Question 1

If HST charged had been omitted from a posted inventory sales invoice,you could make the correction by -

Accepted Answer

A)  selecting the invoice through the adjust an invoice screen and adding the tax code that charges HST
B)  entering a new corrected invoice
C)  changing the tax code settings
D)  there is no need to make a correction because HST is not charged on inventory salesE) A) and B)
F) B) and C)

Question 2

Which one of the following statements about the item assembly journal is not true -

Accepted Answer

A)  it is used for setting aside or marking inventory as reserved
B)  it is used to transfer inventory for general store use
C)  it is used for creating packages of inventory items
D)  entries should be stored to make corrections easierE) A) and B)
F) C) and D)

Question 3

You should store item assembly journal transactions before posting because -

Accepted Answer

A)  these transactions are always repeated
B)  you may refer to them if you have made an error
C)  there is no journal entry for the transactions
D)  b and c aboveE) A) and D)
F) B) and C)

Question 4

To see a complete list of selling prices for inventory items you would -

Accepted Answer

A)  choose the price list report and select all items and prices
B)  choose the inventory list and select all items and prices
C)  choose the customer sales report and select all items and prices
D)  all of the above methods will show you the pricesE) None of the above
F) A) and C)

Question 5

How would you enter a purchase return of an inventory item in the purchases journal-

Accepted Answer

A)  record a negative amount in the price column
B)  record a negative quantity in the quantity column
C)  record a negative sign in front of the item number
D)  all of the aboveE) A) and B)
F) B) and C)

Question 6

You should use the adjustments journal to record -

Accepted Answer

A)  adjustments to inventory purchase prices from the supplier as an allowance for damages
B)  adjustments to inventory sale prices to customers as an allowance for damages
C)  adjustments to inventory in stock for damaged goods
D)  all of the aboveE) None of the above
F) C) and D)

Question 7

When a store chooses to use an item from its inventory in the store -

Accepted Answer

A)  record a sales invoice because the store is selling the item to itself
B)  record a purchase invoice because the store is buying the item from itself
C)  record an general journal entry for the transfer of inventory stock
D)  none of the aboveE) A) and D)
F) A) and C)

Question 8

Which of the following statements about inventory is not correct -

Accepted Answer

A)  you can change the default price when you purchase inventory
B)  you can change the default price when you sell inventory
C)  you can change the default asset account when you purchase inventory
D)  you can change the default revenue account when you sell inventoryE) All of the above
F) C) and D)

Question 9

When you complete an item assembly journal entry to assemble new inventory -

Accepted Answer

A)  you must transfer inventory items one at a time
B)  additional setup costs are divided equally among the assembled items
C)  the quantity of assembled items will decrease
D)  the quantity of assembly components will increaseE) A) and B)
F) All of the above

Question 10

When you reverse a pay later invoice that was already paid,Sage 50 Accounting will -

Accepted Answer

A)  reverse the payment for the invoice automatically
B)  create a credit entry for Accounts Receivable and a credit note for the customer
C)  create a debit entry for Accounts Receivable and a credit note for the customer
D)  warn that the invoice has been paid and you cannot reverse it until you reverse the paymentE) A) and B)
F) A) and C)

Question 11

To cancel the interest on an overdue invoice amount after creating a sales invoice for it,you should -

Accepted Answer

A)  open the adjust an invoice screen,click the Delete key and then choose the invoice for the interest charge
B)  create a new invoice for a negative amount to offset the interest amount
C)  reverse the invoice you created for the interest charge
D)  either a or c aboveE) A) and C)
F) A) and D)

Question 12

Which statement is not true about inventory linked accounts -

Accepted Answer

A)  accounts cannot be changed when recording an inventory purchase
B)  accounts cannot be changed in adjustments journal entries
C)  accounts can be changed when recording a sale of inventory
D)  the main way to change the linked asset is to edit the ledger recordE) A) and B)
F) B) and C)

Question 13

To determine how many items you have left in stock,you would print -

Accepted Answer

A)  the inventory and service statistics
B)  the inventory quantity by asset
C)  the inventory summary report
D)  b & cE) A) and B)
F) B) and D)

Question 14

When you see the message that a sale has caused one or more items to drop below the reorder point,you should -

Accepted Answer

A)  cancel the sale
B)  reduce the quantity for the sale
C)  review the inventory statistics reports to see the items that you need to reorder
D)  review the inventory quantity reports to see the items that you need to reorderE) A) and D)
F) B) and C)

Question 15

The Inventory module window has journal icons for -

Accepted Answer

A)  inventory sales and inventory purchases
B)  item assembly and inventory adjustments
C)  inventory sales and inventory adjustments
D)  all of the aboveE) All of the above
F) A) and B)

Exam 10: Flabuless Fitness

You should store item assembly journal transactions before posting because -

Correct Answer
verified

When a store chooses to use an item from its inventory in the store -

Correct Answer
verified

When you reverse a pay later invoice that was already paid,Sage 50 Accounting will -

Correct Answer
verified

To see a complete list of selling prices for inventory items you would -

Correct Answer
verified

To determine how many items you have left in stock,you would print -

Correct Answer
verified

How would you enter a purchase return of an inventory item in the purchases journal-

Correct Answer
verified

If HST charged had been omitted from a posted inventory sales invoice,you could make the correction by -

Correct Answer
verified

Which of the following statements about inventory is not correct -

Correct Answer
verified

Which statement is not true about inventory linked accounts -

Correct Answer
verified

When you see the message that a sale has caused one or more items to drop below the reorder point,you should -

Correct Answer
verified

To cancel the interest on an overdue invoice amount after creating a sales invoice for it,you should -

Correct Answer
verified

Which one of the following statements about the item assembly journal is not true -

Correct Answer
verified

When you complete an item assembly journal entry to assemble new inventory -

Correct Answer
verified

The Inventory module window has journal icons for -

Correct Answer
verified

You should use the adjustments journal to record -

Correct Answer
verified

Exam 10: Flabuless Fitness

You should store item assembly journal transactions before posting because -

Correct AnswerverifiedShow Answer

When a store chooses to use an item from its inventory in the store -

Correct AnswerverifiedShow Answer

When you reverse a pay later invoice that was already paid,Sage 50 Accounting will -

Correct AnswerverifiedShow Answer

To see a complete list of selling prices for inventory items you would -

Correct AnswerverifiedShow Answer

To determine how many items you have left in stock,you would print -

Correct AnswerverifiedShow Answer

How would you enter a purchase return of an inventory item in the purchases journal-

Correct AnswerverifiedShow Answer

If HST charged had been omitted from a posted inventory sales invoice,you could make the correction by -

Correct AnswerverifiedShow Answer

Which of the following statements about inventory is not correct -

Correct AnswerverifiedShow Answer

Which statement is not true about inventory linked accounts -

Correct AnswerverifiedShow Answer

When you see the message that a sale has caused one or more items to drop below the reorder point,you should -

Correct AnswerverifiedShow Answer

To cancel the interest on an overdue invoice amount after creating a sales invoice for it,you should -

Correct AnswerverifiedShow Answer

Which one of the following statements about the item assembly journal is not true -

Correct AnswerverifiedShow Answer

When you complete an item assembly journal entry to assemble new inventory -

Correct AnswerverifiedShow Answer

The Inventory module window has journal icons for -

Correct AnswerverifiedShow Answer

You should use the adjustments journal to record -

Correct AnswerverifiedShow Answer

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