Question

What is the purpose of entering historical invoices and payments for suppliers –

Select one:

a. to allow tracking of discounts taken

b. to total all purchases for the supplier this year

c. to allow the supplier balance field to be updated

d. all of the above

What step is not involved in setting up the receivables ledger –

Select one:

a. setting the receivables bank and accounts receivable linked accounts

b. receivables ledger amounts must match the general ledger amounts

c. recording a sales invoice

d. setting the defaults to customize the receivables ledger

Expense accounts created in account ledger windows are assigned by default to –

Select one:

a. the cost of good sold class

b. the operating expenses class

c. the expenses class

d. the extraordinary expenses class

When correcting a purchase order error before posting you should –

Select one:

a. select the incorrect field(s) in the journal and input the correct data

b. open a new purchase order and enter the correct work

c. re-select from suppliers list

d. remove the purchase order from the edit menu

When customers settle their accounts in full after you enter deposits in the receipts journal –

Select one:

a. the net amount owing appears on the deposit line

b. the net amount owing appears on the invoice line

c. you must pay or mark as paid both the invoice amount and the deposit

d. the deposit is already taken to reduce the invoice amount owing

When you convert a purchase quote to a purchase order you can edit all of the following except –

Select one:

a. the unit price for the ordered items

b. the quantity ordered

c. the shipping date

d. the quote/order number

Why might GST amounts in the ledger differ from the GST report –

Select one:

a. GST paid is recorded from the total in the purchases journal

b. GST charged is recorded from the sales journal

c. the GST ledger and GST report are always in balance

d. there is an outstanding GST account balance before the first journal entry

Enter the tracking site information for a shipper –

Select one:

a. in the purchases journal tracking site field

b. at any time when using the program

c. in the supplier record for the shipper

d. in the payables ledger settings window

If you choose Quick Add to enter a new customer record, you cannot change –

Select one:

a. the currency for the transaction

b. the name of the customer in the ledger record

c. the payment terms for the invoice

d. you can change any of the above

Answer 1

Answer of A will be option c to keep the account updated.

B. Answer will be option c - recording a sales invoice.

C. Answer will be option number a

Cost of goods sold class

D. Answer will be option number a:-

Selecting the incorrect field in the journal

E. Answer will be option number c

You must mention pay or mark as paid

F answer will be option number

D

The quote/order number

G. Answer will be option number d

There is an outstanding GST account balance before the first journal entry.

H. Answer will be option number a

In the purchases journal taking site window

I answer will be option number b

You cannot change the name of the customers