Computer Accounting with Sage 17e Carol Yacht (Test Bank All Chapters, 100% Original Verified, A+ Grade) Answers At The End Of Each Chapter
Chapter 01 1.
If you are not familiar with Microsoft Windows, using Sage 50 will help you become familiar with the Windows operating system. True False
2.
The Navigation Bar is on the left side of Sage 50's windows. True False
3.
You can close or exit by clicking on the True False
button on a window's title bar.
4.
Using the function key F7 saves the current record in the maintenance windows. True False
5.
Using the function key F1 displays the online help window. True False
6.
The window illustrations in the textbook are done with Windows 7 and Sage 50 Complete Accounting 2013. True False
7.
One advantage of Windows is that it standardizes terms and operations used in software programs. True False
8.
The only way to access commands in Windows is to use the drop-down menus. True False
9.
The icons used in Sage 50 are the same on every window. True False
10. The most common field you will type in is called the text field or box. True False 11. The name of the Sample Company or companies that are included in the Sage 50 Complete Accounting 2013 software are called: A. Pavilion Garden Supply B. Bellwether Garden Supply and Stone Arbor Landscaping C. Berkeley Custom Pools & Spas D. Stone Arbor Landscaping E. Fabrikam, Inc. and Northwind Traders 12. The purpose of using the sample company is to become familiar with: A. The software B. Accounting procedures C. The generally accepted accounting principles D. The navigation bars E. The navigation centers 13. Sage 50's backup feature works with what other Sage 50 feature: A. Import/Export B. Save As C. Formatting D. Restore E. Excel
14. The file extension for Sage 50 backup files is: A. .pdf B. .pbb C. .ptb D. .pbcx E. .xlsx 15. To display the size of your backup file, you can use the Windows program called: A. Windows Explorer B. Scan disk C. Defrag D. Windows Accessories E. Windows Defender 16. Menu choices that are followed by an ellipsis (…) are associated with: A. Text fields B. Dialog boxes C. The Sales/Invoicing window D. Shortcuts E. Defaults 17. The Edit menu allows you to do the following: A. Cut B. Copy C. Paste D. Clear or delete recorded entries E. Find Transactions 18. Commands that Sage 50 automatically selects are called: A. Objects B. Dialog boxes C. Defaults D. Shortcuts E. Text 19. The Options menu has selections that allow the user to: A. Check global settings B. Backup C. Print reports D. Enter journal entries E. Post to the general ledger 20. In the computer accounting cycle, the following report is not included: A. Adjusted trial balance B. Unadjusted trial balance C. Worksheet D. Financial statements E. Statement of cash flow
Chapter 01 Key 1. TRUE 2. TRUE 3. FALSE 4. FALSE 5. TRUE 6. TRUE 7. TRUE 8. FALSE 9. FALSE 10. TRUE 11. (p. 15) B 12. (p. 14) A 13. (p. 23) D 14. (p. 24) C 15. (p. 26) A 16. (p. 33) B 17. (p. 34) E 18. (p. 34) C 19. (p. 36) A 20. (p. 48) C
Chapter 01 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Yacht - Chapter 01
# of Questions 5 5 20
Chapter 02 Student: ___________________________________________________________________________
1.
When Bellwether Garden Supply orders inventory from vendors, Account No. 12000, Inventory is credited. True False
2.
Vendors offer Bellwether a purchase discount for invoices paid within a discount period. True False
3.
Accounts payable transactions refer to transactions with vendors or suppliers. True False
4.
In order to begin where you left off the last time you used Sage 50, you use the backup feature. True False
5.
The restore feature is used to save data to the current point in Sage 50. True False
6.
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
7.
In Sage 50, the Purchases/Receive Inventory window is also the purchase journal. True False
8.
Clicking on the Journal icon on the Purchase Orders window takes you to the general ledger. True False
9.
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 11. In Bellwether Garden Supply, vendors are set up using: A. Last name first B. First name first C. A coding system D. Defaults E. Use eight characters only. 12. Alphabetic characters in Sage 50 are: A. Not case sensitive B. Case sensitive C. Always uppercase D. Always lowercase E. Combination of upper and lowercase. 13. The contact name for the vendor Armenta's Landscaping is: A. Jesse Wood B. Jerry Johnson C. Steven Cole D. Albert Armenta E. Lilio Chomette
14. The purchase account for Armenta's Landscaping is: A. 57200, Materials Cost B. 57000, Direct Labor C. 57000-LS, Direct Labor - Landscaping D. 57200-LS, Materials Cost - Landscaping E. 14700, Other Current Assets 15. The following accounts are debited and credited when you purchase inventory on account: A. Dr. Inventory account, credit Account Receivable/vendor B. Dr. Accounts Payable/Vendor; Cr. expense account C. Dr. Inventory account; Cr. Accounts Payable/Vendor D. Dr. Accounts Receivable/Customer; Cr. Sales account E. Dr. Accounts Payable/Vendor; Cr. Inventory account. 16. The Payments window is also known as the: A. Cash Receipts Journal B. Purchases Journal C. Sales Journal D. Cash Disbursements Journal E. General Journal 17. To print a vendor check, you use the following menu bar selections: A. Reports & Forms; Accounts Receivable, Invoices, Preprint 1 Stub, Print B. Reports & Forms; Forms, Checks, OCR AP Laser Preprinted, Print C. Tasks; Payments, Check Register, Checks, Print D. Reports & Forms; Financial Statements, Current Period, Print E. Maintain; Vendors, Purchase Info tab. 18. On the Navigation Bar, make the following selections to display the Vendor Ledgers Report: A. Vendors & Purchases Navigation Center, link to View Detailed List and select Vendor Ledgers, Display B. Vendors & Purchases Navigation Center, link to View all Vendor & Purchases Reports and select Vendor Ledgers, Display C. Maintain; Customers/Sales Reps D. Customers & Sales Navigation Center, in the Vendors area, link to View Detailed List. 19. The Vendor Ledgers Report is another name for the: A. Accounts Receivable subsidiary ledger B. Inventory subsidiary ledger C. Accounts Payable open items report D. Accounts Payable subsidiary ledger E. Controlling account 20. The suggested file name for the first back up in Chapter 2 is: A. Exercise 2-1 B. Exercise 2-2 C. Chapters 1 & 2 D. Chapter 2 E. Page number and chapter number
Chapter 02 Key 1.
When Bellwether Garden Supply orders inventory from vendors, Account No. 12000, Inventory is credited. FALSE Account No. 12000, Inventory is debited. Yacht - Chapter 02 #1
2.
Vendors offer Bellwether a purchase discount for invoices paid within a discount period. TRUE
3.
Accounts payable transactions refer to transactions with vendors or suppliers. TRUE
4.
In order to begin where you left off the last time you used Sage 50, you use the backup feature. FALSE
Yacht - Chapter 02 #2
Yacht - Chapter 02 #3
You use the restore feature to begin where you left off the last time you used Sage 50. Yacht - Chapter 02 #4
5.
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. Yacht - Chapter 02 #5
6.
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
7.
In Sage 50, the Purchases/Receive Inventory window is also the purchase journal. TRUE
8.
Clicking on the Journal icon on the Purchase Orders window takes you to the general ledger. FALSE
Yacht - Chapter 02 #6
Yacht - Chapter 02 #7
Clicking on the Journal icon on the Purchase Orders window takes you to the purchase order journal. Yacht - Chapter 02 #8
9.
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 Yacht - Chapter 02 #9
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. Yacht - Chapter 02 #10
11. (p. 71)
In Bellwether Garden Supply, vendors are set up using: A. Last name first B. First name first C. A coding system D. Defaults E. Use eight characters only. Difficulty: 2 Medium Yacht - Chapter 02 #11
12. (p. 71)
Alphabetic characters in Sage 50 are: A. Not case sensitive B. Case sensitive C. Always uppercase D. Always lowercase E. Combination of upper and lowercase. Difficulty: 1 Easy Yacht - Chapter 02 #12
13. (p. 72)
The contact name for the vendor Armenta's Landscaping is: A. Jesse Wood B. Jerry Johnson C. Steven Cole D. Albert Armenta E. Lilio Chomette Difficulty: 1 Easy Yacht - Chapter 02 #13
14. (p. 72)
The purchase account for Armenta's Landscaping is: A. 57200, Materials Cost B. 57000, Direct Labor C. 57000-LS, Direct Labor - Landscaping D. 57200-LS, Materials Cost - Landscaping E. 14700, Other Current Assets Difficulty: 2 Medium Yacht - Chapter 02 #14
15. (p. 55)
The following accounts are debited and credited when you purchase inventory on account: A. Dr. Inventory account, credit Account Receivable/vendor B. Dr. Accounts Payable/Vendor; Cr. expense account C. Dr. Inventory account; Cr. Accounts Payable/Vendor D. Dr. Accounts Receivable/Customer; Cr. Sales account E. Dr. Accounts Payable/Vendor; Cr. Inventory account. Difficulty: 3 Hard Yacht - Chapter 02 #15
16. (p. 76)
The Payments window is also known as the: A. Cash Receipts Journal B. Purchases Journal C. Sales Journal D. Cash Disbursements Journal E. General Journal Difficulty: 1 Easy Yacht - Chapter 02 #16
17.
To print a vendor check, you use the following menu bar selections:
(p. 78-79) A. Reports & Forms; Accounts Receivable, Invoices, Preprint 1 Stub, Print
B. Reports & Forms; Forms, Checks, OCR AP Laser Preprinted, Print C. Tasks; Payments, Check Register, Checks, Print D. Reports & Forms; Financial Statements, Current Period, Print E. Maintain; Vendors, Purchase Info tab. Difficulty: 2 Medium Yacht - Chapter 02 #17
18. (p. 81)
On the Navigation Bar, make the following selections to display the Vendor Ledgers Report: A. Vendors & Purchases Navigation Center, link to View Detailed List and select Vendor Ledgers, Display B. Vendors & Purchases Navigation Center, link to View all Vendor & Purchases Reports and select Vendor Ledgers, Display C. Maintain; Customers/Sales Reps D. Customers & Sales Navigation Center, in the Vendors area, link to View Detailed List. Difficulty: 2 Medium Yacht - Chapter 02 #18
19. (p. 82)
The Vendor Ledgers Report is another name for the: A. Accounts Receivable subsidiary ledger B. Inventory subsidiary ledger C. Accounts Payable open items report D. Accounts Payable subsidiary ledger E. Controlling account Difficulty: 1 Easy Yacht - Chapter 02 #19
20. (p. 85)
The suggested file name for the first back up in Chapter 2 is: A. Exercise 2-1 B. Exercise 2-2 C. Chapters 1 & 2 D. Chapter 2 E. Page number and chapter number Difficulty: 1 Easy Yacht - Chapter 02 #20
Chapter 02 Summary Category Difficulty: 1 Easy Difficulty: 2 Medium Difficulty: 3 Hard Yacht - Chapter 02
# of Questions 5 4 1 20
Chapter 04 Key 1.
When working with Bellwether Garden Supply in Chapter 4, the first step in setting up payroll is to go to the Employees & Payroll Navigation Center, then select Employees; Set Up Employee Defaults. TRUE
2.
To make sure you are starting in the appropriate place in the data for Chapter 4, restore the Exercise 32.ptb file. TRUE
3.
The accounts affected by paychecks are expense accounts specifically set up to handle payroll. FALSE
Yacht - Chapter 04 #1
Yacht - Chapter 04 #2
The accounts affected by paychecks are liability accounts. Yacht - Chapter 04 #3
4.
In Sage 50, voluntary payroll deductions are called allowances and can include gas, union dues and savings bonds. TRUE
5.
Sage 50 Complete Accounting 2013 includes example payroll tax tables for the sample company, Bellwether Garden Supply. TRUE
6.
On the Payroll Entry window, you define payroll fields and tax information for individual employees. FALSE
Yacht - Chapter 04 #4
Yacht - Chapter 04 #5
You use the Maintain Employees Sales/Reps window to define payroll fields and tax information for individual employees. Yacht - Chapter 04 #6
7.
Bellwether's employee Brandee M. Nunnley is an hourly employee and is paid bi-weekly. FALSE Brandee M. Nunnley is a salaried employee who is paid bi-weekly. Yacht - Chapter 04 #7
8.
Bellwether's employee Drake V. Carter is a salaried employee paid bi-weekly. FALSE Drake V. Carter is an hourly employee who is paid bi-weekly. Yacht - Chapter 04 #8
9.
Bellwether Garden Supply, credits Account No. 10300, Payroll Checking Account, for the net paycheck amount. TRUE Yacht - Chapter 04 #9
10.
The employee wages expense account is debited for the gross amount of the paycheck and any deductions used are credited. TRUE
11.
Before you begin Chapter 4, you could restore which of the following backups: A. Exercise 3-2.ptb B. Exercise 3-1.ptb C. Chapter 3.ptb D. Exercise 2-2.ptb E. Bgs.ptb
Yacht - Chapter 04 #10 (p. 134)
Difficulty: 1 Easy Yacht - Chapter 04 #11
12. (p. 135137)
On the Navigation Bar, make the following selections to set up payroll default information: A. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for Multiple Employees B. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Set Up Payroll Service C. Employees & Payroll Navigation Center, click on the Employees icon and select Set Up Employee Defaults D. Tasks; Payroll Entry E. Maintain; Employees/Sales Rep Difficulty: 2 Medium Yacht - Chapter 04 #12
13. (p. 138140)
To set up specific guidelines for individual employees, make these selections: A. Employee tasks; click Employees, Employee Maintenance, make appropriate selection. B. Tasks; Select for Payment, select employee C. Maintain; Default Information, Employees D. Employees & Payroll Navigation Center, click Employees, View and Edit Employees. E. Tasks; Payroll for one employee Difficulty: 2 Medium Yacht - Chapter 04 #13
14. (p. 142)
On the Navigation Bar, make the following selections to enter paychecks for an employee: A. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Payroll Set Up Service B. Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for One Employee C. Maintain; Default Information D. Employees & Payroll Navigation Center, click on the Employees icon and select View and Edit Employees E. Tasks; Payroll & Employees, View and Edit Employees Difficulty: 1 Easy Yacht - Chapter 04 #14
15. (p. 139)
To look at an employee's record, display this window: A. Payroll Entry window B. Tasks; Employees C. Maintain Employees & Sales Reps D. System, General Journal entry E. Employees & Tasks Navigation Center, click Employees Difficulty: 2 Medium Yacht - Chapter 04 #15
14. In Chapter 9, the period for recording transactions is: A. Period 1 - 1/1/13 to 1/31/13 B. Period 10 - 10/1/13 to 10/31/13 C. Period 11 - 11/1/13 to 11/30/13 D. Period 12 - 12/1/13 to 12/31/13 E. Period 9 - 09/01/13 to 09/30/13 15. The chart of accounts is: A. The accounts shown on the income statement B. The accounts shown on the balance sheet C. A list of accounts in the general ledger D. A list of accounts in the general journal E. A list showing account beginning balances 16. The account type specified on the chart of accounts is also the classification for the: A. Financial reporting B. General ledger C. General journal D. Cash receipts journal E. Receipts 17. A balance sheet is also known as a/an: A. Income statement B. Statement of changes in cash flow C. Statement of financial position D. Retained earnings report E. A list of revenues and expenses 18. The shortened company name that Sage 50 assigns to new companies is made up of: A. The entire company name B. The last word within the company name C. The first three letters of the first word, the first three letters of the second word, and first two letters of the third word. D. The first word only E. A random selection of characters 19. The Account Type for Account No. 3920 David Walsh [or your name], Capital is: A. Cash B. Equity-gets closed C. Equity-doesn't close D. Retained earning E. Other current liabilities 20. Saving Sage 50 data to the hard drive or external media is called: A. Restoring data B. Data mining C. Backing up D. Exporting to Excel E. Windows Explorer
Chapter 09 Key 1.
The chapters in Part 2 (Chapters 9, 10, and 11) work together. TRUE
2.
The business type used for setting up the Designer company is the Simplified Retail Company. FALSE
Yacht - Chapter 09 #1
The business type is Simplified, Service Company. Yacht - Chapter 09 #2
3.
The year for setting up accounting records is 2012. FALSE The year for accounting records is 2013. Yacht - Chapter 09 #3
4.
The posting method selected in Chapter 9 is Batch. FALSE The posting method selected is real time. Yacht - Chapter 09 #4
5.
In Chapter 9, you use New Company Setup to select a sample chart of accounts; then you revise some of the accounts through the Maintain; Chart of Accounts window. TRUE
6.
In Chapter 9 you use the New Company Setup Wizard to set up a company for Jessica Wood, CPA. FALSE
Yacht - Chapter 09 #5
In Chapter 9 you use the New Company Setup Wizard to set up a company for David Walsh Designer. Yacht - Chapter 09 #6
7.
David Walsh Designer is located in La Crosse, Wisconsin. FALSE David Walsh Designer is located in Milwaukee, Wisconsin. Yacht - Chapter 09 #7
8.
David Walsh Designer is set up as a corporation. FALSE David Walsh Designer is set up as a sole proprietorship. Yacht - Chapter 09 #8