TEST BANK COMPUTER ACCOUNTING WITH SAGE 50 COMPLETE ACCOUNTING 17e carol chap002

Chapter 02 Vendors True / False Questions When Bellwether Garden Supply orders inventory from vendors, Account No 12000, Inventory is credited True False Vendors offer Bellwether a purchase discount for invoices paid within a discount period True False Accounts payable transactions refer to transactions with vendors or suppliers True False In order to begin where you left off the last time you used Sage 50, you use the backup feature True False The restore feature is used to save data to the current point in Sage 50 True False In order to show the GL Account column on journal windows, you should uncheck the settings in Options; Global that hide the general ledger accounts True False In Sage 50, the Purchases/Receive Inventory window is also the purchase journal True False Clicking on the Journal icon on the Purchase Orders window takes you to the general ledger True False 2-1 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part When you click on the Print icon on the Purchase Orders window, you print the purchase order and also post the purchase order journal True False 10 In Sage 50, the Purchases/Receive Inventory window is also the purchase order journal True False Multiple Choice Questions 11 In Bellwether Garden Supply, vendors are set up using: A B C D E Use eight characters only 12 Alphabetic characters in Sage 50 are: A B C D E Not case sensit Combination of upper and lowercase 13 The contact name for the vendor Armenta's Landscaping is: A B C D E 2-2 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 14 The purchase account for Armenta's Landscaping is: A B C D E 57200, Materials Cost 57000, Direct Labor 57000-LS, Direct Labor - Landscaping 57200-LS, Materials Cost - Landscaping 14700, Other Current Assets 15 The following accounts are debited and credited when you purchase inventory on account: A B C D E Dr Inventory account, credit Account Receivable/vendor Dr Accounts Payable/Vendor; Cr expense account Dr Inventory account; Cr Accounts Payable/Vendor Dr Accounts Receivable/Customer; Cr Sales account Dr Accounts Payable/Vendor; Cr Inventory account 16 The Payments window is also known as the: A B C D E Cash Receipts Journal Purchases Journa Cash Disbursements Journal 17 To print a vendor check, you use the following menu bar selections: A B C D E Reports & Forms; Accounts Receivable, Invoices, Preprint Stub, Print Reports & Forms; Forms, Checks, OCR AP Laser Preprinted, Print Tasks; Payments, Check Register, Checks, Print Reports & Forms; Financial Statements, Current Period, Print Maintain; Vendors, Purchase Info tab 18 On the Navigation Bar, make the following selections to display the Vendor Ledgers Report: A B C D Vendors & Purchases Navigation Center, link to View Detailed List and select Vend Vendors & Purchases Navigation Center, link to View all Vendor & Purchases Repor Maintain; Customers/Sales Reps Customers & Sales Navigation Center, in the Vendors area, link to View Detailed 2-3 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 19 The Vendor Ledgers Report is another name for the: A B C D E Accounts Receivable subsidiary ledger Inventory subsidiary ledger Accounts Payable open items report Accounts Payable subsidiary ledger Controlling account 20 The suggested file name for the first back up in Chapter is: A B C D E Page number and chapter number 2-4 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part Chapter 02 Vendors Answer Key True / False Questions When Bellwether Garden Supply orders inventory from vendors, Account No 12000, Inventory is credited FALSE Account No 12000, Inventory is debited Vendors offer Bellwether a purchase discount for invoices paid within a discount period TRUE Accounts payable transactions refer to transactions with vendors or suppliers TRUE In order to begin where you left off the last time you used Sage 50, you use the backup feature FALSE You use the restore feature to begin where you left off the last time you used Sage 50 The restore feature is used to save data to the current point in Sage 50 FALSE You use Sage 50's backup feature to save data to the current point Restore is used to start where you left off the last time you backed up a Sage 50 file In order to show the GL Account column on journal windows, you should uncheck the settings in Options; Global that hide the general ledger accounts TRUE 2-5 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part In Sage 50, the Purchases/Receive Inventory window is also the purchase journal TRUE Clicking on the Journal icon on the Purchase Orders window takes you to the general ledger FALSE Clicking on the Journal icon on the Purchase Orders window takes you to the purchase order journal When you click on the Print icon on the Purchase Orders window, you print the purchase order and also post the purchase order journal TRUE 10 In Sage 50, the Purchases/Receive Inventory window is also the purchase order journal FALSE The Purchases/Receive Inventory window is the purchases journal Multiple Choice Questions 2-6 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 11 In Bellwether Garden Supply, vendors are set up using: (p 71) ALa st na m e fir st BFir st na m e fir st CA co di ng sy st e m DD ef a ul ts EUs e ei gh t ch ar ac te rs on ly Difficulty: Medium 2-7 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 2-8 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 12 Alphabetic characters in Sage 50 are: (p 71) AN ot ca se se ns iti ve BC as e se ns iti ve CAl w ay s up pe rc as e D Al w ay s lo w er ca se 2-9 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part E Co m bi na tio n of up pe r an d lo w er ca se Difficulty: Easy 2-10 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 2-22 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 17 To print a vendor check, you use the following menu bar selections: (p 7879) A Re po rts & Fo rm s; Ac co un ts Re cei va bl e, In vo ice s, Pr ep rin t1 St ub , Pri nt 2-23 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part B Re po rts & Fo rm s; Fo rm s, Ch ec ks, O CR AP La se r Pr ep rin te d, Pri nt C Ta sk s; Pa y m en ts, Ch ec k Re gis ter , Ch ec ks, Pri nt 2-24 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part D Re po rts & Fo rm s; Fin an cia l St at e m en ts, Cu rre nt Pe rio d, Pri nt E M nt n; Ve nd or s, Pu rc se Inf o ta b Difficulty: Medium 2-25 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 2-26 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 18 (p 81) On the Navigation Bar, make the following selections to display the Vendor Ledgers Report: A Ve nd or s & Pu rc se s Na vi ga tio n Ce nt er, lin k to Vi ew De tai le d Lis t an d sel ec t Ve nd or Le dg er s, Di spl ay 2-27 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part B Ve nd or s & Pu rc se s Na vi ga tio n Ce nt er, lin k to Vi ew all Ve nd or & Pu rc se s Re po rts an d sel ec t Ve nd or Le dg er s, 2-28 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part Di spl ay 2-29 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part C M nt n; Cu st o m er s/ Sa le s Re ps D Cu st o m er s & Sa les Na vi ga tio n Ce nt er, in th e Ve nd or s ar ea , lin k to Vi ew De 2-30 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part Difficulty: Medium 2-31 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 2-32 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 19 The Vendor Ledgers Report is another name for the: (p 82) A Ac co un ts Re ce iv ab le su bs idi ar y le dg er B In ve nt or y su bs idi ar y le dg er 2-33 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part C Ac co un ts Pa ya bl e op en ite m s re po rt D Ac co un ts Pa ya bl e su bs idi ar y le dg er ECo nt rol lin g ac co un t Difficulty: Easy 2-34 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 20 The suggested file name for the first back up in Chapter is: (p 85) AEx er ci se 21 BEx er ci se 22 CC pt er s & DC h a pt er EPa ge nu m be r an d ch ap te r nu m be r Difficulty: Easy 2-35 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part 2-36 © 2014 by McGraw-Hill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part ... begin where you left off the last time you used Sage 50 The restore feature is used to save data to the current point in Sage 50 FALSE You use Sage 50' s backup feature to save data to the current... invoices paid within a discount period TRUE Accounts payable transactions refer to transactions with vendors or suppliers TRUE In order to begin where you left off the last time you used Sage 50, you... window, you print the purchase order and also post the purchase order journal True False 10 In Sage 50, the Purchases/Receive Inventory window is also the purchase order journal True False Multiple