Question : Multiple Choice Questions 11.In Chapter 11, the first step of the : 1199036

 

Multiple Choice Questions 

11.In Chapter 11, the first step of the computer accounting cycle is to:   

A.Set up a business and select a chart of accounts

 

B.Journalize entries

 

C.Change accounting periods

 

D.Print the general ledger trial balance

 

E.Post entries to the general ledger

 

 

 

 

12.To change accounting periods, you need to make the following menu bar selections:   

A.Tasks; System, Change Accounting Period

 

B.Tasks; Default, Change Accounting Period

 

C.Tasks; Maintain, Defaults

 

D.Maintain; System, Change Accounting Period

 

E.Maintain, User Security

 

 

 

 

13.The December 31 balance in Mr. Walsh’s retained earnings account (Account No. 3910) is:   

A.Revenue minus expenses

 

B.Assets minus liabilities plus owner’s equity

 

C.Year-to-date net income plus the total of the drawing account

 

D.Year-to-date net income minus the total of the drawing account

 

E.Capital minus drawing

 

 

 

 

14.In order to complete account reconciliation, checks and deposits need to be:   

A.Recorded

 

B.Journalized and posted

 

C.Set up in account reconciliation maintenance

 

D.Selected by clicking Tasks; Change Accounting Periods

 

E.Batched

 

 

 

 

15.If your journals do not agree with the textbook illustrations, use the following Sage 50 feature:   

A.Maintain; defaults, general ledger

 

B.Edit journal transactions

 

C.Tasks; general journal transaction

 

D.Maintain chart of accounts

 

E.System Navigation Center; link to restore now

 

 

 

 

16.To display information about your company data files, complete these steps:   

A.From the System Navigation Center, link to synchronize Sage 50 data on the web

 

B.From the Banking Navigation Center, click on write checks, view and edit checks

 

C.Select Analysis Tools from the System Navigation Center

 

D.From the Help menu, select Customer Support and Service, File Statistics

 

E.Link to Period on the tool bar

 

 

 

 

17.In Chapter 11, the _____________________________ is completed before recording and posting the end-of-quarter adjusting entries.   

A.Adjusted trial balance

 

B.Cash disbursements journal

 

C.Unadjusted trial balance

 

D.Cash receipts journal

 

E.Post-closing trial balance

 

 

 

 

18.It is the policy of your accounting firm to record adjusting entries at:   

A.The end of the quarter

 

B.The end of each month

 

C.Six month intervals

 

D.The end of the year only

 

E.During the month

 

 

 

 

19.To print a post closing trial balance, you need to:   

A.Select Tasks; System, change accounting periods

 

B.Select Reports & forms; accounts receivable, print reports

 

C.Select Options; Default Information

 

D.Select Help; About Sage 50 Accounting

 

E.Close the fiscal year, then print a general ledger trial balance

 

 

 

 

20.Sage 50’s _____________________________________ is the complete collection of accounts of a company, transactions associated with these accounts, and account balances for a specified period of time.   

A.Maintenance system

 

B.Data file statistic

 

C.Default

 

D.General ledger system

 

E.Navigation center