file What does it mean if a field, menu option or tool on your input screen is dimmed – your computer monitor is shutting down your frequency settings are not functioning you will not be allowed to use that feature at this time your frequency settings are functioning The journal icons in the home window serve to – post all entries to the ledgers record the original accounting entries give information on ledger balances give access to various ledger reports The Sage 50 Accounting backup procedure – starts automatically each time you choose a new session date creates a compressed version of the data files under a different name creates a new working copy of the data files under a different name must be used before you change a session date When you open a Sage 50 Accounting data file, to enter the session date – you may enter the month, day and year as numbers you may type the date in text style (e.g., April 8) you may choose a date from the pop-up calendar all of the above The date field pop-up calendar shows the range of dates that you can use – by adding red circles to the dates that you can choose by adding red circles to the dates that you cannot choose by not allowing access to the dates that you cannot choose the calendar does not limit the dates that you can choose To enter a date for an accounting transaction, you must – choose a date from the pop-up calendar type the date in text style (e.g., April 8) enter the month, day and year as two-digit numbers separated by a space you may use any of the above to enter the date When you adjust a posted general journal entry, you can – change the date change the account number or the amount enter additional account lines change any of the above To correct a general journal entry you should – choose the adjust an entry option, choose the transaction, edit it and post make a reversing entry and then enter the transaction correctly make a reversing entry to cancel the original incorrect entry enter the transaction correctly – when you use the same source number, the original entry is cancelled The date field drop-down list of dates is available – whenever the date calendar appears in report date fields and session date windows in the general journal date field all of the above Choosing the Modify Report option in a displayed report will – display the report options window again close the report and return you to the home window so you can choose from the Reports menu again allow you edit the settings in the displayed report none of the above You can access the option to Modify reports from the – modify report options window the Reports menu in the home window the displayed report File menu none of the above When short dates such as 11-05-12 are used in Sage 50, to check whether month or day comes first you could – type Nov 5 12 in a date field in Sage 50 type 11-05 in a date field in Sage 50 choose Nov 5 from the date field calendar do either a or c above Choosing Restore from the home window file menu will – restore a compressed backup file to a working data file restore the size of the window you are currently working in delete the changes from your current work session and restore the data file from your previous session restore the classic view home window from an enhanced view module window To see the corrected version of a journal entry prior to posting with the adjust a posted entry tool – choose show corrections in the journal report options window choose show corrections from the reports menu choose show corrections from the displayed journal report options menu do nothing, the corrected journal entry is always included in the report You can customize reports by – selecting the columns to be displayed in a report changing the order in which report information is displayed choosing criteria for including information in the report doing any of the above To customize reports you should – create a new report template and save it display the default report and then redo it with the new options use the last used report options template none of the above Sorted and filtered reports differ in that – sorting organizes the report details and filtering selects the records included sorting is a customizing option and filtering is a report option different criteria are used for sorting and filtering they are both methods of customizing reports When you adjust a general journal entry, Sage 50 – deletes the original entry and saves the correction always includes the original entry and the corrections in reports for a complete audit trail includes the original and reversing entry in reports only when you choose to show corrections renumbers the correction so that it replaces the original journal entry number in the report To reverse a general journal entry, you should – click the reverse entry tool in an empty journal window to open the search screen click the reverse entry tool in the home window to open the search window click the reverse entry tool in the displayed journal report to open the adjust entry screen click the reverse entry tool in the adjusting entry screen Which of the following statement about the report centre is correct – all reports are available you can bypass the modify report options screen you can bypass the report sample and description screen the last report you viewed is displayed as the default report The reports pane list of reports – provides access to all reports for that module displays reports using the same report options you used last time displays reports with all the default options opens the modify reports options screens for reports From the Report Centre, you can access – all reports and graphs for all modules all reports and graphs for the module you started from management reports and advice for the open module modify report options screens for reports You can access the Report Centre – from any enhanced view module home window from the classic view home window from the Reports menu in any home window all of the above To change a session date, you can – choose change session date from the maintenance menu choose change session date from the file menu choose change session date from the setup menu choose change session date from the business activities menu To see the drill down reports that are available, you would – double click any number in a displayed report double click any heading in a displayed report hold the mouse over different parts of a displayed report right-click any part of a displayed report to see a pull-down menu of available reports The session date appears as the default in a journal transaction window – for all journal transactions each time you close the journal and then re-open it only when you open the journal for the first time after you change the session date after you post a previous journal transaction When you do not change the default session date in a journal transaction – the transaction will be posted with the session date as the transaction posting date it does not matter because transactions are always posted with the session date it does not matter because the session date is always the same as the posting date you will be reminded to change the date when you try to post the transaction If you reversed the order of transactions in your latest General Journal Report, the next time you view the report – the transactions will be displayed in their standard (not reversed) order the transactions will be displayed in the reversed order you will need to modify the report options again before you can view the report you should view the transactions from the home window Recently Viewed Reports pane to see the standard (not reversed) order You can review the report options you used most recently by – selecting the report from the home window Recent Reports list modifying the report options again displaying the report using the default settings none of the above CHAPTER 3: ANSWERS c. the session date is the first posting date for a series of later transactions d. all of the above statements are correct b. through recording journal entries, all ledgers and reports are automatically posted c. unless the debit amounts are equal to the credit amounts d. if the debit amounts did not equal the credit amounts a. selecting the reports menu and opening the appropriate choice b. you must post an entry in order to review or display it d. all of the above statements are correct a. type the account name in the account field a. you can see the available drill-down reports d. all of the above d. you must make a choice for each screen in the wizard b. the session date previously entered a. it must be set each time you record an entry d. the status bar describes the position of the cursor b. backup wizard is an automatic function that reminds you to backup your data c. you will not be allowed to use that feature at this time b. record the original accounting entries b. creates a compressed version of the data files under a different name d. all of the above c. by not allowing access to the dates that you cannot choose d. you may use any of the above to enter the date d. change any of the above a. choose the adjust an entry option, choose the transaction, edit it and post b. in report date fields and session date windows a. display the report options window again d. none of the above d. do either a or c above a. restore a compressed backup file to a working data file d. do nothing, the corrected journal entry is always included in the report d. doing any of the above d. none of the above a. sorting organizes the report details and filtering selects the details c. includes the original and reversing entry in reports only when you choose to show corrections d. click the reverse entry tool in the adjusting entry screen b. you can bypass the modify report options screen b. displays reports using the same report options you used last time d. modify report options screens for reports d. all of the above a. choose change session date from the maintenance menu c. hold the mouse over different parts of a displayed report b. each time you close the journal and then re-open it a. the transaction will be posted with the session date as the transaction posting date b. the transactions will be displayed in the reversed order a. selecting the report from the home window Recent Reports list