Question

need help for solve multiple choice question...

1.The employee summary report option shows
Select one:
a. earnings and deductions from a paycheque
b. all information entered in employee records
c. wage or salary amounts
d. all year-to-date totals

2.In the process of correcting a wrong employee error all but one is used –
Select one:
a. prepare a new entry for the correct employee
b. one should remember to recalculate the taxes
c. open the adjust cheque window for the employee
d. all amounts are automatically reversed when you choose void paycheque

3.When an employee has chosen to deposit paycheques directly to his/her bank account –
Select one:
a. you cannot enter the paycheque in the payroll cheque run journal
b. you can click direct deposit in the journal to issue a regular cheque
c. you cannot issue a cheque directly to the employee unless you change the employee ledger settings
d. you must add the bank account number to the payroll journal for the employee

4.Which of the following are not defined in the payroll ledger settings screens –
Select one:
a. payroll liability and expense linked accounts
b. payroll tax deduction settings
c. employee information and historical deductions
d. income and deduction names

5.The employee default deductions –
Select one:
a. cannot be changed once you finish entering history
b. are entered into the employee ledger records
c. are the same for all employees
d. are defined by the Canada Revenue Agency tax laws

6.Which of the following is not involved in setting up employee entitlements –
Select one:
a. entering the number of days of entitlement accrued for the employee
b. entering linked accounts for the entitlements
c. naming the entitlements
d. entering the number of hours usually worked in a day

7.When you create a new job category –
Select one:
a. all employees are assigned to the new category initially
b. you cannot assign an employee from another category to the new category at the same time
c. no employees are assigned to new category initially
d. all employees in this category are not salespersons initially

8.If the wrong inventory is selected in a purchase, you can make the correction before posting by –
Select one:
a. opening a new purchase invoice and entering the correct work
b. selecting the incorrect field, entering the correct item, re-entering the quantity
c. removing the purchase invoice from the edit menu and choosing redo
d. re-selecting the supplier from the suppliers list and recording the purchase from scratch

9.The most recent purchase price becomes the default for the next invoice when –
Select one:
a. you type in the amount and the quantity, there is no need to calculate unit price
b. a sale causes the inventory level to drop below zero
c. a new price has been entered for an inventory purchase
d. the inventory is over stocked

10.When you complete an item assembly journal entry to assemble new inventory –
Select one:
a. the quantity of assembled items will decrease
b. the quantity of assembly components will increase
c. you must transfer inventory items one at a time
d. additional setup costs are divided equally among the assembled items

11.Typing a letter or number of an inventory code in the Item Number field of the sales journal –
Select one:
a. allows you to see a reduced inventory drop-down list
b. opens the Add Inventory Item Wizard
c. opens a Sage 50 Accounting error message that the code is not valid
d. none of the above

12.The information provided from division allocations cannot be used for –
Select one:
a. making decisions to control costs more effectively
b. making decisions about eliminating parts of a business
c. making decisions about expanding the business
d. preparing customer statements

13.Freight expenses –
Select one:
a. cannot be allocated when they apply to purchases of assets if the asset accounts do not allow allocations
b. are allocated separately from the other accounts used in the purchase
c. are allocated in the same proportion as the other accounts used in the purchase
d. can never be allocated

14.What reports are affected by the budgeting process –
Select one:
a. customer sales summary reports
b. balance sheets
c. supplier purchases summary reports
d. income statements

15.Budget frequencies should be changed-
Select one:
a. when the business cycle changes
b. whenever you change budget amounts
c. when you want to report income for a shorter period than the budget
d. when you want to report income for a longer period than the budget

16.In the income statement reports, once budgets are set up –
Select one:
a. actual amounts are always given as a percentage of the budgeted amounts
b. actual amounts are always greater than the budgeted amounts
c. actual amounts are always less than the budgeted amounts
d. budgeted amounts may be omitted from the reports

17.Automatic fixed monthly payments such as auto lease, insurance premiums and mortgage –
Select one:
a. should be recorded in the adjustments journal
b. can be recorded in the account reconciliation journal or in the general journal
c. must be recorded with a normal general journal entry
d. should be recorded as cash payments because they involve withdrawals from the bank account

18.You will have an unresolved reconciliation amount-
Select one:
a. when an account is not balanced
b. when you have not entered bank charges for the month
c. when a ledger is not balanced
d. when the total debits and credits are not equal

19.You would use deposit reference no. when a single bank statement entry –
Select one:
a. shows that more than one signature is needed to authorize bank transactions
b. shows that several cheques were deposited at the same time
c. shows that several cheques were withdrawn or cashed on the same day
d. shows the net effect of cheques and deposits for the same day

20.To set up the accounts for recording bank deposit transactions separately from sales and receipts all but one of the following are required –
Select one:
a. set up the bank account receiving the deposits for account reconciliation
b. create a separate account for the undeposited receipts
c. assign the bank or cash class to the undeposited receipts account
d. choose the undeposited receipts account as the account for receipts and cash sales.

21.If inventory statistics details are not entered, you will –
Select one:
a. allow tracking of number of transactions sold
b. not be able to track year-to-date inventory sales and purchases
c. allow tracking of number of transactions purchased
d. allow tracking of year-to-date inventory sales and purchases

22.There are two units of an inventory item in stock. The selling price is $400 and the value is $400. What is the individual cost of the item –
Select one:
a. $100
b. $200
c. $300
d. $400

23.To allow the choice between using the exchange rate or ledger information for individual foreign inventory prices, you should –
Select one:
a. make the choice in the ledger record for the inventory item
b. make the choice in the inventory ledger settings screen
c. make the choice in the foreign customer’s ledger record screen
d. make the choice in the sales journal invoice screen.

24.To change a supplier’s currency after entering historical invoices and before finishing the history you must –
Select one:
a. delete the supplier record and re-enter it
b. pay historical transactions, clear paid transactions, remove the supplier record, re-enter the supplier with the correct currency selection and re-enter the historical invoices
c. select the correct currency for later invoices and it will be changed for the supplier overall
d. edit the currency selection

I need this answer please

Answer 1

1.Answer is d. all year-to-date totals

2. Answer is b. one should remember to recalculate the taxes

As per HOMEWORKLIB RULES, we are supposed to answer 1 question, i have answered 2, so kindly post other questions separately