File: Chapter 10 Completing Quarterly Activities and Closing the Fiscal Year
True/False
[QUESTION]
1. All activities in Chapter 9 must be completed before starting Chapter 10.
[QUESTION]
2. The file restored at the beginning of Chapter 10 is Chapter 9 Beginning Balances.ptb.
3. In Chapter 10, you continue recording financial information for James Crosby Designer.
4. The transaction register is used as a source document.
5. In Chapter 10, you complete the accounting cycle for the third quarter of the year.
6. In Chapter 10, you display James Crosby’s balance sheet, with beginning balances representing
October 1, 2019, to continue work.
7. The transaction register shows account balances for the income statement.
8. In Chapter 10, the transaction register shows checking account activity for September.
9. On the Write Checks window, Sage 50 automatically completes the Check Number field once the first
number is entered.
10. Another way to describe account reconciliation is debits equaling credits on the general ledger trial
balance.
Multiple Choice
[QUESTION]
11. In Chapter 10, you do the following:
a. Set up a retail business
b. Select November 2019 as the accounting period
c. Record deposits, checks, and ATMs
d. Print the chart of accounts
e. Record purchase invoices
12. To record checks, you need to:
a. Select a cash account
b. Select an accounts payable account
c. Set discount defaults
d. Select Maintain > Chart of Accounts
e. Select Tasks > Receive Money
13. In order for the appropriate two decimal places to show on windows, you need to:
a. Select Maintain > Company Info
b. Select Company > Restore
c. Display the beginning balances
d. Select global settings for two decimal places
e. Select Maintain > Chart of Accounts
14. The account credited on the Receive Money window is:
a. Account No. 1020, Checking Account
b. The GL Account selected
c. Account No. 1040, IRA Savings
d. The Receive Money window does not need to have an account credited
e. Account No. 1010, Money Market
15. The Write Checks window debits the following account:
a. Account No. 1020 Checking Account
b. The Expense account selected
c. You need to select the account credited not debited
d. Account No. 1040, IRA Savings
e. Account No. 1010, Money Market
16. In Sage 50, there are two ways to record entries from the transaction register:
a. From the System Navigation Center > link to synchronize Sage 50
b. From the Banking tasks and view reports selections
c. From the System Navigation Center and Analysis Tools
d. From the Reports menu and from the Help menu
e. From the Menu bar or the Navigation Bar
17. To record a deposit shown on Mr. Crosby’s transaction register, make the following selections:
a. From the System Navigation Center > select Backup Now
b. From the Banking Navigation Center > select Write Checks
c. From the menu bar, select Tasks > Receive Money
d. From the System Navigation Center > select Restore Now
e. From the menu bar, select Tasks > Payments
18. To display the account register, do this:
a. From the Banking Navigation Center Recently used Banking Reports area, select View Account
Register.
b. From the Banking Navigation Center Write Checks icon > select View and Edit checks.
c. From the System Navigation Center > select Backup Now.
d. From the System Navigation Center > select Restore Now.
e. From the Banking Navigation Center > view the balance sheet and income statement.
19. To change an entry on the Write Checks window or Receive Money window, do this:
a. Make a completely new entry
b. Delete the record
c. Add a transaction line
d. Select Maintain > Chart of Accounts
e. Edit the record
20. In Sage 50, a backup file can be used to restore:
a. Only files backed up as of the current month or period
b. Two companies at the same time
c. Doc files from Microsoft Word
d. Data from Microsoft Excel
e. A company that has not been set up
CHAPTER 10, ANSWERS TO SHORT-ANSWER QUESTIONS, QA TEMPLATES
1. In Chapter 10, what source documents are used to complete Mr. Crosby’s
accounting? Include the month in your answer.
and bank statement.
2. The file restored to begin Chapter 10 is ________________?
3. To make sure you are starting in the appropriate place in the data, display this
financial statement.
4. The Receive Money window is also known as this journal ________.
5. The Write Checks window is also known as this journal __________.
6. When the Receive Money window is used, what account is automatically debited?
(Identify the account number and name.)
7. When the Write Checks window is used, what account is automatically credited?
(Identify the account number and name.)
8. Explain Sage 50’s account reconciliation feature. Define bank reconciliation.
9. What does the term transaction register refer to?
10. The transaction register shows payments and deposits. What are two examples of
payments, and what Sage 50 window is used? What Sage 50 window is used to
record deposits?
ANALYSIS QUESTION
What is account reconciliation?
ANSWER: