Reference no: EM132202290
Questions -
Q1. Which of the following components make up the payable's ledger setup?
a) payables and sales tax setting defaults
b) payables linked accounts
c) set up supplier information and historical data
d) all of the above
Q2. Which of the following actions should we take if the bank issues a new series of cheques with a different numbering sequence?
a) we must change the payments settings to accommodate the alpha letter and the number
b) we must change the cheque number in the Report & Form Options to match the new cheque numbers
c) we must start the numbering system for forms all over again
d) we must request that the bank prepare other order of cheques to match our numbers
Q3. What mistakes cannot be corrected after you have entered the history for the payable's ledger?
a) mistakes made in historical supplier invoices
b) mistakes made in the supplier account names
c) mistakes made in the supplier payment terms
d) you can make all of the above corrections
Q4. What step is not involved in setting up the payable's ledger?
a) enter the payables and sales tax setting defaults
b) enter the payables linked accounts
c) enter the supplier payment terms and historical data
d) all of the above are steps in setting up the payable's ledger
Q5. Which of the following action should you take if you record an incorrect payable historical invoice?
a) pay all invoices for the supplier, clear paid invoices and re-enter the historical data
b) each historical invoice must be recorded separately
c) delete the historical data and re-enter historical data
d) delete the supplier record and begin again
Q6. Which one of the following will prevent you from finishing the history for the payable's ledger?
a) the supplier payment terms are not defined
b) the amounts in the subsidiary supplier accounts do not match the Accounts Payable control account balance
c) the sales tax rate is not defined
d) the program will always finish the history but warns you to make the corrections later
Q7. What is the purpose of entering historical invoices and payments for suppliers?
a) to allow tracking of discounts taken
b) to total all purchases for the supplier this year
c) to allow the supplier balance field to be updated
d) all of the above
Q8. In which section do you enter rates for sales taxes?
a) the payables ledger screen
b) settings, sales taxes
c) the historical supplier's screen
d) none of the above
Q9. Which of the following statement is true about linked accounts?
a) you must remove the linked account before you can remove the general ledger account
b) linked accounts cannot be removed once the history is finished
c) linked accounts are subsidiary accounts
d) all of the above
Q10. Which role does properly linked accounts not perform for a purchase invoice?
a) allow all subsidiary ledgers to be updated with one amount
b) allow HST to be recorded
c) allow freight expense to be recorded
d) allow purchase discounts to be recorded
Q11. Which one of the following statements about linked accounts is correct?
a) they show invoices paid and unpaid
b) you can enter all linked accounts after finishing the history
c) you can post a discounted sale if sales discount is not linked
d) bank accounts may be linked more than once
Q12. Which of the following step is not involved in setting up the receivable's ledger?
a) setting the defaults to customize the receivables ledger
b) setting the receivables bank and accounts receivable linked accounts
c) receivables ledger amounts must match the general ledger amounts
d) recording a sales invoice
Q13. What should you do if you record an incorrect receivable historical invoice?
a) delete the historical invoice and re-enter the historical invoice
b) each historical invoice must be recorded separately
c) pay the invoice, delete paid invoices and re-enter historical data
d) click done to save the entry
Q14. To access the Receivables Settings in the classic view you might:
a) click the setup tool button, then customers
b) choose setup from the main menu, settings, Receivables
c) right-click the customer's icon, then click the setup tool button
d) a and c above
Q15. Topics called aging periods, interest charges, new customer tax codes are:
a) accounts receivable setting options
b) accounts payable setting options
c) columns found on a sales invoice
d) none of the above
Q16. Which of the following mistakes cannot be corrected after completing history?
a) mistakes made in the general ledger account names
b) mistakes made in the sales tax rate
c) mistakes made in historical invoices
d) you can make all of the above corrections
Q17. The receivables ledger input screens task are one of the following:
a) enter e-mail and Web site addresses
b) enter discount rates and amounts
c) enter other options for address, taxes, memo
d) post regular invoices
Q18. The Credit Card setup information screen requires that:
a) you click the option to allow credit card sales and purchases
b) the name of each credit card appears on a separate line
c) you enter interest rate charged to the credit card company
d) you enter the revenue account to record interest charges
Q19. Which of the following statements is true about credit cards?
a) set up cards used and accepted from the company settings
b) set up cards used from the payable's ledger settings
c) set up cards accepted from the receivable's ledger settings
d) both b and c are correct
Q20. You will be unable to see HST tax codes for sales when:
a) the HST charged account is not linked
b) the PST payable account is not linked
c) the HST paid account is not linked
d) all of the above are correct
Q21. You will be unable to apply tax codes for sales when:
a) the customer is set up as tax exempt
b) the default customer tax code is No tax
c) a foreign customer has been selected for the sale
d) you choose Quick Add for a new customer
Q22. Which of the following conditions will prevent you from finishing the history for the Receivables Ledger?
a) the linked account for discounts is omitted
b) an outstanding customer invoice is omitted
c) a historical payment is omitted
d) both b and c above
Q23. When you define linked accounts correctly, it:
a) allows you to enter historical payments
b) is an essential step for finishing the ledger history
c) allows you to change the payment terms
d) allows you to enter customer records
Q24. Which of the following statements is true about the Integrity Summary?
a) It records the unpaid invoices for customers
b) It balances the unpaid invoices with the corresponding ledger balances
c) It records the unpaid invoices for suppliers
d) None of the above
Q25. Which of the following statements about terms for historical customer invoices is correct?
a) they must be the same as the terms on the receivable's ledger settings screen
b) they must be the same as the terms in the customer's ledger record
c) they can be changed for each individual invoice
d) the terms do not apply to historical invoices, only current invoices
Q26. Which one of the following is the best order for entering setup information?
a) accounts, sales taxes and tax codes, suppliers and customers
b) accounts, suppliers and customers, sales taxes and codes
c) suppliers and customers, sales taxes and codes and accounts
d) it does not matter which order you use to enter the above information
Q27. The class option Bank is needed for accounts used for:
a) payments by cheque in the purchases and payments journals
b) deposits of receipts from customers
c) credit card receipts from customers
d) a and b above are correct
Q28. Expense accounts created in account ledger windows are assigned by default to which class?
a) the expenses class
b) the operating expenses class
c) the cost of goods sold class
d) the extraordinary expenses class
Q29. Before you can select these accounts as linked accounts, the class options must be set correctly for:
a) bank class accounts
b) inventory linked accounts
c) income and expense accounts for financial reports
d) all of the above
Q30. Before entering historical invoices for a supplier, you must do the following:
a) Choose to allow historical transactions
b) save or create the supplier record
c) enter the account terms for the supplier
d) all of the above