Sage Line-50 Revision Questions

Sage Line-50 Revision Questions

1)  Which one of the following Sage Line 50 toolbar icons would you click to bring up a list of your accounts?

1. Financials
2. Nominal
3. Bank
4. Products

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2)  From the Nominal Ledger screen, which one of the following icons shows your account classified in different categories?

1. Record
2. Activity
3. Journals
4. COA

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3)  By default, Sage Line 50 uses two VAT accounts called Sales Tax and Purchase Tax.

1. True
2. False

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4)  To see if Sage Line 50 has updated the accounts involved in a discounted cash sale, which of the following groups of accounts would you check in the Nominal module?

1. VAT/Discounts Allowed/Bank
2. Purchases/Bank/Trade Debtors
3. VAT/Bank/Trade Debtors
4. Discounts Recieved/VAT/Trade Debtors

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5)  You want to draw up your Sage Line 50 VAT Return and also make sure that any entries involved are not duplicated in the next Return.  Which one of the following routes would you use?

1. Financials/Reports/Edit
2. Financials/Balance/Criteria
3. Financials/Trail/Criteria
4. Financials/VAT/Calculate/Reconcile

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6)  You want to pay for supplies.  Which one of the following routes would you use?

1. Customers/Record/Activity
2. Suppliers/Record/Bank
3. Bank/Payment
4. Invoicing/New/Edit

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7)  Having made a payment for supplies in Sage Line 50, you want to check the effect on the accounts involved.  Which one of the following routes would you use?

1. Financials
2. Suppliers
3. Nominal
4. Bank

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8)  Sage Line 50 classifies Bank accounts in three categories; Cheque account, Cash account, Credit Card account.

1. True
2. False

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9)  You want to move money from the Deposit account to the Current account, using Sage Line 50.  Which one of the following routes would you use?

1. Bank/Transfer
2. Bank/Record/Payment
3. Bank/Payment
4. Bank/Remittance

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10)  You now want to record a payment from a customer using Sage Line 50.  Which one of the following routes would you use?

1. Bank/Payment
2. Bank/Record
3. Bank/Receipt
4. Bank/Supplier

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11)  Your customer pays and you enter a discount.  Which one of the following groups of accounts does Sage Line 50 automatically adjust?

1. Sales/Discount Allowed/Bank
2. Bank/Discount Received/VAT
3. Bank/Discount Allowed/VAT
4. None of the above

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12)  Super Restaurant is buying wine from you for the first time.  You want to list the address and contact names in Sage Line 50.  Which one of the following routes takes you to the appropriate screen?

1. Suppliers/Record/Details
2. Customers/Record/Defaults
3. Customers/Record/Details
4. Bank/Record/Contacts

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13)  Super Restaurant wants to take advantage of your 10% early payment discount offer.  Which one of the following routes would you take to record this in Sage Line 50?

1. Customers/Record/Credit Control
2. Customers/Record/Details
3. Bank/Record/Contacts
4. Bank/Customer

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14)  You want to use Sage Line 50 to check the liquidity of your business.  Which one of the following routes takes you to the appropriate screen?

1. Norminal/Record/Activity
2. Bank/Record/Activity
3. Financials/Ratio
4. Setting/Control Accounts

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15)  You know that the Current Ratio is greater than 1, but you want to check the status of the Acid Test Ratio.  Which one of the following routes allows you to do this?

1. Financials/Ratio/Delete Stock account
2. Financials/Ratio/Delete Debtors Control account
3. Financials/Ratio/Delete Creditors Control account
4. Financials/Ratio

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16)  Which one of the following Sage Line-50 toolbar modules is used to access the Trial Balance, Balance Sheet and Profit and Loss reports?

1. Nominals
2. Financials
3. Period End
4. Reports

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17)  You want to print out the Sage Line-50 Trial Balance.  Which one of the following routes do you need to complete?

1. Financials/Ratio/Print
2. Nominal/Reports/Printer
3. Nominal/Activity/Print
4. Financials/Trial/Printer

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18)  You want to draw up your Sage Line-50 VAT Return, plus ensure that any entries involved are not duplicated in the next Return.  Which one of the following routes would you use?

1. Financials/Reports/Edit
2. Financials/Balance/Criteria
3. Financials/Trial/Criteria
4. Financials/VAT/Calculate/Reconcile

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19)  Sage Line-50 does not handle discounts.

1. True
2. False

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20)  You enter a discount and pay your supplier.  Which one of the following groups of accounts does Sage Line-50 automatically adjust?

1. Purchases, Discounts Received and Bank
2. Purchases, Discounts Received and VAT
3. Creditors Control, Discounts Received and Bank
4. None of the above

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21)  You are buying wine from a new supplier.  Which one of the following routes would you use in Sage Line-50 to record their details?

1. Suppliers/Record/Details
2. Customers/Record/Details
3. Suppliers/Record/Defaults
4. Customers/Record/Defaults

Answer

22)  You are returnng part of the consignment you ordered from Bottles Inc.  Which one of the following routes would you use to record this in Sage Line-50?

1. Bank/Record/Account Details
2. Suppliers/Record/Credit Control
3. Bank/Record/Contacts
4. Suppliers/Credit

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23)  Which menu on the Sage Line-50 toolbar is used to create a fixed asset?

1. File
2. Settings
3. Modules
4. Tools

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24)  You want to enter details of a new vehicle in Sage Line-50.  Which one of the following routes would you use?

1. Modules/Fixed Asset Register/Record
2. Settings/Product Defaults/Details
3. Modules/Fixed Asset Register/Valuation
4. Settings/Product Defaults/Description

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25)  You want to depreciate the vehicle using the Reducing Balance method.  Which one of the following routes takes you to the appropriate screen in Sage Line-50?

1. Modules/Fixed Asset Register/Details
2. Modules/Fixed Asset Register/Reports
3. Tools/Period End/Month End
4. Modules/Fixed Asset Register/Posting

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26)  You want to check the balance in your Bank account at the date the Bank Statement was made out.  Which one of the following routes would you use in Sage Line-50?

1. Bank/Reconcile/Reconcile Balance field
2. Bank/Reconcile/Book Balance at Date field
3. Bank/Reconcile/Opening Balance field
4. Bank/Reconcile/Statement End Balance field

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27)  When carrying out the reconciliation with Sage Line-50, you notice that there is an entry in the Bank Statement that is not in your Bank account.  You want to make the appropriate entry in your account.  Which one of the following routes would you use?

1. Bank/Record/Account Details
2. Bank/Reconcile/Find
3. Bank/Reconcile/Adjustment
4. Bank/Record/Activity

Answer

28)  A customer owes you a sum of money for a long time.  You decide to treat it as a bad debt and want to adjust your accounts.  Which one of the following routes would you use?

1. Modules/Financials/Audit
2. Modules/Customers/Aged
3. Settings/Customer Defaults/Account Status
4. Tools/Write Off/Refunds/Returns

Answer

29)  Having written-off the debt, you want to see the resulting effect on your VAT liability.  Which one of the following routes would you use?

1. Modules/Financials/VAT
2. Nominal/Debtors Control account
3. Nominal/Sales Tax Control account
4. Suppliers/Record/Activity

Answer

30)  In Sage Line-50 which one of the following routes would you use the establish what the business is worth?

1. Nominal/Journals
2. Financials/P & L
3. Nominal/Reports
4. Financial/Balance

Answer

31)  Which one of the following routes would you use in Sage Line-50 to check the expenses of the business?

1. Nominal/COA
2. Financials/P & L
3. Nominal/Records/Activities
4. Nominal/Reports

Answer

32)  Which one of the following routes would you use in Sage Line-50 to access the Trial Balance?

1. Nominal/Reports
2. Bank/Reconcile/Activity
3. Financials/Trial
4. None of the above

Answer

33)  Which one of the following routes would you use in Sage Line-50 to print the Trial Balance report?

1. Financials/Ratio/Print
2. Nominal/Reports/Printer
3. Nominal/Activity/Print
4. Financials/Trial/Printer

Answer

34)  Sage Line-50 will not post an accrual until the month-end process has been run.

1. True
2. False

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35)  You want to ensure that each monthly P&L carries expenses for electricity.  Which one of the following routes takes you to the appropriate Sage Line-50 screen?

1. Nominal/Accrual/Value column
2. Nominal/Accrual/N/C column
3. Bank/Payment/Suppliers
4. Nominal/Accrual/Details column

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36)  You want to ensure that Sage Line-50 posts the accrual.  Which one of the following routes takes you to the appropriate Sage Line-50 screen?

1. Nominal/Accrual/Value column
2. Tools/Period End/Month End
3. Nominal/Accrual/Details column
4. Suppliers/Credit/N/C column

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37)  Through which module on the Sage Line-50 toolbar is the Prepay function accessed?

1. Suppliers
2. Nominal
3. Bank
4. Period End

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38)  You want Sage Line-50 to treat insurance as a prepayment.  Which one of the following routes takes you to the appropriate Sage Line-50 screen?

1. Nominal/Accrual/and N/C column
2. Suppliers/Credit/and N/C column
3. Bank/Record/Account Details
4. Nominal/Prepay/and N/C column

Answer

39)  Sage Line-50 will not post a prepayment until the Post Prepayment box is ticked.  Which one of the following routes takes you to the box?

1. Tools/Period End/Audit Trail
2. Modules/Suppliers/Activity
3. Tools/Period End/Month End
4. Settings/Supplier Defaults/Record

Answer

Sage Line-50 Revision Answers

1)  Option (b) is correct.  This brings up the Nominal Ledger screen, which lists all accounts.

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2)  Option (d) is correct.  This brings up the Chart of Accounts screen.  You then click on the highlighted Default Chart of Accounts.  This brings up the Edit Chart of Accounts screen, where you can choose a category and see the associated accounts.

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3)  Option (a) is correct.  This is true.  Many companies use two VAT accounts, but it is not necessary to do so.

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4)  Option (a) is correct.  The cash sale involves the Bank, Trade Debtors is not involved.  The purchases account is not affected.  You have not received as discount, so Discounts Received is not affected.

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5)  Option (d) is correct.  The Financials module is used to access the VAT Return.  'Calculate' draws up the Return for the chosen period.  'Reconcile' ensures that entries are not included in the next Return.

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6)  Option (c) is correct.  All payments are processed through the Bank module.  Then you go to the Payment screen and enter the relevant details.

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7)  Option (c) is correct.  This brings up the Nominal Ledger where you can see the updated balances in all accounts.

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8)  Option (a) is correct.  This is true.

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9)  Option (a) is correct.  This brings up the Bank Transfer screen where you enter the 'Account from' and 'Account to' details.

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10)  Option (c) is correct.  Payments from customers are processed through the Receipt function.  This is accessed through the Bank module.

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11)  Option (c) is correct.  The customer has paid, so the Bank is involved.  You gave a discount, so the Discount Allowed is involved.  VAT must be adjusted, so the VAT account is involved.

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12)  Option (c) is correct.  In fact you are setting up a new Customer Record for Super Restaurant.

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13)  Option (d) is correct.  Since a payment is involved, it is processed through the Bank module.  The Customer Receipts screen allows you to enter the amount of the discount.  Sage Line 50 does the rest of the processing.

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14)  Option (c) is correct.  This brings up the Quick Ratio screen, which allows you to see the difference between Current Assets and Current Liabilities.  If this is positive you have more current assets than current liabilities, so your Current Ratio must be greater than 1.

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15)  Option (a) is correct.  You delete Stock in order to subtract it from the Current Assets total.  Then the screen will show the difference between (Current Assets - Stock) and Current Liabilities.

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16)  Option (b) is correct.  These reports are all accessed through the Financials module.

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17)  Option (d) is correct.  When you click Trial, the Criteria screen comes up.  This allows four options titled, Printer, Preview, File and E-mail.

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18)  Option (d) is correct.  The Financials module is used to access the VAT Return.  'Calculate' draws up the Return for the chosen period.  'Reconcile' ensures that entries are not included again in the next Return.

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19)  Option (b) is correct.  This is false.  Sage Line-50 records all kinds of discounts and automatically adjusts all relevant Nominal accounts.

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20)  Option (c) is correct.  When money is paid to a supplier, the purchase payment will have the effect of reducing the amount owed to the creditors/suppliers (reducing the liability in the Creditors Control account) & and pay the money out of the bank (Bank account).  It will also affect the Discounts Received account if a discount is entered during the payment stage.

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21)  Option (a) is correct.  You are creating a new supplier.

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22)  Option (d) is correct.  This brings up the Batch Supplier Credits screen, where you can enter the amount for the credit note.  Sage Line-50 does the rest of the processing.

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23)  Option (c) is correct.  Then you would open the Fixed Asset Register and click on Record.

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24)  Option (a) is correct.  The Record button opens the Fixed Asset Record window.

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25)  Option (d) is correct.  The posting screen contains the necessary fields.

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26)  Option (b) is correct.  This shows the balance in your account at the date of the statement.

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27)  Option (c) is correct.  This brings up the adjustment screen, where you enter the details of the transaction to be posted.

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28)  Option (d) is correct.  This brings up the Wizard, which guides you through the write-off process step-by-step.

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29)  Option (c) is correct.  Sage Line-50 uses two VAT accounts, one for sales, called the Sales Tax Control account, and one for Purchases, called the Purchases Tax Control account.

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30)  Option (d) is correct.  This route gives access to the Balance Sheet, from which you can establish what the business is worth.

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31)  Option (b) is correct.  This route gives access to the Profit and Loss report, from which you can establish the expenses of the business.

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32)  Option (c) is correct.  This route gives access to the Trial Balance report.

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33)  Option (d) is correct.  When you click Trial, the Criteria screen is displayed.  This allows four options titled Printer, Preview, File and E-mail.

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34)  Option (b) is correct.  This is true.  The program does not carry out the postings until the month-end routine is run.

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35)  Option (b) is correct.  When N/C is clicked, the Nominal Ledger appears.  The Electricity account is chosen and the accrual entered.

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36)  Option (b) is correct.  The Month-End routine is run from Tools/Period End/Month End.  The Month End window then appears.  This contains the Post Accruals check box.

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37)  Option (b) is correct.  The Prepay function is accessed through the Nominal module.  This allows you to access the Nominal you wish to prepay, for example the Insurance account.

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38)  Option (d) is correct.  The Nominal Ledger appears.  The Insurance account can then be chosen.

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39)  Option (c) is correct.  The Month End window contains the Post Prepayments check box.

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