Reference no: EM132939221

Problem 1: When you start a new fiscal period, the fiscal end date is automatically advanced -

a. to create a new fiscal period of one year

b. to the end of the calendar year for the new start date

c. to match your previous fiscal period, i.e., by three months if you had a quarterly period before

d. to the new fiscal start date

Problem 2: When accounts are not in logical order -

a. you will be unable to display some reports

b. you can finish the history but you cannot complete journal entries

c. your subtotal accounts may be following the subgroup accounts instead of the group accounts

the total of debit and credit amounts in the Trial Balance may be unequal

Problem 3: The purchases journal may be used for the following -

a. credit or pay later purchase transactions

b. purchase transactions paid by cash

c. purchase transactions paid by cheque

d. all of the above

Problem 4: How would you enter a purchase with payment -

a. open the payments journal and choose invoice with cheque

b. open the purchases journal and choose invoice and pay later

c. open the payments journal and choose supplier with cheque

d. open the payments journal and choose make other payment

Problem 5: Which one of the following general statements is incorrect -

a. journal reports may be accessed from either the home window or the suppliers windows

b. new suppliers may be added from both the purchases and payments journals

c. the message "there is no data to report" is found in the payments journal

d. it is much easier to enter payments in the payments journal than the general journal