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SAGE 50 FINAL REVIEW NEWEST 2025-
2026. QUESTIONS & CORRECT
ANSWERS. GRADED A
A supplier invoice will not show – ANS the HST rate is incorrect A variety of reports and financial statements may be viewed by- - ANS selecting the reports menu and opening the appropriate choice Adding non-postable accounts to your Chart of Accounts- - ANS will allow you to classify your accounts with formal accounting headings All Payables modules reports can be accessed from - - ANSthe payables sections of the report centre Businesses must register for GST and apply GST to sales if - ANSthey have annual sales over $30, Discounts for early payments are offered to encourage customers to- - ANSsettle their accounts on time GST/HST differs from other sales taxes in that- - ANSit applies at all levels of sales Home window tool icons in Sage 50 - ANSare shortcuts for accessing features provided by some menu options
How would you enter a purchase with payment- - ANSopen the payments journal and choose make other payment How would you enter a sale for an account customer paying by cheque - - ANSopen the sales journal and choose invoice and cheque HST differs from GST in that - ANSit has a different tax rate, it includes a portion for provincial sales tax If federal or provincial government changes the sales tax rate, you should -
- ANSedit the existing tax codes by changing the tax rate Items that are not taxable for GST - ANSare mostly basic necessities Linked accounts provide all but one of the following controls - - ANSrequired linked accounts must be defined One of the following statements is true about the sample from a Balance Sheet shown here- - ANSthat Accounts Rec & Advances Rec are subgroup accounts Provincial sales taxes- - ANSon purchases that are treated as business expenses Recurring transactions are not generally used for- - ANSdaily cash sales
The sales journal may be used for- - ANSall credit card sales transactions, all sales transactions paid by cash/cheque The terminology for icons in module windows - ANSmay change when you select a different industry type To access the Receivables Settings in the classic view you might - - ANSchoose setup from the main menu, settings, Receivables To change a stored/recurring transaction- - ANSrecall the stored entry, edit it and then store it again To correct a general journal entry, you should - - ANSchoose the adjust an entry option, choose the transaction, edit it and post To enter a date for an accounting transaction, you must- - ANSchoose a date from the pop-up calendar, type the date in text, enter as two-digit numbers To enter a NSF cheque - ANSreverse the receipt in the receipts journal To find an invoice you need to adjust from the Search window, you can might search for- - ANSinvoices for a range of dates To find an invoice you need to adjust when you know only the customer's name, the invoice amount and the approximate date of the sale, you would
enter - - ANSthe invoice amount and customer name as the search parameters To record a NSF cheque, you can- - ANSreverse the receipt from the adjusting receipt screen To remove a line from the invoice - - ANSclick anywhere on the line to be removed, choose the edit menu and click remove line What is the purpose for preparing a backup copy of your data before you finish entering the history - ANSto save you data in case of a malfunction What mistakes can you not correct after finishing history - - ANSmistakes made in historical invoices What types of errors would the program not detect when you finish entering the history- - ANSa ledger is balanced, but individual accounts have incorrect amounts When accounts are not in logical orders - ANSyou will be unable to display some reports When first opening the Sage 50 program you will be asked to choose - ANSselect an existing company, create a new company, restore from backup
You will be unable to apply tax codes for sales when - - ANSthe customer is set up as tax exempt
