TEST BANK for Computer Accounting with Sage 17th Edition. Carol Yacht. Answers At The End Of Each Ch

Computer Accounting with Sage 17e Carol Yacht (Test Bank All Chapters, 100% Original Verified, A+ Grade) Answers At The End Of Each Chapter

Chapter 01 1.

If you are not familiar with Microsoft Windows, using Sage 50 will help you become familiar with the Windows operating system.

True False

2.

The Navigation Bar is on the left side of Sage 50's windows.

True False

3.

You can close or exit by clicking on the True False

button on a window's title bar.

4.

Using the function key F7 saves the current record in the maintenance windows.

True False

5.

Using the function key F1 displays the online help window.

True False

6.

The window illustrations in the textbook are done with Windows 7 and Sage 50 Complete Accounting 2013.

True False

7.

One advantage of Windows is that it standardizes terms and operations used in software programs.

True False

8.

The only way to access commands in Windows is to use the drop-down menus.

True False

9.

The icons used in Sage 50 are the same on every window.

True False

10. The most common field you will type in is called the text field or box.

True False 11. The name of the Sample Company or companies that are included in the Sage 50 Complete Accounting 2013 software are called: A. Pavilion Garden Supply B. Bellwether Garden Supply and Stone Arbor Landscaping C. Berkeley Custom Pools & Spas D. Stone Arbor Landscaping E. Fabrikam, Inc. and Northwind Traders 12. The purpose of using the sample company is to become familiar with: A. The software B. Accounting procedures C. The generally accepted accounting principles D. The navigation bars E. The navigation centers 13. Sage 50's backup feature works with what other Sage 50 feature: A. Import/Export B. Save As C. Formatting D. Restore E. Excel

14. The file extension for Sage 50 backup files is: A. .pdf B. .pbb C. .ptb D. .pbcx E. .xlsx 15. To display the size of your backup file, you can use the Windows program called: A. Windows Explorer B. Scan disk C. Defrag D. Windows Accessories E. Windows Defender 16. Menu choices that are followed by an ellipsis (…) are associated with: A. Text fields B. Dialog boxes C. The Sales/Invoicing window D. Shortcuts E. Defaults 17. The Edit menu allows you to do the following: A. Cut B. Copy C. Paste D. Clear or delete recorded entries E. Find Transactions 18. Commands that Sage 50 automatically selects are called: A. Objects B. Dialog boxes C. Defaults D. Shortcuts E. Text 19. The Options menu has selections that allow the user to: A. Check global settings B. Backup C. Print reports D. Enter journal entries E. Post to the general ledger 20. In the computer accounting cycle, the following report is not included: A. Adjusted trial balance B. Unadjusted trial balance C. Worksheet D. Financial statements E. Statement of cash flow

Chapter 01 Key 1. TRUE 2. TRUE 3. FALSE 4. FALSE 5. TRUE 6. TRUE 7. TRUE 8. FALSE 9. FALSE 10. TRUE 11. (p. 15) B 12. (p. 14) A 13. (p. 23) D 14. (p. 24) C 15. (p. 26) A 16. (p. 33) B 17. (p. 34) E 18. (p. 34) C 19. (p. 36) A 20. (p. 48) C

Chapter 01 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Yacht - Chapter 01

# of Questions 5 5 20

Chapter 02 Student: ___________________________________________________________________________

1.

When Bellwether Garden Supply orders inventory from vendors, Account No. 12000, Inventory is credited.

True False

2.

Vendors offer Bellwether a purchase discount for invoices paid within a discount period.

True False

3.

Accounts payable transactions refer to transactions with vendors or suppliers.

True False

4.

In order to begin where you left off the last time you used Sage 50, you use the backup feature.

True False

5.

The restore feature is used to save data to the current point in Sage 50.

True False

6.

In order to show the GL Account column on journal windows, you should uncheck the settings in Options; Global that hide the general ledger accounts.

True False

7.

In Sage 50, the Purchases/Receive Inventory window is also the purchase journal.

True False

8.

Clicking on the Journal icon on the Purchase Orders window takes you to the general ledger.

True False

9.

When you click on the Print icon on the Purchase Orders window, you print the purchase order and also post the purchase order journal.

True False

10. In Sage 50, the Purchases/Receive Inventory window is also the purchase order journal.

True False 11. In Bellwether Garden Supply, vendors are set up using: A. Last name first B. First name first C. A coding system D. Defaults E. Use eight characters only.

12. Alphabetic characters in Sage 50 are: A. Not case sensitive B. Case sensitive C. Always uppercase D. Always lowercase E. Combination of upper and lowercase.

13. The contact name for the vendor Armenta's Landscaping is: A. Jesse Wood B. Jerry Johnson C. Steven Cole D. Albert Armenta E. Lilio Chomette

14. The purchase account for Armenta's Landscaping is: A. 57200, Materials Cost B. 57000, Direct Labor C. 57000-LS, Direct Labor - Landscaping D. 57200-LS, Materials Cost - Landscaping E. 14700, Other Current Assets 15. The following accounts are debited and credited when you purchase inventory on account: A. Dr. Inventory account, credit Account Receivable/vendor B. Dr. Accounts Payable/Vendor; Cr. expense account C. Dr. Inventory account; Cr. Accounts Payable/Vendor D. Dr. Accounts Receivable/Customer; Cr. Sales account E. Dr. Accounts Payable/Vendor; Cr. Inventory account.

16. The Payments window is also known as the: A. Cash Receipts Journal B. Purchases Journal C. Sales Journal D. Cash Disbursements Journal E. General Journal 17. To print a vendor check, you use the following menu bar selections: A. Reports & Forms; Accounts Receivable, Invoices, Preprint 1 Stub, Print B. Reports & Forms; Forms, Checks, OCR AP Laser Preprinted, Print C. Tasks; Payments, Check Register, Checks, Print D. Reports & Forms; Financial Statements, Current Period, Print E. Maintain; Vendors, Purchase Info tab.

18. On the Navigation Bar, make the following selections to display the Vendor Ledgers Report: A. Vendors & Purchases Navigation Center, link to View Detailed List and select Vendor Ledgers, Display B. Vendors & Purchases Navigation Center, link to View all Vendor & Purchases Reports and select Vendor Ledgers, Display C. Maintain; Customers/Sales Reps D. Customers & Sales Navigation Center, in the Vendors area, link to View Detailed List.

19. The Vendor Ledgers Report is another name for the: A. Accounts Receivable subsidiary ledger B. Inventory subsidiary ledger C. Accounts Payable open items report D. Accounts Payable subsidiary ledger E. Controlling account 20. The suggested file name for the first back up in Chapter 2 is: A. Exercise 2-1 B. Exercise 2-2 C. Chapters 1 & 2 D. Chapter 2 E. Page number and chapter number

Chapter 02 Key 1.

When Bellwether Garden Supply orders inventory from vendors, Account No. 12000, Inventory is credited.

FALSE Account No. 12000, Inventory is debited.

Yacht - Chapter 02 #1

2.

Vendors offer Bellwether a purchase discount for invoices paid within a discount period.

TRUE

3.

Accounts payable transactions refer to transactions with vendors or suppliers.

TRUE

4.

In order to begin where you left off the last time you used Sage 50, you use the backup feature.

FALSE

Yacht - Chapter 02 #2

Yacht - Chapter 02 #3

You use the restore feature to begin where you left off the last time you used Sage 50.

Yacht - Chapter 02 #4

5.

The restore feature is used to save data to the current point in Sage 50.

FALSE You use Sage 50's backup feature to save data to the current point. Restore is used to start where you left off the last time you backed up a Sage 50 file.

Yacht - Chapter 02 #5

6.

In order to show the GL Account column on journal windows, you should uncheck the settings in Options; Global that hide the general ledger accounts.

TRUE

7.

In Sage 50, the Purchases/Receive Inventory window is also the purchase journal.

TRUE

8.

Clicking on the Journal icon on the Purchase Orders window takes you to the general ledger.

FALSE

Yacht - Chapter 02 #6

Yacht - Chapter 02 #7

Clicking on the Journal icon on the Purchase Orders window takes you to the purchase order journal.

Yacht - Chapter 02 #8

9.

When you click on the Print icon on the Purchase Orders window, you print the purchase order and also post the purchase order journal.

TRUE Yacht - Chapter 02 #9

10.

In Sage 50, the Purchases/Receive Inventory window is also the purchase order journal.

FALSE The Purchases/Receive Inventory window is the purchases journal.

Yacht - Chapter 02 #10

11. (p. 71)

In Bellwether Garden Supply, vendors are set up using: A. Last name first B. First name first C. A coding system D. Defaults E. Use eight characters only.

Difficulty: 2 Medium Yacht - Chapter 02 #11

12. (p. 71)

Alphabetic characters in Sage 50 are: A. Not case sensitive B. Case sensitive C. Always uppercase D. Always lowercase E. Combination of upper and lowercase.

Difficulty: 1 Easy Yacht - Chapter 02 #12

13. (p. 72)

The contact name for the vendor Armenta's Landscaping is: A. Jesse Wood B. Jerry Johnson C. Steven Cole D. Albert Armenta E. Lilio Chomette Difficulty: 1 Easy Yacht - Chapter 02 #13

14. (p. 72)

The purchase account for Armenta's Landscaping is: A. 57200, Materials Cost B. 57000, Direct Labor C. 57000-LS, Direct Labor - Landscaping D. 57200-LS, Materials Cost - Landscaping E. 14700, Other Current Assets Difficulty: 2 Medium Yacht - Chapter 02 #14

15. (p. 55)

The following accounts are debited and credited when you purchase inventory on account: A. Dr. Inventory account, credit Account Receivable/vendor B. Dr. Accounts Payable/Vendor; Cr. expense account C. Dr. Inventory account; Cr. Accounts Payable/Vendor D. Dr. Accounts Receivable/Customer; Cr. Sales account E. Dr. Accounts Payable/Vendor; Cr. Inventory account.

Difficulty: 3 Hard Yacht - Chapter 02 #15

16. (p. 76)

The Payments window is also known as the: A. Cash Receipts Journal B. Purchases Journal C. Sales Journal D. Cash Disbursements Journal E. General Journal Difficulty: 1 Easy Yacht - Chapter 02 #16

17.

To print a vendor check, you use the following menu bar selections:

(p. 78-79) A. Reports & Forms; Accounts Receivable, Invoices, Preprint 1 Stub, Print

B. Reports & Forms; Forms, Checks, OCR AP Laser Preprinted, Print C. Tasks; Payments, Check Register, Checks, Print D. Reports & Forms; Financial Statements, Current Period, Print E. Maintain; Vendors, Purchase Info tab.

Difficulty: 2 Medium Yacht - Chapter 02 #17

18. (p. 81)

On the Navigation Bar, make the following selections to display the Vendor Ledgers Report: A. Vendors & Purchases Navigation Center, link to View Detailed List and select Vendor Ledgers, Display B. Vendors & Purchases Navigation Center, link to View all Vendor & Purchases Reports and select Vendor Ledgers, Display C. Maintain; Customers/Sales Reps D. Customers & Sales Navigation Center, in the Vendors area, link to View Detailed List.

Difficulty: 2 Medium Yacht - Chapter 02 #18

19. (p. 82)

The Vendor Ledgers Report is another name for the: A. Accounts Receivable subsidiary ledger B. Inventory subsidiary ledger C. Accounts Payable open items report D. Accounts Payable subsidiary ledger E. Controlling account Difficulty: 1 Easy Yacht - Chapter 02 #19

20. (p. 85)

The suggested file name for the first back up in Chapter 2 is: A. Exercise 2-1 B. Exercise 2-2 C. Chapters 1 & 2 D. Chapter 2 E. Page number and chapter number Difficulty: 1 Easy Yacht - Chapter 02 #20

Chapter 02 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 02

# of Questions 5 4 1 20

Chapter 03 Student: ___________________________________________________________________________

1.

Chapter 3 introduces the student to the way that Sage 50 works with customers.

True False

2.

You can use the Collection Manager to see an overview of all outstanding invoices.

True False

3.

To begin Chapter 3, restore the Chapter 2.ptb back up.

True False

4.

The Quotes task allows you to enter inventory purchases.

True False

5.

The Sales/Invoicing task is used to record receipts from customers.

True False

6.

The Quotes Journal lists the sales tax for the transaction, the price for each item and the amount to be received from the customer.

True False

7.

The Sales Order task allows you to enter items ordered by a customer and track backorders.

True False

8.

Printing sales orders gives you the ability to confirm vendor orders and complete them efficiently.

True False

9.

The Receipts window is used when you are ready to ship items to customers.

True False

10. Some customers are offered a sales discount because they make their payments in a timely manner.

True False 11. Bellwether Garden Supply offers incentives to credit customers to pay sales on account faster, through the use of: A. Purchase discounts B. Discounts at the point of sale C. Sales discounts D. Net 30 day payments E. Payments at the end of the month.

12. The customer ID for Teesdale Real Estate is: A. TEESDALE-01 B. TEESDALE C. Teesdale-01 D. Teesdale 01 E. Teesdale Estate 13. The price of each inventory item is stored in the: A. Maintain Purchase Items file B. Maintain Inventory Items file C. Tasks; Inventory items D. Tasks; Purchase orders E. Maintain Vendors file.

14. When the accounts receivable subsidiary ledger is used: AThe accounts receivable controlling account in the general ledger is increased by the amount of the . credit sale and the credit to the applicable revenue account is offset by a debit to the Customer's account in the Accounts Receivable ledger.

BThe accounts payable controlling account in the general ledger is increased by the amount of the credit . sale and the credit to the applicable revenue account is offset by a debit to the Vendor's account in the schedule of accounts receivable.

C. The controlling account, accounts receivable is credited.

D. The controlling account, accounts payable is debited.

E. The controlling account, cash is debited.

15. On the Navigation Bar, make the following selections to enter a sales invoice: A. Customers & Sales Navigation Center, click on the Customers icon and select View and Edit Customers B. Customers & Sales Navigation Center, click on the Sales Invoices icon and select Set Up Invoice Defaults C. Tasks; Purchases/Receive Inventory D. Customers & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice E. Inventory & Services Navigation Center, click on the Invoice icon, select View and Edit Invoices.

16. The sample company, Bellwether Garden Supply, uses which method of posting?

A. Batch posting B. Real-time posting C. Cash basis posting D. Accrual basis posting E. Just-in-time posting 17. In this method of posting, the transactions you enter are saved in a temporary holding area where you can review them before posting to the general ledger: A. Batch posting B. Real-time posting C. Cash basis posting D. Accrual basis posting E. Just-in-time posting 18. On the Navigation Bar, make the following selections to enter a customer receipt: A. Tasks; Payments B. Customers & Sales Navigation Center, click on the Sales Invoices icon and select View and Edit Sales Invoices C. Customers & Sales Navigation Center, click on the Receive Money icon and select Receive Money from Customer D. Vendors and Purchases Navigation Center, click on the Write Checks icon and select New Check E. Inventory & Service Navigation Center, click on the Write Checks icon and select View and Edit Checks.

19. The standard sales discount for Bellwether Garden Supply is: A. No sales discount is offered B. 1% if paid within 15 days C. 2% if paid within 10 days D. 5% if paid within 15 days E. 3% if paid within 10 days 20. Sage 50's accounts receivable system includes: A. Accounts payable subsidiary system B. Controlling account in the general journal C. Customer ledgers D. Purchases/receive inventory window E. System selections

Chapter 03 Key 1.

Chapter 3 introduces the student to the way that Sage 50 works with customers.

TRUE

2.

You can use the Collection Manager to see an overview of all outstanding invoices.

TRUE

3.

To begin Chapter 3, restore the Chapter 2.ptb back up.

FALSE

Yacht - Chapter 03 #1

Yacht - Chapter 03 #2

Restore the Exercise 2-2.ptb back up.

Yacht - Chapter 03 #3

4.

The Quotes task allows you to enter inventory purchases.

FALSE The Quotes task allows you to enter a quote for a customer.

Yacht - Chapter 03 #4

5.

The Sales/Invoicing task is used to record receipts from customers.

FALSE The Sales/Invoicing task is used to enter invoices to customers.

Yacht - Chapter 03 #5

6.

The Quotes Journal lists the sales tax for the transaction, the price for each item and the amount to be received from the customer.

TRUE

7.

The Sales Order task allows you to enter items ordered by a customer and track backorders.

TRUE

8.

Printing sales orders gives you the ability to confirm vendor orders and complete them efficiently.

FALSE

Yacht - Chapter 03 #6

Yacht - Chapter 03 #7

Printing sales orders gives you the ability to confirm customer orders.

Yacht - Chapter 03 #8

9.

The Receipts window is used when you are ready to ship items to customers.

FALSE The Sales/Invoicing window is used when you are ready to ship items to customers.

Yacht - Chapter 03 #9

10.

Some customers are offered a sales discount because they make their payments in a timely manner.

TRUE Yacht - Chapter 03 #10

11. (p. 105)

Bellwether Garden Supply offers incentives to credit customers to pay sales on account faster, through the use of: A. Purchase discounts B. Discounts at the point of sale C. Sales discounts D. Net 30 day payments E. Payments at the end of the month.

Difficulty: 1 Easy Yacht - Chapter 03 #11

12. (p. 105)

The customer ID for Teesdale Real Estate is: A. TEESDALE-01 B. TEESDALE C. Teesdale-01 D. Teesdale 01 E. Teesdale Estate Difficulty: 1 Easy Yacht - Chapter 03 #12

13. (p. 109)

The price of each inventory item is stored in the: A. Maintain Purchase Items file B. Maintain Inventory Items file C. Tasks; Inventory items D. Tasks; Purchase orders E. Maintain Vendors file.

Difficulty: 3 Hard Yacht - Chapter 03 #13

14. (p. 111)

When the accounts receivable subsidiary ledger is used: AThe accounts receivable controlling account in the general ledger is increased by the amount of the . credit sale and the credit to the applicable revenue account is offset by a debit to the Customer's account in the Accounts Receivable ledger.

BThe accounts payable controlling account in the general ledger is increased by the amount of the . credit sale and the credit to the applicable revenue account is offset by a debit to the Vendor's account in the schedule of accounts receivable.

C. The controlling account, accounts receivable is credited.

D. The controlling account, accounts payable is debited.

E. The controlling account, cash is debited.

Difficulty: 3 Hard Yacht - Chapter 03 #14

15. (p. 107)

On the Navigation Bar, make the following selections to enter a sales invoice: A. Customers & Sales Navigation Center, click on the Customers icon and select View and Edit Customers B. Customers & Sales Navigation Center, click on the Sales Invoices icon and select Set Up Invoice Defaults C. Tasks; Purchases/Receive Inventory D. Customers & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice E. Inventory & Services Navigation Center, click on the Invoice icon, select View and Edit Invoices.

Difficulty: 2 Medium Yacht - Chapter 03 #15

16. (p. 113)

The sample company, Bellwether Garden Supply, uses which method of posting?

A. Batch posting B. Real-time posting C. Cash basis posting D. Accrual basis posting E. Just-in-time posting Difficulty: 1 Easy Yacht - Chapter 03 #16

17. (p. 114)

In this method of posting, the transactions you enter are saved in a temporary holding area where you can review them before posting to the general ledger: A. Batch posting B. Real-time posting C. Cash basis posting D. Accrual basis posting E. Just-in-time posting Difficulty: 1 Easy Yacht - Chapter 03 #17

18. (p. 118)

On the Navigation Bar, make the following selections to enter a customer receipt: A. Tasks; Payments B. Customers & Sales Navigation Center, click on the Sales Invoices icon and select View and Edit Sales Invoices C. Customers & Sales Navigation Center, click on the Receive Money icon and select Receive Money from Customer D. Vendors and Purchases Navigation Center, click on the Write Checks icon and select New Check E. Inventory & Service Navigation Center, click on the Write Checks icon and select View and Edit Checks.

Difficulty: 2 Medium Yacht - Chapter 03 #18

19. (p. 105)

The standard sales discount for Bellwether Garden Supply is: A. No sales discount is offered B. 1% if paid within 15 days C. 2% if paid within 10 days D. 5% if paid within 15 days E. 3% if paid within 10 days Difficulty: 2 Medium Yacht - Chapter 03 #19

20. (p. 123)

Sage 50's accounts receivable system includes: A. Accounts payable subsidiary system B. Controlling account in the general journal C. Customer ledgers D. Purchases/receive inventory window E. System selections Difficulty: 1 Easy Yacht - Chapter 03 #20

Chapter 03 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 03

# of Questions 5 3 2 20

Chapter 04 Student: ___________________________________________________________________________

1.

When working with Bellwether Garden Supply in Chapter 4, the first step in setting up payroll is to go to the Employees & Payroll Navigation Center, then select Employees; Set Up Employee Defaults.

True False

2.

To make sure you are starting in the appropriate place in the data for Chapter 4, restore the Exercise 32.ptb file.

True False

3.

The accounts affected by paychecks are expense accounts specifically set up to handle payroll.

True False

4.

In Sage 50, voluntary payroll deductions are called allowances and can include gas, union dues and savings bonds.

True False

5.

Sage 50 Complete Accounting 2013 includes example payroll tax tables for the sample company, Bellwether Garden Supply.

True False

6.

On the Payroll Entry window, you define payroll fields and tax information for individual employees.

True False

7.

Bellwether's employee Brandee M. Nunnley is an hourly employee and is paid bi-weekly.

True False

8.

Bellwether's employee Drake V. Carter is a salaried employee paid bi-weekly.

True False

9.

Bellwether Garden Supply, credits Account No. 10300, Payroll Checking Account, for the net paycheck amount.

True False

10. The employee wages expense account is debited for the gross amount of the paycheck and any deductions used are credited.

True False 11. Before you begin Chapter 4, you could restore which of the following backups: A. Exercise 3-2.ptb B. Exercise 3-1.ptb C. Chapter 3.ptb D. Exercise 2-2.ptb E. Bgs.ptb 12. On the Navigation Bar, make the following selections to set up payroll default information: A. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for Multiple Employees B. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Set Up Payroll Service C. Employees & Payroll Navigation Center, click on the Employees icon and select Set Up Employee Defaults D. Tasks; Payroll Entry E. Maintain; Employees/Sales Rep

13. To set up specific guidelines for individual employees, make these selections: A. Employee tasks; click Employees, Employee Maintenance, make appropriate selection.

B. Tasks; Select for Payment, select employee C. Maintain; Default Information, Employees D. Employees & Payroll Navigation Center, click Employees, View and Edit Employees.

E. Tasks; Payroll for one employee 14. On the Navigation Bar, make the following selections to enter paychecks for an employee: A. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Payroll Set Up Service B. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for One Employee C. Maintain; Default Information D. Employees & Payroll Navigation Center, click on the Employees icon and select View and Edit Employees E. Tasks; Payroll & Employees, View and Edit Employees 15. To look at an employee's record, display this window: A. Payroll Entry window B. Tasks; Employees C. Maintain Employees & Sales Reps D. System, General Journal entry E. Employees & Tasks Navigation Center, click Employees 16. Processing payroll is automatic once ____________________ are set up correctly.

A. Defaults B. Tasks C. Employees/Sales rep tasks D. Payroll tables E. Manually recorded payroll deductions 17. To backup your work in Chapter 4, before completing the end-of-chapter exercises, the following file name is suggested: A. Chapter 4 B. Chapters 3 and 4 C. Chapters 1 through 4 D. Exercise 3-1 E. Chapter number and page number.

18. The employee deductions display as negative amounts on the Payroll Entry window because: A. They are added to the paycheck amount B. They are not used to compute the paycheck C. They are deducted from the employee's gross pay D. The employer always pays deductions from the paycheck E. Employee deductions display as positive amounts 19. On the Employee Defaults window, the Employee Fields tab is for: A. Liability accounts that are related to employee deductions B. Assets accounts that are related to employee deductions C. Expense accounts that are related to employee deductions D. Liability accounts that are related to employer deductions E. Expense accounts are deducted from liabilities 20. On the Employee Defaults window, the Company Fields tab is for: A. Liability accounts that are related to employee deductions B. Assets accounts that are related to employee deductions C. Expense and liability accounts that are related to employee deductions D. Liability and expense accounts related to employer deductions E. Employer expenses related to cash withdrawals

Chapter 04 Key 1.

When working with Bellwether Garden Supply in Chapter 4, the first step in setting up payroll is to go to the Employees & Payroll Navigation Center, then select Employees; Set Up Employee Defaults.

TRUE

2.

To make sure you are starting in the appropriate place in the data for Chapter 4, restore the Exercise 32.ptb file.

TRUE

3.

The accounts affected by paychecks are expense accounts specifically set up to handle payroll.

FALSE

Yacht - Chapter 04 #1

Yacht - Chapter 04 #2

The accounts affected by paychecks are liability accounts.

Yacht - Chapter 04 #3

4.

In Sage 50, voluntary payroll deductions are called allowances and can include gas, union dues and savings bonds.

TRUE

5.

Sage 50 Complete Accounting 2013 includes example payroll tax tables for the sample company, Bellwether Garden Supply.

TRUE

6.

On the Payroll Entry window, you define payroll fields and tax information for individual employees.

FALSE

Yacht - Chapter 04 #4

Yacht - Chapter 04 #5

You use the Maintain Employees Sales/Reps window to define payroll fields and tax information for individual employees.

Yacht - Chapter 04 #6

7.

Bellwether's employee Brandee M. Nunnley is an hourly employee and is paid bi-weekly.

FALSE Brandee M. Nunnley is a salaried employee who is paid bi-weekly.

Yacht - Chapter 04 #7

8.

Bellwether's employee Drake V. Carter is a salaried employee paid bi-weekly.

FALSE Drake V. Carter is an hourly employee who is paid bi-weekly.

Yacht - Chapter 04 #8

9.

Bellwether Garden Supply, credits Account No. 10300, Payroll Checking Account, for the net paycheck amount.

TRUE Yacht - Chapter 04 #9

10.

The employee wages expense account is debited for the gross amount of the paycheck and any deductions used are credited.

TRUE

11.

Before you begin Chapter 4, you could restore which of the following backups: A. Exercise 3-2.ptb B. Exercise 3-1.ptb C. Chapter 3.ptb D. Exercise 2-2.ptb E. Bgs.ptb

Yacht - Chapter 04 #10 (p. 134)

Difficulty: 1 Easy Yacht - Chapter 04 #11

12. (p. 135137)

On the Navigation Bar, make the following selections to set up payroll default information: A. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for Multiple Employees B. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Set Up Payroll Service C. Employees & Payroll Navigation Center, click on the Employees icon and select Set Up Employee Defaults D. Tasks; Payroll Entry E. Maintain; Employees/Sales Rep Difficulty: 2 Medium Yacht - Chapter 04 #12

13. (p. 138140)

To set up specific guidelines for individual employees, make these selections: A. Employee tasks; click Employees, Employee Maintenance, make appropriate selection.

B. Tasks; Select for Payment, select employee C. Maintain; Default Information, Employees D. Employees & Payroll Navigation Center, click Employees, View and Edit Employees.

E. Tasks; Payroll for one employee Difficulty: 2 Medium Yacht - Chapter 04 #13

14. (p. 142)

On the Navigation Bar, make the following selections to enter paychecks for an employee: A. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Payroll Set Up Service B. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for One Employee C. Maintain; Default Information D. Employees & Payroll Navigation Center, click on the Employees icon and select View and Edit Employees E. Tasks; Payroll & Employees, View and Edit Employees Difficulty: 1 Easy Yacht - Chapter 04 #14

15. (p. 139)

To look at an employee's record, display this window: A. Payroll Entry window B. Tasks; Employees C. Maintain Employees & Sales Reps D. System, General Journal entry E. Employees & Tasks Navigation Center, click Employees Difficulty: 2 Medium Yacht - Chapter 04 #15

16. (p. 135)

Processing payroll is automatic once ____________________ are set up correctly.

A. Defaults B. Tasks C. Employees/Sales rep tasks D. Payroll tables E. Manually recorded payroll deductions Difficulty: 2 Medium Yacht - Chapter 04 #16

17. (p. 149)

To backup your work in Chapter 4, before completing the end-of-chapter exercises, the following file name is suggested: A. Chapter 4 B. Chapters 3 and 4 C. Chapters 1 through 4 D. Exercise 3-1 E. Chapter number and page number.

Difficulty: 1 Easy Yacht - Chapter 04 #17

18. (p. 153)

The employee deductions display as negative amounts on the Payroll Entry window because: A. They are added to the paycheck amount B. They are not used to compute the paycheck C. They are deducted from the employee's gross pay D. The employer always pays deductions from the paycheck E. Employee deductions display as positive amounts Difficulty: 3 Hard Yacht - Chapter 04 #18

19. (p. 146)

On the Employee Defaults window, the Employee Fields tab is for: A. Liability accounts that are related to employee deductions B. Assets accounts that are related to employee deductions C. Expense accounts that are related to employee deductions D. Liability accounts that are related to employer deductions E. Expense accounts are deducted from liabilities Difficulty: 2 Medium Yacht - Chapter 04 #19

20. (p. 147148)

On the Employee Defaults window, the Company Fields tab is for: A. Liability accounts that are related to employee deductions B. Assets accounts that are related to employee deductions C. Expense and liability accounts that are related to employee deductions D. Liability and expense accounts related to employer deductions E. Employer expenses related to cash withdrawals Difficulty: 2 Medium Yacht - Chapter 04 #20

Chapter 04 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 04

# of Questions 3 6 1 20

Chapter 05 Student: ___________________________________________________________________________

1.

In Sage 50 Complete Accounting 2013, you track inventory both from the purchasing and sales perspectives.

True False

2.

When you set up an inventory item in Sage 50, you also establish the general journal accounts that need updating.

True False

3.

In a perpetual inventory system, an up-to-date record of inventory is maintained, recording each purchase and each sale that occurs.

True False

4.

To start Chapter 5, you need to have data from Exercise 4-2 in Chapter 4.

True False

5.

The Money Market Fund is Account No. 10000.

True False

6.

The Money Market Fund account is classified as a cash account.

True False

7.

In Sage 50, you can track inventory when it is purchased but not when it is sold.

True False

8.

Bellwether Garden Supply tracks oriole feeders as an inventory stock item.

True False

9.

On the Maintain Inventory Items window, you can set defaults for the item class.

True False

10. When you sell inventory stock items on account, the journal entry is a debit to accounts receivable and a credit to revenue; no other accounts are included.

True False 11. A list of all the accounts used by a company showing an identifying number for each account is called: A. A general journal B. An Inventory Journal C. A chart of accounts D. A balance sheet E. Subsidiary ledgers 12. On the Navigation Bar, make the following selections to make a general journal entry: A. Inventory & Services Navigation Center, click on the Chart of Accounts icon and select View and Edit Accounts B. Banking Navigation Center, link to General Journal Entry, select New General Journal Entry.

C. Banking Navigation Center, click on the Write Checks icon and select New Check D. System Navigation Center, link to Restore a backup and click on the General Journal Entry icon E. Maintain, select General Journal record

13. Bellwether Garden Supply's account number for their Payroll Checking account is: A. Account No. 10100 B. Account No. 10200 C. Account No. 10300 D. Account No. 10400 E. Account No. 12000 14. Sage 50's help topics are displayed in the following way: A. PDF B. PTB C. DOC D. HTML E. XLS 15. On the Navigation Bar, make the following selections to set up an inventory item: A. Inventory & Services Navigation Center, click on the Assemblies icon and select Build New Assemblies B. Inventory & Services Navigation Center, click on the Inventory Items icon and select New Inventory Item C. Vendors and Purchases Navigation Center, click on the Vendors icon and select View and Edit Vendors D. Inventory & Services Navigation Center, click on the Receive Inventory icon and select View and Edit Purchases.

E. Inventory & Services Navigation Center, link to Edit vendor items 16. To transfer money to the Money Market Fund, make the following type of entry: A. General Journal B. Payments C. Receipts D. Tasks E. Maintenance 17. The Item ID for Oriole Feeder is: A. AVRY-10300 B. Avry-10300 C. avrY-10300 D. avry-10300 E. Oriole-10320 18. When you purchase inventory stock items, the journal entry is: A. Dr. the Accounts Payable/Vendor account; Cr. The Inventory account B. Dr. the Accounts Receivable/Customer account; Cr. the Sales account C. Dr. the Inventory account; Cr. The Accounts Payable/Vendor account D. Dr. the Cash account; Cr. the Revenue account E. Dr. the Expense account; Cr. the vendor account 19. If your GL Account columns and A/P Account field are not displayed on the Purchases/Receive Inventory window, you need to: A. Check the Tasks windows B. Check the maintenance menus C. Click on Options; Global and uncheck the three boxes in the Hide General Ledger Accounts section D. Reset the defaults in the Accounting Behind the Screens selection E. Accounting Behind the Screens cannot be changed

20. If an inventory item is damaged make the following selections from the Navigation Bar to record the damage: A. Inventory & Services Navigation Center, click on the Prices icon B. Inventory & Services Navigation Center, click on the Inventory Count icon C. Inventory & Services Navigation Center, click on the Inventory Adjustments icon D. Inventory & Services Navigation Center, click on the Track Packages icon E. Vendors & Purchases, link to View and Edit Bills

Chapter 05 Key 1.

In Sage 50 Complete Accounting 2013, you track inventory both from the purchasing and sales perspectives.

TRUE

2.

When you set up an inventory item in Sage 50, you also establish the general journal accounts that need updating.

FALSE

Yacht - Chapter 05 #1

When you set up inventory items, you also establish general ledger accounts that must be updated.

Yacht - Chapter 05 #2

3.

In a perpetual inventory system, an up-to-date record of inventory is maintained, recording each purchase and each sale that occurs.

TRUE

4.

To start Chapter 5, you need to have data from Exercise 4-2 in Chapter 4.

TRUE

5.

The Money Market Fund is Account No. 10000.

FALSE

Yacht - Chapter 05 #3

Yacht - Chapter 05 #4

The Money Market Fund is Account No. 10500.

Yacht - Chapter 05 #5

6.

The Money Market Fund account is classified as a cash account.

TRUE

7.

In Sage 50, you can track inventory when it is purchased but not when it is sold.

FALSE

Yacht - Chapter 05 #6

Sage 50 lets you track inventory items both at the purchase and sales level.

Yacht - Chapter 05 #7

8.

Bellwether Garden Supply tracks oriole feeders as an inventory stock item.

TRUE

9.

On the Maintain Inventory Items window, you can set defaults for the item class.

TRUE

10.

When you sell inventory stock items on account, the journal entry is a debit to accounts receivable and a credit to revenue; no other accounts are included.

FALSE

Yacht - Chapter 05 #8

Yacht - Chapter 05 #9

When you sell inventory items on account, there is a compound journal entry in the Sales Journal which includes debits to accounts receivable and cost of sales accounts; and credits to sales, sales tax payable, and inventory accounts.

Yacht - Chapter 05 #10

11. (p. 154)

A list of all the accounts used by a company showing an identifying number for each account is called: A. A general journal B. An Inventory Journal C. A chart of accounts D. A balance sheet E. Subsidiary ledgers Difficulty: 1 Easy Yacht - Chapter 05 #11

12. (p. 162)

On the Navigation Bar, make the following selections to make a general journal entry: A. Inventory & Services Navigation Center, click on the Chart of Accounts icon and select View and Edit Accounts B. Banking Navigation Center, link to General Journal Entry, select New General Journal Entry.

C. Banking Navigation Center, click on the Write Checks icon and select New Check D. System Navigation Center, link to Restore a backup and click on the General Journal Entry icon E. Maintain, select General Journal record Difficulty: 1 Easy Yacht - Chapter 05 #12

13. (p. 161)

Bellwether Garden Supply's account number for their Payroll Checking account is: A. Account No. 10100 B. Account No. 10200 C. Account No. 10300 D. Account No. 10400 E. Account No. 12000 Difficulty: 1 Easy Yacht - Chapter 05 #13

14. (p. 154)

Sage 50's help topics are displayed in the following way: A. PDF B. PTB C. DOC D. HTML E. XLS Difficulty: 2 Medium Yacht - Chapter 05 #14

15. (p. 167)

On the Navigation Bar, make the following selections to set up an inventory item: A. Inventory & Services Navigation Center, click on the Assemblies icon and select Build New Assemblies B. Inventory & Services Navigation Center, click on the Inventory Items icon and select New Inventory Item C. Vendors and Purchases Navigation Center, click on the Vendors icon and select View and Edit Vendors D. Inventory & Services Navigation Center, click on the Receive Inventory icon and select View and Edit Purchases.

E. Inventory & Services Navigation Center, link to Edit vendor items Difficulty: 1 Easy Yacht - Chapter 05 #15

16. (p. 161163)

To transfer money to the Money Market Fund, make the following type of entry: A. General Journal B. Payments C. Receipts D. Tasks E. Maintenance Difficulty: 2 Medium Yacht - Chapter 05 #16

17. (p. 167)

The Item ID for Oriole Feeder is: A. AVRY-10300 B. Avry-10300 C. avrY-10300 D. avry-10300 E. Oriole-10320 Difficulty: 1 Easy Yacht - Chapter 05 #17

18. (p. 176)

When you purchase inventory stock items, the journal entry is: A. Dr. the Accounts Payable/Vendor account; Cr. The Inventory account B. Dr. the Accounts Receivable/Customer account; Cr. the Sales account C. Dr. the Inventory account; Cr. The Accounts Payable/Vendor account D. Dr. the Cash account; Cr. the Revenue account E. Dr. the Expense account; Cr. the vendor account Difficulty: 2 Medium Yacht - Chapter 05 #18

19. (p. 172)

If your GL Account columns and A/P Account field are not displayed on the Purchases/Receive Inventory window, you need to: A. Check the Tasks windows B. Check the maintenance menus C. Click on Options; Global and uncheck the three boxes in the Hide General Ledger Accounts section D. Reset the defaults in the Accounting Behind the Screens selection E. Accounting Behind the Screens cannot be changed Difficulty: 2 Medium Yacht - Chapter 05 #19

20. (p. 177)

If an inventory item is damaged make the following selections from the Navigation Bar to record the damage: A. Inventory & Services Navigation Center, click on the Prices icon B. Inventory & Services Navigation Center, click on the Inventory Count icon C. Inventory & Services Navigation Center, click on the Inventory Adjustments icon D. Inventory & Services Navigation Center, click on the Track Packages icon E. Vendors & Purchases, link to View and Edit Bills Difficulty: 2 Medium Yacht - Chapter 05 #20

Chapter 05 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Yacht - Chapter 05

# of Questions 5 5 20

Chapter 06 Student: ___________________________________________________________________________

1.

Sage 50 lets you assign JOB ID codes to purchases, sales, and employee hours.

True False

2.

Sage 50's job costing feature allows you to track the costs incurred while performing a job.

True False

3.

The Job ID FRANKLIN is the same as Franklin.

True False

4.

After selecting Armenta's Landscaping as the Vendor ID, Account No. 75500, Supplies Expense, is the default account displayed on the Purchases/Receive Inventory window.

True False

5.

The Purchases/Receive Inventory window displays Account No. 40000-EQ, Sales-Equipment, as the default account Franklin Botanical Gardens (FRANKLIN).

True False

6.

Alex C. Kornel, the employee who applied the wood treatment, spent 3 hours doing the job.

True False

7.

The Job Profitability Report breaks down each job according to what was spent or earned for each affected general ledger account.

True False

8.

The Job Profitability Report shows the profit or loss for each job.

True False

9.

Chapter 6 shows how Sage 50 tracks the commission made on jobs.

True False

10. The data backed up in Exercise 6-2 will be used in Part 4, Chapters 16-18.

True False 11. After completing the exercises in Chapter 5, restore the following backup to start Chapter 6.

A. Chapter 5.ptb B. Exercise 5.ptb C. Exercise 5-2.ptb D. Exercise 5-1.ptb E. Bgs.ptb 12. You need to set up a Job ID for Franklin Botanical Gardens in Chapter 6, so that you can track: A. The employees' expenses and miles driven to the job B. How much the merchandise cost C. How much the merchandise sold for D. The supplies and employee hours charged to this customer E. Employee expenses and cost of inventory 13. To record a Job ID, you need to make the following selections: A. Tasks; Maintain; Employees, New Job B. Customers & Sales; Jobs, New Job C. Vendors & Purchases; Jobs, New Job D. Tasks; Job ID E. Tasks; Maintain, Vendors

14. The Description for Job ID FRANKLIN is: A. Florence Art Supply B. Felix and Kitty C. Franklin Body Shop Garages D. Franklin Botanical Gardens E. Frank's Garden Center 15. The start date for the Franklin Botanical Gardens job is: A. January 3, 2013 B. February 3, 2013 C. March 3, 2013 D. March 4, 2013 E. April 3, 2013 16. The job type for Franklin Botanical Gardens: A. LAND B. Land C. Products D. SUPPLY E. Items 17. The Franklin Botanical Gardens job has the following special circumstance: A. It is a motel overlooking a freeway B. It is a hotel near the airport C. It is a new building overlooking a park D. It is an apartment complex with surrounding gardens E. A newly remodeled building 18. On the Navigation Bar, make the following selections to apply the sale of an irrigation system to the Franklin Botanical Gardens job: A. Customers & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice B. Customers & Sales Navigation Center, click on the Sales Invoices icon and select View and Edit Sales Invoices C. Vendor & Purchases Navigation Center, click on Purchase Orders and select new Purchase Order D. Customers & Sales Navigation Center, click on the Jobs icon and select New Jobs E. Inventory & Services Navigation Center, select the Inventory Items icon, then select View and Edit 19. To display the Job Profitability Report, make the following menu bar selections: A. Reports & Forms; Payroll Reports, Job Profitability Report, Preview B. Reports & Forms; Jobs, Job Profitability Report, Display C. Reports & Forms; Jobs, Job Lists, Preview D. Reports & Forms; Payroll, Jobs Profitability Report, Display E. Tasks; Inventory Adjustments 20. On the Navigation Bar, make the following selections to apply the purchase of the special wood treatment: A. Customer & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice B. Vendors & Purchases Navigation Center, click on the Enter Bills icon and select New Bill C. Vendors & Purchases Navigation Center, click on the Purchase Orders icon and select New Purchase Order D. Vendors & Purchases Navigation Center, click on the Vendors icon and select New Vendor E. Customer & Sales Navigation Center, click on the Sales Orders icon

Chapter 06 Key 1.

Sage 50 lets you assign JOB ID codes to purchases, sales, and employee hours.

TRUE

2.

Sage 50's job costing feature allows you to track the costs incurred while performing a job.

TRUE

3.

The Job ID FRANKLIN is the same as Franklin.

FALSE

Yacht - Chapter 06 #1

Yacht - Chapter 06 #2

Sage 50 is case sensitive: FRANKLIN is not the same as Franklin.

Yacht - Chapter 06 #3

4.

After selecting Armenta's Landscaping as the Vendor ID, Account No. 75500, Supplies Expense, is the default account displayed on the Purchases/Receive Inventory window.

FALSE Account No. 57200, Materials Cost, is the default account displayed on Purchases/Receive Inventory window.

Yacht - Chapter 06 #4

5.

The Purchases/Receive Inventory window displays Account No. 40000-EQ, Sales-Equipment, as the default account Franklin Botanical Gardens (FRANKLIN).

FALSE The Sales/Invoicing window displays Account No. 40000-EQ, Sales-Equipment as the default account for Franklin Botanical Gardens (FRANKLIN).

Yacht - Chapter 06 #5

6.

Alex C. Kornel, the employee who applied the wood treatment, spent 3 hours doing the job.

FALSE The employee, Alex C. Kornel, spent one hour applying the wood treatment.

Yacht - Chapter 06 #6

7.

The Job Profitability Report breaks down each job according to what was spent or earned for each affected general ledger account.

TRUE

8.

The Job Profitability Report shows the profit or loss for each job.

TRUE

9.

Chapter 6 shows how Sage 50 tracks the commission made on jobs.

FALSE

Yacht - Chapter 06 #7

Yacht - Chapter 06 #8

Chapter 6 shows how to set up jobs and to track purchases, sales, and employee hours for specific jobs.

Yacht - Chapter 06 #9

10.

The data backed up in Exercise 6-2 will be used in Part 4, Chapters 16-18.

TRUE

11.

After completing the exercises in Chapter 5, restore the following backup to start Chapter 6.

A. Chapter 5.ptb B. Exercise 5.ptb C. Exercise 5-2.ptb D. Exercise 5-1.ptb E. Bgs.ptb

Yacht - Chapter 06 #10 (p. 209)

Difficulty: 1 Easy Yacht - Chapter 06 #11

12. (p. 210211)

You need to set up a Job ID for Franklin Botanical Gardens in Chapter 6, so that you can track: A. The employees' expenses and miles driven to the job B. How much the merchandise cost C. How much the merchandise sold for D. The supplies and employee hours charged to this customer E. Employee expenses and cost of inventory Difficulty: 3 Hard Yacht - Chapter 06 #12

13. (p. 210)

To record a Job ID, you need to make the following selections: A. Tasks; Maintain; Employees, New Job B. Customers & Sales; Jobs, New Job C. Vendors & Purchases; Jobs, New Job D. Tasks; Job ID E. Tasks; Maintain, Vendors Difficulty: 2 Medium Yacht - Chapter 06 #13

14. (p. 210)

The Description for Job ID FRANKLIN is: A. Florence Art Supply B. Felix and Kitty C. Franklin Body Shop Garages D. Franklin Botanical Gardens E. Frank's Garden Center Difficulty: 1 Easy Yacht - Chapter 06 #14

15. (p. 211)

The start date for the Franklin Botanical Gardens job is: A. January 3, 2013 B. February 3, 2013 C. March 3, 2013 D. March 4, 2013 E. April 3, 2013 Difficulty: 1 Easy Yacht - Chapter 06 #15

16. (p. 211)

The job type for Franklin Botanical Gardens: A. LAND B. Land C. Products D. SUPPLY E. Items Difficulty: 1 Easy Yacht - Chapter 06 #16

17. (p. 211)

The Franklin Botanical Gardens job has the following special circumstance: A. It is a motel overlooking a freeway B. It is a hotel near the airport C. It is a new building overlooking a park D. It is an apartment complex with surrounding gardens E. A newly remodeled building Difficulty: 2 Medium Yacht - Chapter 06 #17

18. (p. 214215)

On the Navigation Bar, make the following selections to apply the sale of an irrigation system to the Franklin Botanical Gardens job: A. Customers & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice B. Customers & Sales Navigation Center, click on the Sales Invoices icon and select View and Edit Sales Invoices C. Vendor & Purchases Navigation Center, click on Purchase Orders and select new Purchase Order D. Customers & Sales Navigation Center, click on the Jobs icon and select New Jobs E. Inventory & Services Navigation Center, select the Inventory Items icon, then select View and Edit Difficulty: 3 Hard Yacht - Chapter 06 #18

19. (p. 217)

To display the Job Profitability Report, make the following menu bar selections: A. Reports & Forms; Payroll Reports, Job Profitability Report, Preview B. Reports & Forms; Jobs, Job Profitability Report, Display C. Reports & Forms; Jobs, Job Lists, Preview D. Reports & Forms; Payroll, Jobs Profitability Report, Display E. Tasks; Inventory Adjustments Difficulty: 3 Hard Yacht - Chapter 06 #19

20. (p. 212)

On the Navigation Bar, make the following selections to apply the purchase of the special wood treatment: A. Customer & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice B. Vendors & Purchases Navigation Center, click on the Enter Bills icon and select New Bill C. Vendors & Purchases Navigation Center, click on the Purchase Orders icon and select New Purchase Order D. Vendors & Purchases Navigation Center, click on the Vendors icon and select New Vendor E. Customer & Sales Navigation Center, click on the Sales Orders icon Difficulty: 2 Medium Yacht - Chapter 06 #20

Chapter 06 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 06

# of Questions 4 3 3 20

Chapter 07 Student: ___________________________________________________________________________

1.

Once journal entries are recorded and posted, Sage 50 automatically calculates financial statements.

True False

2.

Financial statements printed by Sage 50 reflect the preceding month and current month only.

True False

3.

The Gross Profit by Departments financial statement is a custom report designed for the sample company, Bellwether Garden Supply.

True False

4.

Masking allows you to organize your business by department.

True False

5.

In Sage 50 when a wrench is shown next to a financial statement it means that the statement is a customdesigned form.

True False

6.

The income statement is a company's summary of the assets and liabilities on a specific date.

True False

7.

Net income results when the expenses are greater than revenues.

True False

8.

Sage 50's income statement includes percentage-of-revenue columns for both the current month and yearto-date amounts.

True False

9.

The statement of cash flow shows cash inflows, cash outflows and the overall change in cash.

True False

10. The financial statements are independent of each other.

True False 11. The balance sheet lists: A. Assets, liabilities and capital of a business B. Revenues and expenses of a business C. The percentage of revenue at the end of the year D. The percentage of debt at the end of the year E. Cash disbursements 12. The income statement is a summary of: A. Cash receipts and where they came from B. Cash payments and what they were used for C. The overall change in cash D. Revenues and expenses over a period of time E. Cost of goods purchased 13. Expenses and revenues over a period of time are shown on the: A. Statement of cash flow.

B. Departmental gross profit report.

C. Income statement.

D. Balance sheet.

E. Retained earnings statement.

14. One way to display the balance sheet is to use these menu bar selections: A. Reports & Forms; Financial Statements, Print.

B. Reports & Forms; Financial Statements, Inventory, Options.

C. Business Status; Category field, Financial Statements, <Standard> Balance Sheet, Display.

D. Business Status; Category field, Financial Statements, Financial Statements, Display.

E. Tasks; select System, make the selections to print.

15. Business managers and owners, depend on financial statements because: A. Sage 50 automatically calculates accurate financial statements.

B. Financial statements are for internal use only.

C. They have primary responsibility for the business.

D. They can evaluate cash and make appropriate decisions.

E. They can use account balances to customize financial statements.

16. The Income Statement's net income or (net loss) is also shown on the: A. Income statement's revenue section.

B. Balance sheet's capital section.

C. Departmental gross profit totals.

D. Cash balance at the end of the period.

E. General ledger trial balance.

17. To go from the income statement to an original entry, use this function: A. Drill down.

B. Options, specific the range.

C. Display.

D. Filter.

E. Columns.

18. A departmentalized accounting system provides information that can be used to: A. Custom design departmental statements.

B. Evaluate profitability and cost effectiveness.

C. Evaluate current assets.

D. Modify SCA's standard forms.

E. Figure out the accounting period.

19. When you print or display a report, you can filter the departmentalized report using ____________________________ characters.

A. A prefix B. Wildcard C. Hexadecimal D. Text-based E. Unrelated 20. The _______________________________ file includes all the data needed for Chapter 7 work.

A. Exercise 6-2.ptb B. Exercise 6-1.ptb C. Chapter 6.ptb D. Exercise 5-2.ptb E. Chapter 5.ptb

Chapter 07 Key 1.

Once journal entries are recorded and posted, Sage 50 automatically calculates financial statements.

TRUE

2.

Financial statements printed by Sage 50 reflect the preceding month and current month only.

FALSE

Yacht - Chapter 07 #1

All financial statements show the current month and year-to-date amounts and each may be modified to fit the user's needs.

Yacht - Chapter 07 #2

3.

The Gross Profit by Departments financial statement is a custom report designed for the sample company, Bellwether Garden Supply.

TRUE

4.

Masking allows you to organize your business by department.

TRUE

5.

In Sage 50 when a wrench is shown next to a financial statement it means that the statement is a custom-designed form.

TRUE

6.

The income statement is a company's summary of the assets and liabilities on a specific date.

FALSE

Yacht - Chapter 07 #3

Yacht - Chapter 07 #4

Yacht - Chapter 07 #5

An income statement is a company's summary of revenues and expenses for a period of time.

Yacht - Chapter 07 #6

7.

Net income results when the expenses are greater than revenues.

FALSE A net loss results when the expenses are greater than revenues.

Yacht - Chapter 07 #7

8.

Sage 50's income statement includes percentage-of-revenue columns for both the current month and year-to-date amounts.

TRUE

9.

The statement of cash flow shows cash inflows, cash outflows and the overall change in cash.

TRUE

10.

The financial statements are independent of each other.

FALSE

Yacht - Chapter 07 #8

Yacht - Chapter 07 #9

There are interrelationships between financial statements.

Yacht - Chapter 07 #10

11. (p. 206)

The balance sheet lists: A. Assets, liabilities and capital of a business B. Revenues and expenses of a business C. The percentage of revenue at the end of the year D. The percentage of debt at the end of the year E. Cash disbursements Difficulty: 1 Easy Yacht - Chapter 07 #11

12. (p. 207)

The income statement is a summary of: A. Cash receipts and where they came from B. Cash payments and what they were used for C. The overall change in cash D. Revenues and expenses over a period of time E. Cost of goods purchased Difficulty: 2 Medium Yacht - Chapter 07 #12

13. (p. 207)

Expenses and revenues over a period of time are shown on the: A. Statement of cash flow.

B. Departmental gross profit report.

C. Income statement.

D. Balance sheet.

E. Retained earnings statement.

Difficulty: 2 Medium Yacht - Chapter 07 #13

14. (p. 212)

One way to display the balance sheet is to use these menu bar selections: A. Reports & Forms; Financial Statements, Print.

B. Reports & Forms; Financial Statements, Inventory, Options.

C. Business Status; Category field, Financial Statements, <Standard> Balance Sheet, Display.

D. Business Status; Category field, Financial Statements, Financial Statements, Display.

E. Tasks; select System, make the selections to print.

Difficulty: 2 Medium Yacht - Chapter 07 #14

15. (p. 205)

Business managers and owners, depend on financial statements because: A. Sage 50 automatically calculates accurate financial statements.

B. Financial statements are for internal use only.

C. They have primary responsibility for the business.

D. They can evaluate cash and make appropriate decisions.

E. They can use account balances to customize financial statements.

Difficulty: 2 Medium Yacht - Chapter 07 #15

16. (p. 208)

The Income Statement's net income or (net loss) is also shown on the: A. Income statement's revenue section.

B. Balance sheet's capital section.

C. Departmental gross profit totals.

D. Cash balance at the end of the period.

E. General ledger trial balance.

Difficulty: 2 Medium Yacht - Chapter 07 #16

17. (p. 219)

To go from the income statement to an original entry, use this function: A. Drill down.

B. Options, specific the range.

C. Display.

D. Filter.

E. Columns.

Difficulty: 1 Easy Yacht - Chapter 07 #17

18. (p. 206)

A departmentalized accounting system provides information that can be used to: A. Custom design departmental statements.

B. Evaluate profitability and cost effectiveness.

C. Evaluate current assets.

D. Modify SCA's standard forms.

E. Figure out the accounting period.

Difficulty: 2 Medium Yacht - Chapter 07 #18

19. (p. 215)

When you print or display a report, you can filter the departmentalized report using ____________________________ characters.

A. A prefix B. Wildcard C. Hexadecimal D. Text-based E. Unrelated Difficulty: 3 Hard Yacht - Chapter 07 #19

20. (p. 205)

The _______________________________ file includes all the data needed for Chapter 7 work.

A. Exercise 6-2.ptb B. Exercise 6-1.ptb C. Chapter 6.ptb D. Exercise 5-2.ptb E. Chapter 5.ptb Difficulty: 1 Easy Yacht - Chapter 07 #20

Chapter 07 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 07

# of Questions 3 6 1 20

Chapter 08 Student: ___________________________________________________________________________

1.

In Chapter 8, you focus on the second sample company, Stone Harbor Lakes.

True False

2.

Time & Billing gives you a way to track expenses and time when working with your vendors and suppliers.

True False

3.

The purpose of SCA's time & billing feature is to give you the tools to record customer-related work or expenses.

True False

4.

To track time and expenses, SCA uses two forms or tickets: the time ticket and the expense ticket.

True False

5.

Time tickets are used to track and aid in the recovery of customer-related expenses.

True False

6.

Expense tickets are used to record time-based activities such as research or consultations.

True False

7.

Both time and expense tickets can be used in the Sales/Invoicing window to bill your customers.

True False

8.

In Stone Arbor Landscaping, there are two special inventory item classes for Time & Billing: activity items and charge items.

True False

9.

To look at the inventory maintenance information for Stone Arbor Landscaping, the Maintain; Inventory Items window is used.

True False

10. Expense tickets are based on time.

True False 11. In order to see how Mr. Hardman's charges were billed to a customer, you need to click the arrow next to the Apply Tickets/Expenses selection on the following window: A. Time/Expense, Time tickets window B. Sales/Invoicing window C. Time/Expense, Expense tickets window D. Purchase/Receive inventory window E. New bill window 12. To see how Stone Arbor Landscaping sets up payroll for time and billing from the Navigation Bar, make the following selections: A. Employees & Payroll Navigation Center, click on the Employees icon and select View and Edit Employees B. Employees & Payroll Navigation Center, click on the Employees icon and select New Employee C. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for One Employee D. Customer & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice E. Vendor & Purchases Navigation Centers, click on the Bill icon, make the selections to view and edit

13. Mr. Hardman is paid according to the following method: A. Hourly rate - weekly B. Salaries rate - biweekly C. Hourly - Time Ticket Hours D. Biweekly - Time Ticket Hours E. Salaried - monthly 14. In Time & Billing, inventory item classes include: A. Only activity items B. Only charge items C. Both activity and charge items D. Time tickets and expense tickets E. Job IDs and charges 15. To review the time ticket information that Alan Hardman has billed on a completed job for the O'Hara Homes Contract, from the Navigation Bar the selections are: A. Customers & Sales Navigation Center, click on the Jobs icon and select View and Edit Jobs. Then, select the appropriate job.

B Employees & Payroll Navigation Center, click on the Time and Expense Tickets icon and select New . Expense Ticket. Select the Timesheet icon.

C Employees & Payroll Navigation Center, click on the Time and Expense Tickets icon and select View . and Edit Time Tickets, select Ticket No. 282 or 288 D Go to the Vendors Navigation Center, select the appropriate employee, then select the appropriate job. . Click Save when through to post E. Go to the Inventory task, select the appropriate job. Save when through.

Chapter 08 Key 1.

In Chapter 8, you focus on the second sample company, Stone Harbor Lakes.

FALSE In Chapter 8, you focus on the second sample company, Stone Arbor Landscaping.

Yacht - Chapter 08 #1

2.

Time & Billing gives you a way to track expenses and time when working with your vendors and suppliers.

FALSE Time & Billing gives you a way to track expenses and time when working with your customers.

Yacht - Chapter 08 #2

3.

The purpose of SCA's time & billing feature is to give you the tools to record customer-related work or expenses.

TRUE

4.

To track time and expenses, SCA uses two forms or tickets: the time ticket and the expense ticket.

TRUE

5.

Time tickets are used to track and aid in the recovery of customer-related expenses.

FALSE

Yacht - Chapter 08 #3

Yacht - Chapter 08 #4

Time tickets are used to record time-based activities such as research or consultations.

Yacht - Chapter 08 #5

6.

Expense tickets are used to record time-based activities such as research or consultations.

FALSE Expense tickets are used to track and aid in the recovery of customer-related expenses.

Yacht - Chapter 08 #6

7.

Both time and expense tickets can be used in the Sales/Invoicing window to bill your customers.

TRUE

8.

In Stone Arbor Landscaping, there are two special inventory item classes for Time & Billing: activity items and charge items.

TRUE

9.

To look at the inventory maintenance information for Stone Arbor Landscaping, the Maintain; Inventory Items window is used.

TRUE

Yacht - Chapter 08 #7

Yacht - Chapter 08 #8

Yacht - Chapter 08 #9

10.

Expense tickets are based on time.

FALSE Expense tickets are used to track and aid in the recovery of customer-related expenses. These expenses are not based on time. Expenses are based on various charges related to the service being offered.

Yacht - Chapter 08 #10

11. (p. 241)

In order to see how Mr. Hardman's charges were billed to a customer, you need to click the arrow next to the Apply Tickets/Expenses selection on the following window: A. Time/Expense, Time tickets window B. Sales/Invoicing window C. Time/Expense, Expense tickets window D. Purchase/Receive inventory window E. New bill window Difficulty: 1 Easy Yacht - Chapter 08 #11

12. (p. 242)

To see how Stone Arbor Landscaping sets up payroll for time and billing from the Navigation Bar, make the following selections: A. Employees & Payroll Navigation Center, click on the Employees icon and select View and Edit Employees B. Employees & Payroll Navigation Center, click on the Employees icon and select New Employee C. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for One Employee D. Customer & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice E. Vendor & Purchases Navigation Centers, click on the Bill icon, make the selections to view and edit Difficulty: 2 Medium Yacht - Chapter 08 #12

13. (p. 242)

Mr. Hardman is paid according to the following method: A. Hourly rate - weekly B. Salaries rate - biweekly C. Hourly - Time Ticket Hours D. Biweekly - Time Ticket Hours E. Salaried - monthly Difficulty: 1 Easy Yacht - Chapter 08 #13

14. (p. 231)

In Time & Billing, inventory item classes include: A. Only activity items B. Only charge items C. Both activity and charge items D. Time tickets and expense tickets E. Job IDs and charges Difficulty: 3 Hard Yacht - Chapter 08 #14

15. (p. 236239)

To review the time ticket information that Alan Hardman has billed on a completed job for the O'Hara Homes Contract, from the Navigation Bar the selections are: A. Customers & Sales Navigation Center, click on the Jobs icon and select View and Edit Jobs. Then, select the appropriate job.

B Employees & Payroll Navigation Center, click on the Time and Expense Tickets icon and select . New Expense Ticket. Select the Timesheet icon.

C Employees & Payroll Navigation Center, click on the Time and Expense Tickets icon and select . View and Edit Time Tickets, select Ticket No. 282 or 288 D Go to the Vendors Navigation Center, select the appropriate employee, then select the appropriate . job. Click Save when through to post E. Go to the Inventory task, select the appropriate job. Save when through.

Difficulty: 2 Medium Yacht - Chapter 08 #15

Chapter 08 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 08

# of Questions 2 2 1 15

Chapter 09 Student: ___________________________________________________________________________

1.

The chapters in Part 2 (Chapters 9, 10, and 11) work together.

True False

2.

The business type used for setting up the Designer company is the Simplified Retail Company.

True False

3.

The year for setting up accounting records is 2012.

True False

4.

The posting method selected in Chapter 9 is Batch.

True False

5.

In Chapter 9, you use New Company Setup to select a sample chart of accounts; then you revise some of the accounts through the Maintain; Chart of Accounts window.

True False

6.

In Chapter 9 you use the New Company Setup Wizard to set up a company for Jessica Wood, CPA. True False

7.

David Walsh Designer is located in La Crosse, Wisconsin.

True False

8.

David Walsh Designer is set up as a corporation.

True False

9.

David Walsh Designer uses the cash basis of accounting.

True False

10. The selections for Options; Global, Other Options area may be used to set the Receipts, Payments and Payroll Entry windows to automatically recalculate the cash balance as transactions are entered.

True False 11. The name of the business set up in Chapter 9 is: A. David Walsh, Accountant B. David Walsh, Graphics C. David Walsh Designer D. David Walsh Plastics E. Your Name, Graphic Artist 12. The sample company chart of accounts that you use as the model for Chapter 9's business is: A. Accounting practice B. General contractor C. Gift Shop D. Service Company E. Retail Company 13. The posting method used by the business in Chapter 9 is: A. Batch posting B. Real time posting C. A combination of batch posting and real-time posting D. Accrual posting E. Cash basis posting

14. In Chapter 9, the period for recording transactions is: A. Period 1 - 1/1/13 to 1/31/13 B. Period 10 - 10/1/13 to 10/31/13 C. Period 11 - 11/1/13 to 11/30/13 D. Period 12 - 12/1/13 to 12/31/13 E. Period 9 - 09/01/13 to 09/30/13 15. The chart of accounts is: A. The accounts shown on the income statement B. The accounts shown on the balance sheet C. A list of accounts in the general ledger D. A list of accounts in the general journal E. A list showing account beginning balances 16. The account type specified on the chart of accounts is also the classification for the: A. Financial reporting B. General ledger C. General journal D. Cash receipts journal E. Receipts 17. A balance sheet is also known as a/an: A. Income statement B. Statement of changes in cash flow C. Statement of financial position D. Retained earnings report E. A list of revenues and expenses 18. The shortened company name that Sage 50 assigns to new companies is made up of: A. The entire company name B. The last word within the company name C. The first three letters of the first word, the first three letters of the second word, and first two letters of the third word.

D. The first word only E. A random selection of characters 19. The Account Type for Account No. 3920 David Walsh [or your name], Capital is: A. Cash B. Equity-gets closed C. Equity-doesn't close D. Retained earning E. Other current liabilities 20. Saving Sage 50 data to the hard drive or external media is called: A. Restoring data B. Data mining C. Backing up D. Exporting to Excel E. Windows Explorer

Chapter 09 Key 1.

The chapters in Part 2 (Chapters 9, 10, and 11) work together.

TRUE

2.

The business type used for setting up the Designer company is the Simplified Retail Company.

FALSE

Yacht - Chapter 09 #1

The business type is Simplified, Service Company.

Yacht - Chapter 09 #2

3.

The year for setting up accounting records is 2012.

FALSE The year for accounting records is 2013.

Yacht - Chapter 09 #3

4.

The posting method selected in Chapter 9 is Batch.

FALSE The posting method selected is real time.

Yacht - Chapter 09 #4

5.

In Chapter 9, you use New Company Setup to select a sample chart of accounts; then you revise some of the accounts through the Maintain; Chart of Accounts window.

TRUE

6.

In Chapter 9 you use the New Company Setup Wizard to set up a company for Jessica Wood, CPA. FALSE

Yacht - Chapter 09 #5

In Chapter 9 you use the New Company Setup Wizard to set up a company for David Walsh Designer.

Yacht - Chapter 09 #6

7.

David Walsh Designer is located in La Crosse, Wisconsin.

FALSE David Walsh Designer is located in Milwaukee, Wisconsin.

Yacht - Chapter 09 #7

8.

David Walsh Designer is set up as a corporation.

FALSE David Walsh Designer is set up as a sole proprietorship.

Yacht - Chapter 09 #8

9.

David Walsh Designer uses the cash basis of accounting.

FALSE David Walsh uses the accrual basis of accounting.

Yacht - Chapter 09 #9

10.

The selections for Options; Global, Other Options area may be used to set the Receipts, Payments and Payroll Entry windows to automatically recalculate the cash balance as transactions are entered.

TRUE

11.

The name of the business set up in Chapter 9 is: A. David Walsh, Accountant B. David Walsh, Graphics C. David Walsh Designer D. David Walsh Plastics E. Your Name, Graphic Artist

Yacht - Chapter 09 #10 (p. 257)

Difficulty: 1 Easy Yacht - Chapter 09 #11

12. (p. 258)

The sample company chart of accounts that you use as the model for Chapter 9's business is: A. Accounting practice B. General contractor C. Gift Shop D. Service Company E. Retail Company Difficulty: 2 Medium Yacht - Chapter 09 #12

13. (p. 259)

The posting method used by the business in Chapter 9 is: A. Batch posting B. Real time posting C. A combination of batch posting and real-time posting D. Accrual posting E. Cash basis posting Difficulty: 2 Medium Yacht - Chapter 09 #13

14. (p. 262263)

In Chapter 9, the period for recording transactions is: A. Period 1 - 1/1/13 to 1/31/13 B. Period 10 - 10/1/13 to 10/31/13 C. Period 11 - 11/1/13 to 11/30/13 D. Period 12 - 12/1/13 to 12/31/13 E. Period 9 - 09/01/13 to 09/30/13 Difficulty: 3 Hard Yacht - Chapter 09 #14

15. (p. 265)

The chart of accounts is: A. The accounts shown on the income statement B. The accounts shown on the balance sheet C. A list of accounts in the general ledger D. A list of accounts in the general journal E. A list showing account beginning balances Difficulty: 2 Medium Yacht - Chapter 09 #15

16. (p. 267)

The account type specified on the chart of accounts is also the classification for the: A. Financial reporting B. General ledger C. General journal D. Cash receipts journal E. Receipts Difficulty: 3 Hard Yacht - Chapter 09 #16

17. (p. 280)

A balance sheet is also known as a/an: A. Income statement B. Statement of changes in cash flow C. Statement of financial position D. Retained earnings report E. A list of revenues and expenses Difficulty: 2 Medium Yacht - Chapter 09 #17

18. (p. 263)

The shortened company name that Sage 50 assigns to new companies is made up of: A. The entire company name B. The last word within the company name C. The first three letters of the first word, the first three letters of the second word, and first two letters of the third word.

D. The first word only E. A random selection of characters Difficulty: 2 Medium Yacht - Chapter 09 #18

19. (p. 267)

The Account Type for Account No. 3920 David Walsh [or your name], Capital is: A. Cash B. Equity-gets closed C. Equity-doesn't close D. Retained earning E. Other current liabilities Difficulty: 2 Medium Yacht - Chapter 09 #19

20. (p. 273)

Saving Sage 50 data to the hard drive or external media is called: A. Restoring data B. Data mining C. Backing up D. Exporting to Excel E. Windows Explorer Difficulty: 2 Medium Yacht - Chapter 09 #20

Chapter 09 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 09

# of Questions 1 7 2 20

Chapter 10 Student: ___________________________________________________________________________

1.

All activities in Chapter 9 must be completed before starting Chapter 10.

True False

2.

The file restored at the beginning of Chapter 10 is Chapter 9 Beginning Balances.ptb.

True False

3.

In Chapter 10, you continue recording financial information for David Walsh Designer.

True False

4.

The transaction register is used as a source document.

True False

5.

In Chapter 10, you complete the accounting cycle for the third quarter of the year.

True False

6.

In Chapter 10, you display David Walsh's balance sheet, with beginning balances representing October 1, 2013, to continue work.

True False

7.

The transaction register shows account balances for the income statement.

True False

8.

In Chapter 10, the transaction register shows checking account activity for September.

True False

9.

On the Write Checks window, Sage 50 automatically completes the Check Number field once the first number is entered.

True False

10. Another way to describe account reconciliation is debits equaling credits on the general ledger trial balance.

True False 11. In Chapter 10, you do the following: A. Set up a retail business.

B. Select November 2013 as the accounting period.

C. Record deposits, checks, and ATMs D. Print the chart of accounts.

E. Record purchase invoices.

12. To record checks, you need to: A. Select a cash account B. Select an accounts payable account C. Set discount defaults D. Select Maintain; Chart of Accounts E. Select Tasks, Receipts 13. In order for the appropriate two decimal places to show on windows, you need to: A. Select Maintain, Company Info B. Select Company, Restore C. Display the beginning balances D. Select global settings for two decimal places E. Select Maintain, Chart of Accounts

14. The account credited on the Receipts window is: A. Account No. 1020, Checking Account B. The GL Account selected C. Account No. 1040, IRA Savings D. The Receipts window does not need to have an account credited E. Account No. 1010, Money Market 15. The Write Checks window automatically debits the following account: A. Account No. 1020 Checking Account B. The Expense account selected C. You need to select the account credited not debited D. Account No. 1040, IRA Savings E. Account No. 1010, Money Market 16. In Sage 50, there are two ways to record entries from the transaction register: A. From the System Navigation Center, link to synchronize Sage 50 B. From the Banking tasks and view reports selections C. From the System Navigation Center and Analysis Tools D. From the Reports menu and from the Help menu E. From the Menu bar or the Navigation Bar 17. To record a deposit shown on Mr. Walsh's transaction register, make the following selections: A. From the System Navigation Center, select Backup Now B. From the Banking Navigation Center, select Write Checks C. From the menu bar, select Tasks, Receipts D. From the System Navigation Center, select Restore Now E. From the menu bar, select Tasks, Payments 18. To display the account register, do this: A. From the Banking Navigation Center Recently used Banking Reports area, select View Account Register.

B. From the Banking Navigation Center Write Checks icon, select View and Edit checks.

C. From the System Navigation Center, select Backup Now. D. From the System Navigation Center, select Restore Now. E. From the Banking Navigation Center, view the balance sheet and income statement.

19. To change an entry on the Write Checks window or Receipts window, do this: A. Make a completely new entry B. Delete the record C. Add a transaction line D. Select Maintain; Chart of Accounts E. Edit the record 20. In Sage 50, a backup file can be used to restore: A. Companies need to be set up first and then you can restore a backup file B. Two companies at the same time C. Doc files from Microsoft Word D. Data from Microsoft Excel E. A new company—one that has not been setup.

Chapter 10 Key 1.

All activities in Chapter 9 must be completed before starting Chapter 10.

TRUE

2.

The file restored at the beginning of Chapter 10 is Chapter 9 Beginning Balances.ptb.

TRUE

3.

In Chapter 10, you continue recording financial information for David Walsh Designer.

TRUE

4.

The transaction register is used as a source document.

TRUE

5.

In Chapter 10, you complete the accounting cycle for the third quarter of the year.

FALSE

Yacht - Chapter 10 #1

Yacht - Chapter 10 #2

Yacht - Chapter 10 #3

Yacht - Chapter 10 #4

In Chapter 10, you complete the accounting cycle for the month of October.

Yacht - Chapter 10 #5

6.

In Chapter 10, you display David Walsh's balance sheet, with beginning balances representing October 1, 2013, to continue work.

TRUE

7.

The transaction register shows account balances for the income statement.

FALSE

Yacht - Chapter 10 #6

The transaction register shows checking account activity for Account No. 1020, Checking Account.

Yacht - Chapter 10 #7

8.

In Chapter 10, the transaction register shows checking account activity for September.

FALSE In Chapter 10, the transaction register shows checking account activity for October.

Yacht - Chapter 10 #8

9.

On the Write Checks window, Sage 50 automatically completes the Check Number field once the first number is entered.

TRUE

10.

Another way to describe account reconciliation is debits equaling credits on the general ledger trial balance.

FALSE

Yacht - Chapter 10 #9

Another way to describe account reconciliation is bank reconciliation—the process of bringing the balance of the bank statement and the balance of the cash account into agreement.

Yacht - Chapter 10 #10

11. (p. 303)

In Chapter 10, you do the following: A. Set up a retail business.

B. Select November 2013 as the accounting period.

C. Record deposits, checks, and ATMs D. Print the chart of accounts.

E. Record purchase invoices.

Difficulty: 1 Easy Yacht - Chapter 10 #11

12. (p. 307)

To record checks, you need to: A. Select a cash account B. Select an accounts payable account C. Set discount defaults D. Select Maintain; Chart of Accounts E. Select Tasks, Receipts Difficulty: 2 Medium Yacht - Chapter 10 #12

13. (p. 305)

In order for the appropriate two decimal places to show on windows, you need to: A. Select Maintain, Company Info B. Select Company, Restore C. Display the beginning balances D. Select global settings for two decimal places E. Select Maintain, Chart of Accounts Difficulty: 2 Medium Yacht - Chapter 10 #13

14. (p. 305)

The account credited on the Receipts window is: A. Account No. 1020, Checking Account B. The GL Account selected C. Account No. 1040, IRA Savings D. The Receipts window does not need to have an account credited E. Account No. 1010, Money Market Difficulty: 3 Hard Yacht - Chapter 10 #14

15. (p. 308)

The Write Checks window automatically debits the following account: A. Account No. 1020 Checking Account B. The Expense account selected C. You need to select the account credited not debited D. Account No. 1040, IRA Savings E. Account No. 1010, Money Market Difficulty: 3 Hard Yacht - Chapter 10 #15

16. (p. 307)

In Sage 50, there are two ways to record entries from the transaction register: A. From the System Navigation Center, link to synchronize Sage 50 B. From the Banking tasks and view reports selections C. From the System Navigation Center and Analysis Tools D. From the Reports menu and from the Help menu E. From the Menu bar or the Navigation Bar Difficulty: 1 Easy Yacht - Chapter 10 #16

17. (p. 304)

To record a deposit shown on Mr. Walsh's transaction register, make the following selections: A. From the System Navigation Center, select Backup Now B. From the Banking Navigation Center, select Write Checks C. From the menu bar, select Tasks, Receipts D. From the System Navigation Center, select Restore Now E. From the menu bar, select Tasks, Payments Difficulty: 2 Medium Yacht - Chapter 10 #17

18. (p. 315316)

To display the account register, do this: A. From the Banking Navigation Center Recently used Banking Reports area, select View Account Register.

B. From the Banking Navigation Center Write Checks icon, select View and Edit checks.

C. From the System Navigation Center, select Backup Now. D. From the System Navigation Center, select Restore Now. E. From the Banking Navigation Center, view the balance sheet and income statement.

Difficulty: 1 Easy Yacht - Chapter 10 #18

19. (p. 320)

To change an entry on the Write Checks window or Receipts window, do this: A. Make a completely new entry B. Delete the record C. Add a transaction line D. Select Maintain; Chart of Accounts E. Edit the record Difficulty: 2 Medium Yacht - Chapter 10 #19

20. (p. 302)

In Sage 50, a backup file can be used to restore: A. Companies need to be set up first and then you can restore a backup file B. Two companies at the same time C. Doc files from Microsoft Word D. Data from Microsoft Excel E. A new company—one that has not been setup.

Difficulty: 3 Hard Yacht - Chapter 10 #20

Chapter 10 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 10

# of Questions 3 4 3 20

Chapter 11 Student: ___________________________________________________________________________

1.

All activities in Chapters 9 and 10 must be completed before starting Chapter 11.

True False

2.

The Year-End Wizard automatically completes the procedure for closing the fiscal year.

True False

3.

In Chapter 11, you continue recording financial information for David Walsh Designer.

True False

4.

The transaction register is used as a source document.

True False

5.

In Chapter 11, you complete the accounting cycle for the third quarter of the year.

True False

6.

In Chapter 11, you restore the Exercise 9-2.ptb backup file to continue work with David Walsh Designer.

True False

7.

The October 30 balance in David Walsh Designer's transaction register is the same as the ending balance on the October bank statement.

True False

8.

Before you can complete the bank reconciliation, you need to journalize and post the bank's service charge.

True False

9.

To clear checks, ATMs, and deposits on the account reconciliation window, place a check mark in the Status column.

True False

10. To make sure you are starting in the correct place in the data, display the income statement and check the account balances against the transaction register.

True False 11. In Chapter 11, the first step of the computer accounting cycle is to: A. Set up a business and select a chart of accounts B. Journalize entries C. Change accounting periods D. Print the general ledger trial balance E. Post entries to the general ledger 12. To change accounting periods, you need to make the following menu bar selections: A. Tasks; System, Change Accounting Period B. Tasks; Default, Change Accounting Period C. Tasks; Maintain, Defaults D. Maintain; System, Change Accounting Period E. Maintain, User Security

13. The December 31 balance in Mr. Walsh's retained earnings account (Account No. 3910) is: A. Revenue minus expenses B. Assets minus liabilities plus owner's equity C. Year-to-date net income plus the total of the drawing account D. Year-to-date net income minus the total of the drawing account E. Capital minus drawing 14. In order to complete account reconciliation, checks and deposits need to be: A. Recorded B. Journalized and posted C. Set up in account reconciliation maintenance D. Selected by clicking Tasks; Change Accounting Periods E. Batched 15. If your journals do not agree with the textbook illustrations, use the following Sage 50 feature: A. Maintain; defaults, general ledger B. Edit journal transactions C. Tasks; general journal transaction D. Maintain chart of accounts E. System Navigation Center; link to restore now 16. To display information about your company data files, complete these steps: A. From the System Navigation Center, link to synchronize Sage 50 data on the web B. From the Banking Navigation Center, click on write checks, view and edit checks C. Select Analysis Tools from the System Navigation Center D. From the Help menu, select Customer Support and Service, File Statistics E. Link to Period on the tool bar 17. In Chapter 11, the _____________________________ is completed before recording and posting the end-of-quarter adjusting entries.

A. Adjusted trial balance B. Cash disbursements journal C. Unadjusted trial balance D. Cash receipts journal E. Post-closing trial balance 18. It is the policy of your accounting firm to record adjusting entries at: A. The end of the quarter B. The end of each month C. Six month intervals D. The end of the year only E. During the month 19. To print a post closing trial balance, you need to: A. Select Tasks; System, change accounting periods B. Select Reports & forms; accounts receivable, print reports C. Select Options; Default Information D. Select Help; About Sage 50 Accounting E. Close the fiscal year, then print a general ledger trial balance 20. Sage 50's _____________________________________ is the complete collection of accounts of a company, transactions associated with these accounts, and account balances for a specified period of time.

A. Maintenance system B. Data file statistic C. Default D. General ledger system E. Navigation center

Chapter 11 Key 1.

All activities in Chapters 9 and 10 must be completed before starting Chapter 11.

TRUE

2.

The Year-End Wizard automatically completes the procedure for closing the fiscal year.

TRUE

3.

In Chapter 11, you continue recording financial information for David Walsh Designer.

TRUE

4.

The transaction register is used as a source document.

TRUE

5.

In Chapter 11, you complete the accounting cycle for the third quarter of the year.

FALSE

Yacht - Chapter 11 #1

Yacht - Chapter 11 #2

Yacht - Chapter 11 #3

Yacht - Chapter 11 #4

In Chapter 11, you complete the accounting cycle for the fourth quarter of the year.

Yacht - Chapter 11 #5

6.

In Chapter 11, you restore the Exercise 9-2.ptb backup file to continue work with David Walsh Designer.

FALSE To continue work in Chapter 11 with David Walsh Designer, restore the Chapter 10 October.ptb file.

Yacht - Chapter 11 #6

7.

The October 30 balance in David Walsh Designer's transaction register is the same as the ending balance on the October bank statement.

FALSE The October 30 balance in David Walsh Designer's transaction register, minus the bank service charge, agrees with the October 31 general ledger trial balance. The October 31 Bank Statement ending balance is not the same as the checking account balance.

Yacht - Chapter 11 #7

8.

Before you can complete the bank reconciliation, you need to journalize and post the bank's service charge.

FALSE Sage 50's account reconciliation window includes a Service Charges field. Record the bank service charge on the account reconciliation window.

Yacht - Chapter 11 #8

9.

To clear checks, ATMs, and deposits on the account reconciliation window, place a check mark in the Status column.

TRUE Yacht - Chapter 11 #9

10.

To make sure you are starting in the correct place in the data, display the income statement and check the account balances against the transaction register.

FALSE To make sure you are starting in the correct place in the data, display the general ledger trial balance and make sure Account No. 1020, Checking Account, shows the same balance as the starting balance in the transaction register.

Yacht - Chapter 11 #10

11. (p. 334)

In Chapter 11, the first step of the computer accounting cycle is to: A. Set up a business and select a chart of accounts B. Journalize entries C. Change accounting periods D. Print the general ledger trial balance E. Post entries to the general ledger Difficulty: 1 Easy Yacht - Chapter 11 #11

12. (p. 336)

To change accounting periods, you need to make the following menu bar selections: A. Tasks; System, Change Accounting Period B. Tasks; Default, Change Accounting Period C. Tasks; Maintain, Defaults D. Maintain; System, Change Accounting Period E. Maintain, User Security Difficulty: 2 Medium Yacht - Chapter 11 #12

13. (p. 362)

The December 31 balance in Mr. Walsh's retained earnings account (Account No. 3910) is: A. Revenue minus expenses B. Assets minus liabilities plus owner's equity C. Year-to-date net income plus the total of the drawing account D. Year-to-date net income minus the total of the drawing account E. Capital minus drawing Difficulty: 2 Medium Yacht - Chapter 11 #13

14. (p. 338)

In order to complete account reconciliation, checks and deposits need to be: A. Recorded B. Journalized and posted C. Set up in account reconciliation maintenance D. Selected by clicking Tasks; Change Accounting Periods E. Batched Difficulty: 2 Medium Yacht - Chapter 11 #14

15. (p. 342)

If your journals do not agree with the textbook illustrations, use the following Sage 50 feature: A. Maintain; defaults, general ledger B. Edit journal transactions C. Tasks; general journal transaction D. Maintain chart of accounts E. System Navigation Center; link to restore now Difficulty: 3 Hard Yacht - Chapter 11 #15

16. (p. 346)

To display information about your company data files, complete these steps: A. From the System Navigation Center, link to synchronize Sage 50 data on the web B. From the Banking Navigation Center, click on write checks, view and edit checks C. Select Analysis Tools from the System Navigation Center D. From the Help menu, select Customer Support and Service, File Statistics E. Link to Period on the tool bar Difficulty: 3 Hard Yacht - Chapter 11 #16

17. (p. 353)

In Chapter 11, the _____________________________ is completed before recording and posting the end-of-quarter adjusting entries.

A. Adjusted trial balance B. Cash disbursements journal C. Unadjusted trial balance D. Cash receipts journal E. Post-closing trial balance Difficulty: 2 Medium Yacht - Chapter 11 #17

18. (p. 354)

It is the policy of your accounting firm to record adjusting entries at: A. The end of the quarter B. The end of each month C. Six month intervals D. The end of the year only E. During the month Difficulty: 1 Easy Yacht - Chapter 11 #18

19. (p. 365370)

To print a post closing trial balance, you need to: A. Select Tasks; System, change accounting periods B. Select Reports & forms; accounts receivable, print reports C. Select Options; Default Information D. Select Help; About Sage 50 Accounting E. Close the fiscal year, then print a general ledger trial balance Difficulty: 2 Medium Yacht - Chapter 11 #19

20. (p. 333334)

Sage 50's _____________________________________ is the complete collection of accounts of a company, transactions associated with these accounts, and account balances for a specified period of time.

A. Maintenance system B. Data file statistic C. Default D. General ledger system E. Navigation center Difficulty: 3 Hard Yacht - Chapter 11 #20

Chapter 11 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 11

# of Questions 2 5 3 20

Chapter 12 Student: ___________________________________________________________________________

1.

In Chapter 12, you use Sage 50 to organize and monitor accounts payable.

True False

2.

In Chapter 12, you use Sage 50 to record cash receipts to vendors.

True False

3.

Merchandising businesses purchase the merchandise they sell from suppliers called vendors.

True False

4.

Accounts payable is the amount of money the business owes to its customers.

True False

5.

When recording a purchase, you enter or select the customer code first.

True False

6.

You can print vendor checks individually or in batches.

True False

7.

In Chapter 12, you set up the merchandising businesses that continue in Chapters 13, 14, and 15.

True False

8.

Purchases made on account from vendors are recorded in the Purchases/Receive Inventory window.

True False

9.

In order for Sage 50 to have your name on its printouts, type your first name then Service Merchandise in the company name field.

True False

10. The purchase discount is calculated automatically even when merchandise was returned on a specific invoice.

True False 11. The first month's data entered for Nancy's Service Merchandise is February 2013.

True False 12. In Chapter 12, you set up Nancy's Service Merchandise using a detailed chart of accounts from one of the many sample companies.

True False 13. Nancy's Service Merchandise sells hardware, software and equipment.

True False 14. Nancy's Service Merchandise is a corporation owned by Penelope Pines and her sister, Delilah Delaney.

True False 15. To enter beginning balances for January 2013, you must select the period from 12/1/12 through 12/31/12 on the Select Period window.

True False

16. When merchandising businesses make purchases on account from vendors, this is known as: A. Accounts receivable transactions B. Accounts payable transactions C. General ledger transactions D. Income statement transactions E. Recording beginning balances 17. The amount of money the business owes to suppliers or vendors is called: A. Accounts payable B. Accounts receivable C. Contracts payable D. Prepaid expense E. Unearned revenue 18. Nancy's Service Merchandise is a partnership owned by: A. Susan Stewart and David Becker B. Constance Molina & Sally Sweeney C. Tony Ziegler and Nancy Ogburn D. Karen Hart and Maria Stanton E. Richard Williams and Carol Dash 19. Nancy's Service Merchandise accounting records are set up to begin on: A. November 1, 2012 B. December 1, 2013 C. January 1, 2012 D. January 1, 2013 E. December 1, 2012 20. In Sage 50, which account contains summary information about the total cost of merchandise on hand and available for sale?

A. Payroll checking account B. Supplies Inventory C. Merchandise Inventory D. Accounts Payable E. Accumulated Depreciation 21. The beginning balances from Nancy's Service Merchandise January 1, 2013 balance sheet is entered for what period: A. From 1/1/13 through 1/31/13 B. From 12/1/12 through 12/31/12 C. From 11/1/12 through 11/30/12 D. From 2/1/13 through 2/28/13 E. 1/1/12 through 1/31/12 22. When recording vendor information, the following windows are used to enter this information: A. Vendor Defaults and Maintain Vendors B. Maintain Vendors and Tasks C. Inventory Item Defaults and Pay Bills D. Customer Defaults and Maintain Customers/Sales Reps E. Employee Defaults and Maintain Employees 23. When setting up inventory items on the Maintain Inventory Items window, information must be entered for: A. Customer IDs B. Inventory method C. Inventory adjustments D. Item ID, Minimum Stock, Reorder Quantity E. Cash account credited

24. The Purchases/Receive Inventory window is also called the: A. Cash disbursements journal B. Sales journal C. Cost of goods sold journal D. Purchase journal E. General journal 25. An organized body of related information is called a/an: A. Feature of the software B. Software function C. Accounting software application D. Sage 50 Complete Accounting E. Database 26. The collection of accounts of a company, summary of account transactions, and the related accounts balances for a specific period of time is called the: A. System module B. Database C. General ledger system D. Features and functions of software E. Default page 27. The information needed for the entry that credits the Accounts Payable accounts and debits the various asset and expense accounts that vendor invoices represent is known as the: A. Banking feature and its accompanying functions B. System defaults C. Batch posting D. Accounts payable system E. Software

Chapter 12 Key 1.

In Chapter 12, you use Sage 50 to organize and monitor accounts payable.

TRUE

2.

In Chapter 12, you use Sage 50 to record cash receipts to vendors.

FALSE

Yacht - Chapter 12 #1

Cash payments are recorded for vendors.

Yacht - Chapter 12 #2

3.

Merchandising businesses purchase the merchandise they sell from suppliers called vendors.

TRUE

4.

Accounts payable is the amount of money the business owes to its customers.

FALSE

Yacht - Chapter 12 #3

Accounts payable is the amount of money the business owes to its suppliers or vendors.

Yacht - Chapter 12 #4

5.

When recording a purchase, you enter or select the customer code first.

FALSE When recording a purchase, you enter or select the Vendor ID first.

Yacht - Chapter 12 #5

6.

You can print vendor checks individually or in batches.

TRUE

7.

In Chapter 12, you set up the merchandising businesses that continue in Chapters 13, 14, and 15.

TRUE

8.

Purchases made on account from vendors are recorded in the Purchases/Receive Inventory window.

TRUE

9.

In order for Sage 50 to have your name on its printouts, type your first name then Service Merchandise in the company name field.

TRUE

10.

The purchase discount is calculated automatically even when merchandise was returned on a specific invoice.

FALSE

Yacht - Chapter 12 #6

Yacht - Chapter 12 #7

Yacht - Chapter 12 #8

Yacht - Chapter 12 #9

If merchandise has been returned, the purchase discount is not calculated automatically. The appropriate purchase discount needs to be entered on the payments window.

Yacht - Chapter 12 #10

11.

The first month's data entered for Nancy's Service Merchandise is February 2013.

FALSE The first month's data entered for Nancy's Service Merchandise is January 2013.

Yacht - Chapter 12 #11

12.

In Chapter 12, you set up Nancy's Service Merchandise using a detailed chart of accounts from one of the many sample companies.

TRUE

13.

Nancy's Service Merchandise sells hardware, software and equipment.

FALSE

Yacht - Chapter 12 #12

Nancy's Service Merchandise sells hardware, wall coverings and flooring.

Yacht - Chapter 12 #13

14.

Nancy's Service Merchandise is a corporation owned by Penelope Pines and her sister, Delilah Delaney.

FALSE Nancy's Service Merchandise is a partnership owned by Nancy Ogburn and Tony Ziegler equally.

Yacht - Chapter 12 #14

15.

To enter beginning balances for January 2013, you must select the period from 12/1/12 through 12/31/ 12 on the Select Period window.

TRUE

16.

When merchandising businesses make purchases on account from vendors, this is known as: A. Accounts receivable transactions B. Accounts payable transactions C. General ledger transactions D. Income statement transactions E. Recording beginning balances

Yacht - Chapter 12 #15 (p. 397)

Difficulty: 2 Medium Yacht - Chapter 12 #16

17. (p. 397)

The amount of money the business owes to suppliers or vendors is called: A. Accounts payable B. Accounts receivable C. Contracts payable D. Prepaid expense E. Unearned revenue Difficulty: 1 Easy Yacht - Chapter 12 #17

18. (p. 397)

Nancy's Service Merchandise is a partnership owned by: A. Susan Stewart and David Becker B. Constance Molina & Sally Sweeney C. Tony Ziegler and Nancy Ogburn D. Karen Hart and Maria Stanton E. Richard Williams and Carol Dash Difficulty: 1 Easy Yacht - Chapter 12 #18

19. (p. 398)

Nancy's Service Merchandise accounting records are set up to begin on: A. November 1, 2012 B. December 1, 2013 C. January 1, 2012 D. January 1, 2013 E. December 1, 2012 Difficulty: 2 Medium Yacht - Chapter 12 #19

20. (p. 413)

In Sage 50, which account contains summary information about the total cost of merchandise on hand and available for sale?

A. Payroll checking account B. Supplies Inventory C. Merchandise Inventory D. Accounts Payable E. Accumulated Depreciation Difficulty: 3 Hard Yacht - Chapter 12 #20

21. (p. 409)

The beginning balances from Nancy's Service Merchandise January 1, 2013 balance sheet is entered for what period: A. From 1/1/13 through 1/31/13 B. From 12/1/12 through 12/31/12 C. From 11/1/12 through 11/30/12 D. From 2/1/13 through 2/28/13 E. 1/1/12 through 1/31/12 Difficulty: 3 Hard Yacht - Chapter 12 #21

22. (p. 412415)

When recording vendor information, the following windows are used to enter this information: A. Vendor Defaults and Maintain Vendors B. Maintain Vendors and Tasks C. Inventory Item Defaults and Pay Bills D. Customer Defaults and Maintain Customers/Sales Reps E. Employee Defaults and Maintain Employees Difficulty: 2 Medium Yacht - Chapter 12 #22

23. (p. 420422)

When setting up inventory items on the Maintain Inventory Items window, information must be entered for: A. Customer IDs B. Inventory method C. Inventory adjustments D. Item ID, Minimum Stock, Reorder Quantity E. Cash account credited Difficulty: 2 Medium Yacht - Chapter 12 #23

24. (p. 425)

The Purchases/Receive Inventory window is also called the: A. Cash disbursements journal B. Sales journal C. Cost of goods sold journal D. Purchase journal E. General journal Difficulty: 1 Easy Yacht - Chapter 12 #24

25. (p. 405)

An organized body of related information is called a/an: A. Feature of the software B. Software function C. Accounting software application D. Sage 50 Complete Accounting E. Database Difficulty: 3 Hard Yacht - Chapter 12 #25

26. (p. 404)

The collection of accounts of a company, summary of account transactions, and the related accounts balances for a specific period of time is called the: A. System module B. Database C. General ledger system D. Features and functions of software E. Default page Difficulty: 3 Hard Yacht - Chapter 12 #26

27. (p. 412)

The information needed for the entry that credits the Accounts Payable accounts and debits the various asset and expense accounts that vendor invoices represent is known as the: A. Banking feature and its accompanying functions B. System defaults C. Batch posting D. Accounts payable system E. Software Difficulty: 3 Hard Yacht - Chapter 12 #27

Chapter 12 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 12

# of Questions 3 4 5 27

Chapter 13 Student: ___________________________________________________________________________

1.

Because Sage 50 uses a perpetual inventory system, the cost of the item sold was automatically updated when you posted.

True False

2.

To use the sales invoicing task, you need to set up vendor defaults.

True False

3.

Accounts receivable are what suppliers owe to your business.

True False

4.

Credit transactions from customers are called accounts payable transactions.

True False

5.

To continue with Nancy's Service Merchandise in Chapter 13, you need to restore the Chapter 12.ptb file from your back up disk.

True False

6.

You can use the Maintain menu to enter customer defaults.

True False

7.

Nancy's Service Merchandise offers customers a 2% 10, Net 30 days sales discount.

True False

8.

Nancy's Service Merchandise charges customers in Arizona an 8 percent sales tax.

True False

9.

The customer, Denise Crosby, lives in Tucson, AZ. True False

10. Nancy's Service Merchandise uses an alphanumeric code for customer ID information.

True False 11. The Sales/Invoicing window is used to journalize a cash sale transaction.

True False 12. When repairs are done, an alternative to the standard invoice is used, called the service invoice.

True False 13. In Sage 50, information about a sale is recorded in the: A. Purchase window B. Inventory window C. Purchases/Receive Inventory window D. Sales/Invoicing window E. General ledger 14. The Sales/Invoicing window is also known as the: A. Purchase journal B. Cash receipts journal C. Sales journal D. Cash disbursements journal E. General ledger

15. In Sage 50, the Receipts window is also known as the: A. Sales journal B. Cash receipts journal C. Purchase journal D. Cash disbursements journal E. General journal 16. Another name for the customer ledger is: A. Accounts receivable ledger B. Accounts payable ledger C. Vendor ledger D. Inventory ledger E. Cost of goods sold journal 17. When you want to create an invoice in Sage 50 without inventory items, use the following form: A. Sales invoice B. Purchase invoice C. Sales order D. Service invoice E. OCR laser 18. On the Navigation Bar, make the following selections to record a sales return: A Customers & Sales Navigation Center; click on the Credits and Returns icon and select Make Payment . to Customer, select the customer, type the invoice number B. Customers & Sales Navigation Center; click on the Credits and Returns icon and select New Credit Memo C. Customers & Sales Navigation Center; click on the Sales Invoices icon and select New Sales Invoice D. Customers & Sales Navigation Center; click on the Credits and Returns icon and select View and Edit Credit Memos E. Tasks, select Maintain Customers/Sales Reps, Defaults 19. You enter all checks, cash and credit card sales in the: A. Sales receipts window B. Receipts window C. Payments window D. General journal entry window E. Inventory adjustments window 20. On the Navigation Bar, make the following selections to record a cash sale: A. On the Customers & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice B On the Customers & Sales Navigation Center, click on the Receive Money icon and select View and . Edit Payments Receive, Apply to Revenues tab, record the cash sale C On the Customers & Sales Navigation Center, click on the Receive Money icon and select Receive . Money From Customer, Apply to Revenues tab, record the cash sale D On the Banking Navigation Center, click on the Receive Money icon and select Receive Money From . Customer, Apply to Revenues tab, record the cash sale E. On the Inventory & Services Navigation Center, select Inventory Adjustments

Chapter 13 Key 1.

Because Sage 50 uses a perpetual inventory system, the cost of the item sold was automatically updated when you posted.

TRUE

2.

To use the sales invoicing task, you need to set up vendor defaults.

FALSE

Yacht - Chapter 13 #1

To use the sales invoicing task, you need to set up customer defaults, sales tax information and customer maintenance information.

Yacht - Chapter 13 #2

3.

Accounts receivable are what suppliers owe to your business.

FALSE Accounts Receivable are what customers owe to your business.

Yacht - Chapter 13 #3

4.

Credit transactions from customers are called accounts payable transactions.

FALSE Credit transactions from customers are called accounts receivable transactions.

Yacht - Chapter 13 #4

5.

To continue with Nancy's Service Merchandise in Chapter 13, you need to restore the Chapter 12.ptb file from your back up disk.

TRUE

6.

You can use the Maintain menu to enter customer defaults.

TRUE

7.

Nancy's Service Merchandise offers customers a 2% 10, Net 30 days sales discount.

FALSE

Yacht - Chapter 13 #5

Yacht - Chapter 13 #6

Nancy's Service Merchandise does not offer a sales discount to customers.

Yacht - Chapter 13 #7

8.

Nancy's Service Merchandise charges customers in Arizona an 8 percent sales tax.

TRUE

9.

The customer, Denise Crosby, lives in Tucson, AZ. FALSE

Yacht - Chapter 13 #8

The customer, Denise Crosby, lives in Ft. Lauderdale, FL. Yacht - Chapter 13 #9

10.

Nancy's Service Merchandise uses an alphanumeric code for customer ID information.

TRUE Yacht - Chapter 13 #10

11.

The Sales/Invoicing window is used to journalize a cash sale transaction.

FALSE The Sales/Invoicing window is used to journalize a sale on account. For cash sales, the Receipts window is used.

Yacht - Chapter 13 #11

12.

When repairs are done, an alternative to the standard invoice is used, called the service invoice.

TRUE

13.

In Sage 50, information about a sale is recorded in the: A. Purchase window B. Inventory window C. Purchases/Receive Inventory window D. Sales/Invoicing window E. General ledger

Yacht - Chapter 13 #12 (p. 476)

Difficulty: 1 Easy Yacht - Chapter 13 #13

14. (p. 476)

The Sales/Invoicing window is also known as the: A. Purchase journal B. Cash receipts journal C. Sales journal D. Cash disbursements journal E. General ledger Difficulty: 1 Easy Yacht - Chapter 13 #14

15. (p. 476)

In Sage 50, the Receipts window is also known as the: A. Sales journal B. Cash receipts journal C. Purchase journal D. Cash disbursements journal E. General journal Difficulty: 1 Easy Yacht - Chapter 13 #15

16. (p. 476)

Another name for the customer ledger is: A. Accounts receivable ledger B. Accounts payable ledger C. Vendor ledger D. Inventory ledger E. Cost of goods sold journal Difficulty: 2 Medium Yacht - Chapter 13 #16

17. (p. 484)

When you want to create an invoice in Sage 50 without inventory items, use the following form: A. Sales invoice B. Purchase invoice C. Sales order D. Service invoice E. OCR laser Difficulty: 2 Medium Yacht - Chapter 13 #17

18. (p. 487)

On the Navigation Bar, make the following selections to record a sales return: A Customers & Sales Navigation Center; click on the Credits and Returns icon and select Make . Payment to Customer, select the customer, type the invoice number B. Customers & Sales Navigation Center; click on the Credits and Returns icon and select New Credit Memo C. Customers & Sales Navigation Center; click on the Sales Invoices icon and select New Sales Invoice D. Customers & Sales Navigation Center; click on the Credits and Returns icon and select View and Edit Credit Memos E. Tasks, select Maintain Customers/Sales Reps, Defaults Difficulty: 2 Medium Yacht - Chapter 13 #18

19. (p. 523)

You enter all checks, cash and credit card sales in the: A. Sales receipts window B. Receipts window C. Payments window D. General journal entry window E. Inventory adjustments window Difficulty: 2 Medium Yacht - Chapter 13 #19

20. (p. 492493)

On the Navigation Bar, make the following selections to record a cash sale: A. On the Customers & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice B On the Customers & Sales Navigation Center, click on the Receive Money icon and select View and . Edit Payments Receive, Apply to Revenues tab, record the cash sale C On the Customers & Sales Navigation Center, click on the Receive Money icon and select Receive . Money From Customer, Apply to Revenues tab, record the cash sale D On the Banking Navigation Center, click on the Receive Money icon and select Receive Money . From Customer, Apply to Revenues tab, record the cash sale E. On the Inventory & Services Navigation Center, select Inventory Adjustments Difficulty: 2 Medium Yacht - Chapter 13 #20

Chapter 13 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Yacht - Chapter 13

# of Questions 3 5 20

Chapter 14 Student: ___________________________________________________________________________

1.

Sage 50 uses a periodic inventory system.

True False

2.

In a perpetual inventory system, a merchandising business continuously updates inventory each time an item is purchased or sold.

True False

3.

The FIFO inventory method assumes that the goods received last are sold first.

True False

4.

The LIFO inventory method assumes that the goods received last are sold first.

True False

5.

The average cost method of inventory is also known as weighted average method.

True False

6.

After you post either purchases or sales, SCA automatically updates the cost and quantity of each inventory item.

True False

7.

Sage 50 includes only the average cost inventory method.

True False

8.

Accountants recommend that you select LIFO when you desire to charge the most recent inventory costs against revenue.

True False

9.

Inventory tracking is a two-step process: Enter item information and enter inventory adjustments.

True False

10. Inventory items are set up on the Vendors & Purchases Navigation Center.

True False 11. There are nine types of inventory items in SCA: stock item, master stock item; non-stock item, description only, service, labor, assembly, activity item and charge item.

True False 12. The default inventory costing method used by Sage 50 is the: A. Average B. Straight-Line C. LIFO D. FIFO E. Double-declining 13. The LIFO (last in, first out) method of inventory assumes: A. The lowest amount of net loss B. The highest amount of net income C. Cost of sales is based on current replacement D. Beginning inventory is sold first E. Overall Average cost

14. Accountants recommend that you use FIFO when you desire to: A. Charge the most recent inventory costs against revenue B. Charge costs against revenue in the order in which costs are incurred C. Get the lowest net income D. Get the highest net income E. Obtain the highest gross profit percentage 15. You need to restore the following file to start Chapter 14: A. Exercise 13-1.ptb B. Exercise 13-2.ptb C. Chapter 13.ptb D. Chapter 14.ptb E. Exercise 12.ptb 16. On the Navigation Bar, make the following selections to display the Inventory Item Defaults window: A. Maintain; Setup Checklist B. Inventory & Services Navigation Center, click on the Inventory Items icon and select Set Up Inventory Defaults C. Inventory & Services Navigation Center, click on the Inventory Items icon and select New Inventory Item D. Inventory & Services Navigation Center, click on the Company Services icon and select Set Up Company Service Defaults E. Vendor & Purchases Navigation Center, click on Enter Bill, edit and review invoices 17. On the Navigation Bar, make the following selections to enter inventory item maintenance information: A Inventory & Services Navigation Center, click on the Inventory Items icon, select View and Edit . Inventory items and record inventory information B Vendors & Purchases Navigation Center, click on the Purchase Orders icon, select New Purchase . Orders and record inventory information C Inventory & Services Navigation Center, click on the Inventory Items icon, select New Inventory Item . and record inventory information D. Maintain; Defaults, Inventory Items, record inventory information E. Vendor & Purchases; select Pay Bills, New Bill 18. The Inventory Profitability Report shows the following: A. Gross profit percentage B. Reorder amount C. Net income D. Net loss E. All the assets purchased by the company 19. All goods owned by the business and held for sale are called: A. Quantities B. Assets C. Liabilities D. Merchandise inventory E. Fixed assets 20. This inventory method yields the lowest amount of net income in periods of rising cost: A. FIFO B. Average C. LIFO D. Double-declining balance E. Straight-line

Chapter 14 Key 1.

Sage 50 uses a periodic inventory system.

FALSE Sage 50 uses a perpetual inventory system.

Yacht - Chapter 14 #1

2.

In a perpetual inventory system, a merchandising business continuously updates inventory each time an item is purchased or sold.

TRUE

3.

The FIFO inventory method assumes that the goods received last are sold first.

FALSE

Yacht - Chapter 14 #2

The FIFO method assumes that the items received first [in the beginning inventory] are sold first.

Yacht - Chapter 14 #3

4.

The LIFO inventory method assumes that the goods received last are sold first.

TRUE

5.

The average cost method of inventory is also known as weighted average method.

TRUE

6.

After you post either purchases or sales, SCA automatically updates the cost and quantity of each inventory item.

TRUE

7.

Sage 50 includes only the average cost inventory method.

FALSE

Yacht - Chapter 14 #4

Yacht - Chapter 14 #5

Yacht - Chapter 14 #6

Sage 50 includes three inventory methods: FIFO, LIFO and average cost.

Yacht - Chapter 14 #7

8.

Accountants recommend that you select LIFO when you desire to charge the most recent inventory costs against revenue.

TRUE

9.

Inventory tracking is a two-step process: Enter item information and enter inventory adjustments.

FALSE

Yacht - Chapter 14 #8

Inventory tracking is a three-step process: Enter item information, enter inventory purchases and sales and enter inventory adjustments.

Yacht - Chapter 14 #9

10.

Inventory items are set up on the Vendors & Purchases Navigation Center.

FALSE Inventory items are set up through the Inventory & Services Navigation Center; select Inventory Items, New Inventory Item.

Yacht - Chapter 14 #10

11.

There are nine types of inventory items in SCA: stock item, master stock item; non-stock item, description only, service, labor, assembly, activity item and charge item.

TRUE

12.

The default inventory costing method used by Sage 50 is the: A. Average B. Straight-Line C. LIFO D. FIFO E. Double-declining

Yacht - Chapter 14 #11 (p. 516)

Difficulty: 2 Medium Yacht - Chapter 14 #12

13. (p. 513)

The LIFO (last in, first out) method of inventory assumes: A. The lowest amount of net loss B. The highest amount of net income C. Cost of sales is based on current replacement D. Beginning inventory is sold first E. Overall Average cost Difficulty: 2 Medium Yacht - Chapter 14 #13

14. (p. 514)

Accountants recommend that you use FIFO when you desire to: A. Charge the most recent inventory costs against revenue B. Charge costs against revenue in the order in which costs are incurred C. Get the lowest net income D. Get the highest net income E. Obtain the highest gross profit percentage Difficulty: 3 Hard Yacht - Chapter 14 #14

15. (p. 515)

You need to restore the following file to start Chapter 14: A. Exercise 13-1.ptb B. Exercise 13-2.ptb C. Chapter 13.ptb D. Chapter 14.ptb E. Exercise 12.ptb Difficulty: 1 Easy Yacht - Chapter 14 #15

16. (p. 516)

On the Navigation Bar, make the following selections to display the Inventory Item Defaults window: A. Maintain; Setup Checklist B. Inventory & Services Navigation Center, click on the Inventory Items icon and select Set Up Inventory Defaults C. Inventory & Services Navigation Center, click on the Inventory Items icon and select New Inventory Item D. Inventory & Services Navigation Center, click on the Company Services icon and select Set Up Company Service Defaults E. Vendor & Purchases Navigation Center, click on Enter Bill, edit and review invoices Difficulty: 2 Medium Yacht - Chapter 14 #16

17. (p. 518)

On the Navigation Bar, make the following selections to enter inventory item maintenance information: A Inventory & Services Navigation Center, click on the Inventory Items icon, select View and Edit . Inventory items and record inventory information B.Vendors & Purchases Navigation Center, click on the Purchase Orders icon, select New Purchase Orders and record inventory information C Inventory & Services Navigation Center, click on the Inventory Items icon, select New Inventory . Item and record inventory information D. Maintain; Defaults, Inventory Items, record inventory information E. Vendor & Purchases; select Pay Bills, New Bill Difficulty: 1 Easy Yacht - Chapter 14 #17

18. (p. 532)

The Inventory Profitability Report shows the following: A. Gross profit percentage B. Reorder amount C. Net income D. Net loss E. All the assets purchased by the company Difficulty: 2 Medium Yacht - Chapter 14 #18

19. (p. 511)

All goods owned by the business and held for sale are called: A. Quantities B. Assets C. Liabilities D. Merchandise inventory E. Fixed assets Difficulty: 1 Easy Yacht - Chapter 14 #19

20. (p. 513)

This inventory method yields the lowest amount of net income in periods of rising cost: A. FIFO B. Average C. LIFO D. Double-declining balance E. Straight-line Difficulty: 3 Hard Yacht - Chapter 14 #20

Chapter 14 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 14

# of Questions 3 4 2 20

Chapter 15 Student: ___________________________________________________________________________

1.

In Chapter 15, you learn how the payroll feature integrates with the general journal.

True False

2.

Employers must withhold taxes from each employee's paycheck.

True False

3.

The employer determines the number of exemptions or allowances withheld from employee's paychecks.

True False

4.

FICA taxes provide retirement benefits for qualified workers.

True False

5.

By January 31 of each year, employers are required to issue W-4 forms to employees and to the IRS. True False

6.

Nancy's Service Merchandise uses Account No. 10300, Payroll Checking Account, to disburse paychecks.

True False

7.

Nancy's Service Merchandise is located in California.

True False

8.

Example payroll tax withholding tables are included for the payroll journal.

True False

9.

In order to establish the payroll account, transfer funds from the Payroll Checking Account (Account No. 10300) to First Interstate Bank (Account No. 10200).

True False

10. On Sage 50's income statement, total expenses minus the cost of sales equals gross profit.

True False 11. On Sage 50's income statement, total expenses are subtracted from gross profit to arrive at net income.

True False 12. To start Chapter 15, you may need to restore data from the end of: A. Chapter 12 (file name, Chapter 12.ptb) B. Chapter 14 (file name, Chapter 14.ptb) C. Chapter 13 (file name, Chapter 13.ptb) D. Exercise 14-2 (file name, Exercise 14-2.ptb) E. Exercise 14-1 (file name, Exercise 14-1.ptb) 13. The journal entry for transferring funds to the payroll checking account is: A. Dr. Account No. 10200, First Interstate Bank; Cr. Account No. 10300, Payroll Checking Account B. Dr. Account No. 10000, Petty Cash, Cr. Account No. 10200, First Interstate Bank C. Dr. Account No. 10300, Payroll Checking Account; Cr. Account No. 10200, First Interstate Bank D. Dr. Account No. 77500, Wages Expense; Cr. Account No. 10200, First Interstate Bank E. Dr. Account No. 77600, Overtime Expense; Cr. Account No. 10300, Payroll Checking Account.

14. The account number used to record employees' regular pay is: A. 77500 B. 77600 C. 77700 D. 77800 E. 77900 15. The account number used to record employees' overtime pay is: A. 77500 B. 77600 C. 77700 D. 77800 E. 77900 16. The account number used to record the employees' federal income tax deduction is: A. 23650 B. 23600 C. 24000 D. 23400 E. 20000 17. The account number used to record the employer's Soc. Sec. Expense is: A. 24100 B. 24400 C. 72510 D. 72520 E. 72530 18. On the Navigation Bar, make the following selections to enter employee maintenance information: A. Employees & Payroll Navigation Center, click on the Employees icon and select Write Letters to Employees B. Employees & Payroll Navigation Center, click on the Employees icon and select New Employee C. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Set Up Payroll Service D. Tasks; Payroll Entry E. Tasks; Payroll Entry, View and Edit Employee Payments 19. In order to set up employer defaults for payroll liabilities and expenses, select this default: A. Employee Defaults/General.

B. Employee Defaults/Employee Fields.

C. Employee Defaults/Company Fields.

D. Payroll & Employees Navigation Center; Pay Employees.

E. Reports & Forms; Payroll, Payroll Journal.

20. Social security is a portion of which of the following: A. FICA tax.

B. State Payroll Taxes Payable.

C. Exemptions.

D. Federal income taxes.

E. Voluntary deductions.

Chapter 15 Key 1.

In Chapter 15, you learn how the payroll feature integrates with the general journal.

FALSE In Chapter 15, you learn how the payroll feature integrates with the general ledger.

Yacht - Chapter 15 #1

2.

Employers must withhold taxes from each employee's paycheck.

TRUE

3.

The employer determines the number of exemptions or allowances withheld from employee's paychecks.

FALSE

Yacht - Chapter 15 #2

The employee determines the number of exemptions or allowances withheld from his or her paycheck.

Yacht - Chapter 15 #3

4.

FICA taxes provide retirement benefits for qualified workers.

TRUE

5.

By January 31 of each year, employers are required to issue W-4 forms to employees and to the IRS. FALSE

Yacht - Chapter 15 #4

By January 31 of each year, employers are required to issue W-2 forms to employees and to the IRS. Yacht - Chapter 15 #5

6.

Nancy's Service Merchandise uses Account No. 10300, Payroll Checking Account, to disburse paychecks.

TRUE

7.

Nancy's Service Merchandise is located in California.

FALSE

Yacht - Chapter 15 #6

Nancy's Service Merchandise is located in Arizona.

Yacht - Chapter 15 #7

8.

Example payroll tax withholding tables are included for the payroll journal.

TRUE

9.

In order to establish the payroll account, transfer funds from the Payroll Checking Account (Account No. 10300) to First Interstate Bank (Account No. 10200).

FALSE

Yacht - Chapter 15 #8

In order to establish the payroll account, transfer funds from First Interstate Bank (Account No. 10200) to the Payroll Checking Account (Account No. 10300).

Yacht - Chapter 15 #9

10.

On Sage 50's income statement, total expenses minus the cost of sales equals gross profit.

FALSE On Sage 50's income statement, total revenues minus total cost of sales equals gross profit.

Yacht - Chapter 15 #10

11.

On Sage 50's income statement, total expenses are subtracted from gross profit to arrive at net income.

TRUE

12.

To start Chapter 15, you may need to restore data from the end of: A. Chapter 12 (file name, Chapter 12.ptb) B. Chapter 14 (file name, Chapter 14.ptb) C. Chapter 13 (file name, Chapter 13.ptb) D. Exercise 14-2 (file name, Exercise 14-2.ptb) E. Exercise 14-1 (file name, Exercise 14-1.ptb)

Yacht - Chapter 15 #11 (p. 532)

Difficulty: 1 Easy Yacht - Chapter 15 #12

13. (p. 544)

The journal entry for transferring funds to the payroll checking account is: A. Dr. Account No. 10200, First Interstate Bank; Cr. Account No. 10300, Payroll Checking Account B. Dr. Account No. 10000, Petty Cash, Cr. Account No. 10200, First Interstate Bank C. Dr. Account No. 10300, Payroll Checking Account; Cr. Account No. 10200, First Interstate Bank D. Dr. Account No. 77500, Wages Expense; Cr. Account No. 10200, First Interstate Bank E. Dr. Account No. 77600, Overtime Expense; Cr. Account No. 10300, Payroll Checking Account.

Difficulty: 2 Medium Yacht - Chapter 15 #13

14. (p. 546)

The account number used to record employees' regular pay is: A. 77500 B. 77600 C. 77700 D. 77800 E. 77900 Difficulty: 1 Easy Yacht - Chapter 15 #14

15. (p. 546)

The account number used to record employees' overtime pay is: A. 77500 B. 77600 C. 77700 D. 77800 E. 77900 Difficulty: 1 Easy Yacht - Chapter 15 #15

16. (p. 547548)

The account number used to record the employees' federal income tax deduction is: A. 23650 B. 23600 C. 24000 D. 23400 E. 20000 Difficulty: 1 Easy Yacht - Chapter 15 #16

17. (p. 548)

The account number used to record the employer's Soc. Sec. Expense is: A. 24100 B. 24400 C. 72510 D. 72520 E. 72530 Difficulty: 1 Easy Yacht - Chapter 15 #17

18. (p. 553)

On the Navigation Bar, make the following selections to enter employee maintenance information: A. Employees & Payroll Navigation Center, click on the Employees icon and select Write Letters to Employees B. Employees & Payroll Navigation Center, click on the Employees icon and select New Employee C. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Set Up Payroll Service D. Tasks; Payroll Entry E. Tasks; Payroll Entry, View and Edit Employee Payments Difficulty: 1 Easy Yacht - Chapter 15 #18

19. (p. 548549)

In order to set up employer defaults for payroll liabilities and expenses, select this default: A. Employee Defaults/General.

B. Employee Defaults/Employee Fields.

C. Employee Defaults/Company Fields.

D. Payroll & Employees Navigation Center; Pay Employees.

E. Reports & Forms; Payroll, Payroll Journal.

Difficulty: 2 Medium Yacht - Chapter 15 #19

20. (p. 539)

Social security is a portion of which of the following: A. FICA tax.

B. State Payroll Taxes Payable.

C. Exemptions.

D. Federal income taxes.

E. Voluntary deductions.

Difficulty: 2 Medium Yacht - Chapter 15 #20

Chapter 15 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Yacht - Chapter 15

# of Questions 6 3 20

Chapter 16 Student: ___________________________________________________________________________

1.

You can customize forms with Sage 50's Form Designer.

True False

2.

You need to use a mouse to work with the Form Designer.

True False

3.

Forms cannot be designed or customized from the report itself.

True False

4.

A Sage 50 form is any document, such as a check, a tax form, an invoice or a statement, that cannot be displayed on the screen, except in its design format.

True False

5.

A custom form appears on the report list with a different icon than a standard form.

True False

6.

It is a good idea to print a practice form to test alignment and printer configuration.

True False

7.

In Chapter 16, you use Bellwether Garden Supply data to customize forms.

True False

8.

Use the Line Up toolbar to change the format of the selected object on a form.

True False

9.

A Design Tools window is used for customizing financial statements.

True False

10. The format options let you set certain parameters for printing forms.

True False 11. When designing a new form or modifying an existing one, you need to save the form to record changes.

True False 12. To check a redesigned invoice, go to the Preview and Print Invoices and Packing Slips window.

True False 13. Design tools include select, add, delete, line up and resize.

True False 14. Use the formatting toolbar to resize the objects that you have selected on the form; for example, you can resize the width and height.

True False 15. Financial statement design is made more difficult with SCA's Financial Statement Wizard.

True False 16. To choose an object for customizing, use the: A. Form types: invoices and packing slips B. View all customer & sales reports link C. Selection tool D. Form feeder E. Add icon

17. A custom form appears on the report list with the following: A. Wrench icon B. <Standard> next to form C. Consolidated D. Same icon as others E. Standard income over 12 periods 18. To remove the selected row and copy it to the Windows clipboard, use this tool: A. Text B. Column C. Cut D. Copy/Paste E. Drag/Drop 19. To define what data to put in each row of a column, use this tool: A. Property B. Line C. Cut D. Down E. Add 20. __________________________ assist in selecting and adding various types of form objects.

A. Customize B. Forms C. <Standard> Balance Sheet D. <Standard> Income statement E. Design tools

Chapter 16 Key 1.

You can customize forms with Sage 50's Form Designer.

TRUE

2.

You need to use a mouse to work with the Form Designer.

TRUE

3.

Forms cannot be designed or customized from the report itself.

FALSE

Yacht - Chapter 16 #1

Yacht - Chapter 16 #2

You can select the Display icon from most reports; for example, display the <Standard> Balance Sheet, then click Display. You can also link to the Financial Statement Wizard from the Reports; Financial Statements window.

Yacht - Chapter 16 #3

4.

A Sage 50 form is any document, such as a check, a tax form, an invoice or a statement, that cannot be displayed on the screen, except in its design format.

TRUE

5.

A custom form appears on the report list with a different icon than a standard form.

TRUE

6.

It is a good idea to print a practice form to test alignment and printer configuration.

TRUE

7.

In Chapter 16, you use Bellwether Garden Supply data to customize forms.

TRUE

8.

Use the Line Up toolbar to change the format of the selected object on a form.

FALSE

Yacht - Chapter 16 #4

Yacht - Chapter 16 #5

Yacht - Chapter 16 #6

Yacht - Chapter 16 #7

Use the formatting toolbar to change the format of the selected object on the form.

Yacht - Chapter 16 #8

9.

A Design Tools window is used for customizing financial statements.

TRUE

10.

The format options let you set certain parameters for printing forms.

TRUE

11.

When designing a new form or modifying an existing one, you need to save the form to record changes.

TRUE

12.

To check a redesigned invoice, go to the Preview and Print Invoices and Packing Slips window.

TRUE

Yacht - Chapter 16 #9

Yacht - Chapter 16 #10

Yacht - Chapter 16 #11

Yacht - Chapter 16 #12

13.

Design tools include select, add, delete, line up and resize.

TRUE

14.

Use the formatting toolbar to resize the objects that you have selected on the form; for example, you can resize the width and height.

FALSE

Yacht - Chapter 16 #13

Use the formatting toolbar to change the format of the selected object on your forms; for example, change the font, color and background color of the selected object.

Yacht - Chapter 16 #14

15.

Financial statement design is made more difficult with SCA's Financial Statement Wizard.

FALSE The financial Statement Wizard walks you through the process of designing financial statements which makes designing forms easier.

Yacht - Chapter 16 #15

16. (p. 618)

To choose an object for customizing, use the: A. Form types: invoices and packing slips B. View all customer & sales reports link C. Selection tool D. Form feeder E. Add icon Difficulty: 2 Medium Yacht - Chapter 16 #16

17. (p. 621)

A custom form appears on the report list with the following: A. Wrench icon B. <Standard> next to form C. Consolidated D. Same icon as others E. Standard income over 12 periods Difficulty: 1 Easy Yacht - Chapter 16 #17

18. (p. 628)

To remove the selected row and copy it to the Windows clipboard, use this tool: A. Text B. Column C. Cut D. Copy/Paste E. Drag/Drop Difficulty: 1 Easy Yacht - Chapter 16 #18

19. (p. 628)

To define what data to put in each row of a column, use this tool: A. Property B. Line C. Cut D. Down E. Add Difficulty: 2 Medium Yacht - Chapter 16 #19

20. (p. 618)

__________________________ assist in selecting and adding various types of form objects.

A. Customize B. Forms C. <Standard> Balance Sheet D. <Standard> Income statement E. Design tools Difficulty: 2 Medium Yacht - Chapter 16 #20

Chapter 16 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Yacht - Chapter 16

# of Questions 2 3 20

Chapter 17 Student: ___________________________________________________________________________

1.

In Chapter 17, you export information from Sage 50 to a word processing program.

True False

2.

In Chapter 17, you use data from Bellwether Garden Supply.

True False

3.

In Chapter 17, you export the customer list from Nancy's Service Merchandise.

True False

4.

Importing translates data from other programs into a format that Sage 50 can use.

True False

5.

Exporting copies Sage 50 data into a format that other programs can read and use.

True False

6.

Files are a group of related fields; for example, customer files and journal files.

True False

7.

Fields are made of individual pieces of data; for example, invoice numbers and account numbers.

True False

8.

Records are a group of fields that contain information on two or more subjects.

True False

9.

When you import or export files, you use templates to format the data.

True False

10. Most word processing, spreadsheet and database programs can read ASCII files.

True False 11. An ASCII file contains graphics, text and numbers.

True False 12. ASCII is an acronym for American Standard Code for Information Interchange and is one of the standard formats used for representing characters on a computer.

True False 13. To exclude fields from being exported, you do the following: A. Place a check mark next to them B. Uncheck them C. Click on the radio button D. Click on the folder tab E. Click Options 14. Most word processing, spreadsheet, and database programs can read: A. ASCII files B. PTB files C. Objected linked files D. Hyperlinks E. Hypertext

15. A group of related records is called: A. A folder B. A filter C. A field D. A file E. ASCII 16. An individual piece of data such as an account number or vendor's name is called a: A. Record B. Field C. Balance sheet D. Retained earnings E. Folder tab 17. When you import or export files, you use one of the following to format the data: A. Records B. Tapes C. Disks D. Templates E. ASCII files 18. Information from Sage 50's reports can be: A. Exported B. Formatted as an ANSI file C. Converted into a macro D. Used with Quicken E. Converted to lists 19. ASCII files contain: A. Numeric characters B. Text characters C. Symbol characters D. Special characters E. PTB backups 20. The templates included in Sage 50 are: A. <Standard> forms and reports B. Bellwether Garden Supply C. CW Manufacturing, Inc. D. Accounts Payable, Accounts Receivable, General Ledger, Inventory, Job Reports, Payroll E. Sherry Pierce, Accounting 21. In Chapter 17, you saw the steps for exporting data from SCA 2013 to: A. Microsoft Word B. Microsoft Excel C. Quicken D. QuickBooks E. Microsoft Access 22. In Sage 50, the Maintain windows allow you to perform tasks associated with: A. Excel B. Backing Up C. File Management D. Restoring E. Lists

Chapter 17 Key 1.

In Chapter 17, you export information from Sage 50 to a word processing program.

TRUE

2.

In Chapter 17, you use data from Bellwether Garden Supply.

TRUE

3.

In Chapter 17, you export the customer list from Nancy's Service Merchandise.

FALSE

Yacht - Chapter 17 #1

Yacht - Chapter 17 #2

You export the Customer list from Bellwether Garden Supply.

Yacht - Chapter 17 #3

4.

Importing translates data from other programs into a format that Sage 50 can use.

TRUE

5.

Exporting copies Sage 50 data into a format that other programs can read and use.

TRUE

6.

Files are a group of related fields; for example, customer files and journal files.

FALSE

Yacht - Chapter 17 #4

Yacht - Chapter 17 #5

Files are a group of related records; for example, customer files and journal files.

Yacht - Chapter 17 #6

7.

Fields are made of individual pieces of data; for example, invoice numbers and account numbers.

TRUE

8.

Records are a group of fields that contain information on two or more subjects.

FALSE

Yacht - Chapter 17 #7

Records are a group of fields that contain information on one subject.

Yacht - Chapter 17 #8

9.

When you import or export files, you use templates to format the data.

TRUE

10.

Most word processing, spreadsheet and database programs can read ASCII files.

TRUE

11.

An ASCII file contains graphics, text and numbers.

FALSE

Yacht - Chapter 17 #9

Yacht - Chapter 17 #10

ASCII files contain only text characters.

Yacht - Chapter 17 #11

12.

ASCII is an acronym for American Standard Code for Information Interchange and is one of the standard formats used for representing characters on a computer.

TRUE

13.

To exclude fields from being exported, you do the following: A. Place a check mark next to them B. Uncheck them C. Click on the radio button D. Click on the folder tab E. Click Options

Yacht - Chapter 17 #12 (p. 639)

Difficulty: 2 Medium Yacht - Chapter 17 #13

14. (p. 639)

Most word processing, spreadsheet, and database programs can read: A. ASCII files B. PTB files C. Objected linked files D. Hyperlinks E. Hypertext Difficulty: 3 Hard Yacht - Chapter 17 #14

15. (p. 638)

A group of related records is called: A. A folder B. A filter C. A field D. A file E. ASCII Difficulty: 1 Easy Yacht - Chapter 17 #15

16. (p. 638)

An individual piece of data such as an account number or vendor's name is called a: A. Record B. Field C. Balance sheet D. Retained earnings E. Folder tab Difficulty: 1 Easy Yacht - Chapter 17 #16

17. (p. 638639)

When you import or export files, you use one of the following to format the data: A. Records B. Tapes C. Disks D. Templates E. ASCII files Difficulty: 2 Medium Yacht - Chapter 17 #17

18. (p. 637)

Information from Sage 50's reports can be: A. Exported B. Formatted as an ANSI file C. Converted into a macro D. Used with Quicken E. Converted to lists Difficulty: 1 Easy Yacht - Chapter 17 #18

19. (p. 639)

ASCII files contain: A. Numeric characters B. Text characters C. Symbol characters D. Special characters E. PTB backups Difficulty: 3 Hard Yacht - Chapter 17 #19

20. (p. 639)

The templates included in Sage 50 are: A. <Standard> forms and reports B. Bellwether Garden Supply C. CW Manufacturing, Inc. D. Accounts Payable, Accounts Receivable, General Ledger, Inventory, Job Reports, Payroll E. Sherry Pierce, Accounting Difficulty: 2 Medium Yacht - Chapter 17 #20

21. (p. 637)

In Chapter 17, you saw the steps for exporting data from SCA 2013 to: A. Microsoft Word B. Microsoft Excel C. Quicken D. QuickBooks E. Microsoft Access Difficulty: 1 Easy Yacht - Chapter 17 #21

22. (p. 646)

In Sage 50, the Maintain windows allow you to perform tasks associated with: A. Excel B. Backing Up C. File Management D. Restoring E. Lists Difficulty: 3 Hard Yacht - Chapter 17 #22

Chapter 17 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 17

# of Questions 4 3 3 22

Chapter 18 Student: ___________________________________________________________________________

1.

Chapter 18 covers Sage 50's write letters feature and using templates.

True False

2.

The write letters feature allows you to send information to a large number of people.

True False

3.

When using the write letters feature, customer, vendor or employee information is required for creating mailings or email messages.

True False

4.

In order to create Bellwether's Sales Special letter, you are given a choice to use Excel or Word.

True False

5.

In Chapter 18, the data from Exercise 6-2, Bellwether Garden Supply is used.

True False

6.

Sage 50 integrates the Microsoft Word mail merge feature for creating custom templates.

True False

7.

The Sales Special Letter displayed in Chapter 18 is addressed to David Walsh.

True False

8.

Sage 50's write letters feature requires you to use paper with preprinted logos.

True False

9.

In Chapter 18, Bellwether Garden Supply's Statement of Cash Flow is shown as a Word document.

True False

10. Sage 50's letter templates use(s): A. Excel B. Word C. Access D. PowerPoint E. Camtasia 11. When using Sage 50's letter templates, you can select: A. From the Tasks menu, select Write Letters; Employee, Customer, or Vendor Letters B. From the Maintain menu, select Write Letters to all C. From the Edit menu, select memorize transactions D. From the Select and Report or Form window, select Company E. From the Tasks menu, select System, Change Accounting Period, Default Information 12. If you do not have Bellwether's back up data from Exercise 6-2, to send a letter to the customer list you can use: A. Crafts by Student Name data B. Sherry Pierce, Accounting data C. Any back up from David Walsh Designer D. Bellwether Garden Supply starting data E. Mountain Sports backup data

13. Another way to open letter templates is the extract the following folder: A. Open templates from the tasks menu B. PAWMail.zip C. Select Maintain; customer defaults D. Copy an existing document from Word and transfer it to Excel E. Restore wizard 14. Sage 50's customer templates have been saved as: A. Excel 2003 .xls files B. Word 97-2003 .doc files C. Word 2007 .docx files D. Access 2007 .mdf files E. Windows Vista 15. It is recommended that you use the following back up data to complete Chapter 18: A. Springfield Computer Club January.ptb B. Chapter 12 Begin.ptb C. Exercise 1-1.ptb D. Exercise 6-2.ptb E. Exercise l5-1.ptb 16. These windows include selections for write letters: A. Maintain and Reports & Forms B. File and Edit C. Tasks and Select a Report or Form D. Services and Analysis E. Edit and Lists 17. A document pattern or part of a document that is stored so that is can be used again is called a: A. File B. Record C. Transaction D. Mailing using Word's mail-merge feature E. Template 18. Microsoft Word automatically adds the following extension to saved files: A. .wpd or . jpg B. .ptb or . png C. .xls or xlsx D. .doc or .docx E. .sbb or .sbbx 19. After you copy Sage 50 data to Microsoft Word, you need to: A. Format the data B. Click on the Excel icon C. Use the Word macro D. Click on Open the file E. Save as an Excel file

Chapter 18 Key 1.

Chapter 18 covers Sage 50's write letters feature and using templates.

TRUE

2.

The write letters feature allows you to send information to a large number of people.

TRUE

3.

When using the write letters feature, customer, vendor or employee information is required for creating mailings or email messages.

TRUE

4.

In order to create Bellwether's Sales Special letter, you are given a choice to use Excel or Word.

FALSE

Yacht - Chapter 18 #1

Yacht - Chapter 18 #2

Yacht - Chapter 18 #3

You are given a choice to select between Word and E-Mail.

Yacht - Chapter 18 #4

5.

In Chapter 18, the data from Exercise 6-2, Bellwether Garden Supply is used.

TRUE

6.

Sage 50 integrates the Microsoft Word mail merge feature for creating custom templates.

TRUE

7.

The Sales Special Letter displayed in Chapter 18 is addressed to David Walsh.

FALSE

Yacht - Chapter 18 #5

Yacht - Chapter 18 #6

The Sales Special Letter displayed in Chapter 18 is addressed to Aldred Builders, Inc. Yacht - Chapter 18 #7

8.

Sage 50's write letters feature requires you to use paper with preprinted logos.

FALSE The Aldred Builder's, Inc. letter is printed with the Bellwether Garden Supply logo, so only a blank piece of paper is needed.

Yacht - Chapter 18 #8

9.

In Chapter 18, Bellwether Garden Supply's Statement of Cash Flow is shown as a Word document.

FALSE In Chapter 18, Bellwether Garden Supply's Statement of Retained Earnings is shown as a Word document.

Yacht - Chapter 18 #9

10. (p. 655)

Sage 50's letter templates use(s): A. Excel B. Word C. Access D. PowerPoint E. Camtasia Difficulty: 1 Easy Yacht - Chapter 18 #10

11. (p. 657)

When using Sage 50's letter templates, you can select: A. From the Tasks menu, select Write Letters; Employee, Customer, or Vendor Letters B. From the Maintain menu, select Write Letters to all C. From the Edit menu, select memorize transactions D. From the Select and Report or Form window, select Company E. From the Tasks menu, select System, Change Accounting Period, Default Information Difficulty: 2 Medium Yacht - Chapter 18 #11

12. (p. 656)

If you do not have Bellwether's back up data from Exercise 6-2, to send a letter to the customer list you can use: A. Crafts by Student Name data B. Sherry Pierce, Accounting data C. Any back up from David Walsh Designer D. Bellwether Garden Supply starting data E. Mountain Sports backup data Difficulty: 1 Easy Yacht - Chapter 18 #12

13. (p. 662663)

Another way to open letter templates is the extract the following folder: A. Open templates from the tasks menu B. PAWMail.zip C. Select Maintain; customer defaults D. Copy an existing document from Word and transfer it to Excel E. Restore wizard Difficulty: 2 Medium Yacht - Chapter 18 #13

14. (p. 664)

Sage 50's customer templates have been saved as: A. Excel 2003 .xls files B. Word 97-2003 .doc files C. Word 2007 .docx files D. Access 2007 .mdf files E. Windows Vista Difficulty: 2 Medium Yacht - Chapter 18 #14

15. (p. 655)

It is recommended that you use the following back up data to complete Chapter 18: A. Springfield Computer Club January.ptb B. Chapter 12 Begin.ptb C. Exercise 1-1.ptb D. Exercise 6-2.ptb E. Exercise l5-1.ptb Difficulty: 1 Easy Yacht - Chapter 18 #15

16. (p. 655)

These windows include selections for write letters: A. Maintain and Reports & Forms B. File and Edit C. Tasks and Select a Report or Form D. Services and Analysis E. Edit and Lists Difficulty: 3 Hard Yacht - Chapter 18 #16

17. (p. 655)

A document pattern or part of a document that is stored so that is can be used again is called a: A. File B. Record C. Transaction D. Mailing using Word's mail-merge feature E. Template Difficulty: 2 Medium Yacht - Chapter 18 #17

18. (p. 657)

Microsoft Word automatically adds the following extension to saved files: A. .wpd or . jpg B. .ptb or . png C. .xls or xlsx D. .doc or .docx E. .sbb or .sbbx Difficulty: 1 Easy Yacht - Chapter 18 #18

19. (p. 656)

After you copy Sage 50 data to Microsoft Word, you need to: A. Format the data B. Click on the Excel icon C. Use the Word macro D. Click on Open the file E. Save as an Excel file Difficulty: 1 Easy Yacht - Chapter 18 #19

Chapter 18 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 18

# of Questions 5 4 1 19