File: Chapter 13 Customers & Sales
True/False
[QUESTION]
1. Because Sage 50 uses a perpetual inventory system, the cost of the item sold was automatically
updated when you posted.
[QUESTION]
2. To use the sales invoicing task, you need to set up vendor defaults.
[QUESTION]
3. Accounts receivable are what suppliers owe to your business.
[QUESTION]
4. Credit transactions from customers are called accounts payable transactions.
[QUESTION]
5. To continue with Shannon’s Service Merchandise in Chapter 13, you need to restore the Chapter
12.ptb file from your back up disk.
[QUESTION]
6. You can use the Maintain menu to enter customer defaults.
[QUESTION]
7. Shannon’s Service Merchandise offers customers a 2% 10, Net 30 days sales discount.
[QUESTION]
8. Shannon’s Service Merchandise charges customers in Arizona an 8 percent sales tax.
[QUESTION]
9. The customer, Denise Cobb, lives in Tempe, AZ.
[QUESTION]
10. Shannon’s Service Merchandise uses an alphanumeric code for customer ID information.
[QUESTION]
11. The Sales/Invoicing window is used to journalize a cash sale transaction.
[QUESTION]
12. When repairs are done, an alternative to the standard invoice is used, called the service invoice.
Multiple Choice
[QUESTION]
13. In Sage 50, information about a sale is recorded in the:
a. Purchase window
b. Inventory window
c. Purchases/Receive Inventory window
d. Sales/Invoicing window
e. General ledger
Page: 482
[QUESTION]
14. The Sales/Invoicing window is also known as the:
a. Purchase journal
b. Cash receipts journal
c. Sales journal
d. Cash disbursements journal
e. General ledger
Page: 482
[QUESTION]
15. In Sage 50, the Receive Money window is also known as the:
a. Sales journal
b. Cash receipts journal
c. Purchase journal
d. Cash disbursements journal
e. General journal
[QUESTION]
16. Another name for the customer ledger is:
a. Accounts receivable ledger
b. Accounts payable ledger
c. Vendor ledger
d. Inventory ledger
e. Cost of goods sold journal
[QUESTION]
17. When you want to create an invoice in Sage 50 without inventory items, use the following form:
a. Sales invoice
b. Purchase invoice
c. Sales order
d. Service invoice
e. OCR laser
[QUESTION]
18. On the Navigation Bar, make the following selections to record a sales return:
a. Customers & Sales Navigation Center > click on the Credits and Returns icon > select Make Payment
to Customer > select the customer > type the invoice number
b. Customers & Sales Navigation Center > click on the Credits and Returns icon > select New Credit
Memo
c. Customers & Sales Navigation Center > click on the Sales Invoices icon > select New Sales Invoice
d. Customers & Sales Navigation Center > click on the Credits and Returns icon > select View and Edit
Credit Memos
e. Tasks > select Maintain Customers/Sales Reps > Defaults
[QUESTION]
19. You enter all checks, cash and credit card sales in the:
a. Sales receipts window
b. Receive Money window
c. Payments window
d. General journal entry window
e. Inventory adjustments window
[QUESTION]
20. On the Navigation Bar, make the following selections to record a cash sale:
a. On the Customers & Sales Navigation Center > click on the Sales Invoices icon > select New Sales
Invoice
b. On the Customers & Sales Navigation Center > click on the Receive Money icon > select View and Edit
Payments Received > Apply to Revenues tab > record the cash sale
c. On the Customers & Sales Navigation Center > click on the Receive Money icon > select Receive
Money From Customer > Apply to Revenues tab > record the cash sale
d. On the Banking Navigation Center > click on the Receive Money icon > select Receive Money From
Customer > Apply to Revenues tab, record the cash sale
e. On the Inventory & Services Navigation Center > select Inventory Adjustments
CHAPTER 13, ANSWERS TO MULTIPLE CHOICE QUESTIONS, QA TEMPLATES
In the space provided, type the letter that best answers each question.
_____1. Shannon’s Service Merchandise charges sales tax to all sales made in:
_____2. The money that your customers owe to the business is known as:
_____3. The sales tax rate is:
_____4. Use the following Navigation Bar options to record entries in the Cash Receipts
Journal:
_____5. Use the following Navigation Bar options to record entries in the Sales Journal:
_____6. The owner(s) of Shannon’s Service Merchandise are:
_____7. The accounts receivable system allows you to set up all of the following, EXCEPT:
_____8. All journal entries made to the Sales Journal are posted to the
General Ledger and to the:
_____9. The sales tax payable account is:
____10. The Customer ID for Arlene Petty is:
____11. The Cash Account number is shown on which of the following windows:
____12. The account used for hardware sales is:
____13. A sales return is also called a/an:
____14. To back up all of Chapter 13‘s data, the following file name is used:
____15. The GL Sales Account for wall is:
ANALYSIS QUESTION
What is the balance in the Accounts Receivable account, Shannon’s Service Merchandise?
Why?