Question

Please Reference Sage 50 CAD edition

1) What reports are affected by the budgeting process –

Select one:

a. income statements

b. supplier purchases summary reports

c. customer sales summary reports

d. balance sheets

2) What reports are affected by the budgeting process –

Select one:

a. income statements

b. supplier purchases summary reports

c. customer sales summary reports

d. balance sheets

3) Budget frequencies should be changed-

Select one:

a. when you want to report income for a longer period than the budget

b. when you want to report income for a shorter period than the budget

c. when the business cycle changes

d. whenever you change budget amounts

4) 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 less than the budgeted amounts

c. actual amounts are always greater than the budgeted amounts

d. budgeted amounts may be omitted from the reports

5) You will have an unresolved reconciliation amount-

Select one:

a. when you have not entered bank charges for the month

b. when the total debits and credits are not equal

c. when an account is not balanced

d. when a ledger is not balanced

6) You would use deposit reference no. when a single bank statement entry –

Select one:

a. shows that several cheques were withdrawn or cashed on the same day

b. shows the net effect of cheques and deposits for the same day

c. shows that several cheques were deposited at the same time

d. shows that more than one signature is needed to authorize bank transactions

7)You would use deposit reference no. when a single bank statement entry –

Select one:

a. shows that several cheques were withdrawn or cashed on the same day

b. shows the net effect of cheques and deposits for the same day

c. shows that several cheques were deposited at the same time

d. shows that more than one signature is needed to authorize bank transactions

8) 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. assign the bank or cash class to the undeposited receipts account

b. set up the bank account receiving the deposits for account reconciliation

c. choose the undeposited receipts account as the account for receipts and cash sales

d. create a separate account for the undeposited receipts

9) 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

10) 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 foreign customer’s ledger record screen

b. make the choice in the ledger record for the inventory item

c. make the choice in the inventory ledger settings screen

d. make the choice in the sales journal invoice screen

11) To change a supplier’s currency after entering historical invoices and before finishing the history you must –

Select one:

a. edit the currency selection

b. delete the supplier record and re-enter it

c. 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

d. select the correct currency for later invoices and it will be changed for the supplier overall

THANK YOU THANK YOU!

Answer 1

In case there are more than 4 questions, the first 4 would be answered:-

1) What reports are affected by the budgeting process –

Answer is supplier purchases summary reports, all other reports are not drawn up from budget process and are independent of it. However, purchases summary report would depend on how much is budgeted during the year.

2) What reports are affected by the budgeting process –

Answer: Same as above

3) Budget frequencies should be changed-

Answer: whenever there is a change in business cycle the frequency of the budget should be change. i.e in case the business cycle reduces more budgets would be required as time has reduced and every year there would be more business cycles.

4) In the income statement reports, once budgets are set up –

Answer: budgeted amounts may be omitted from the reports, the reports are independent form the budget and thus the budget amounts may be omitted.