Question 1

If inventory statistics details are not entered you will -

Accepted Answer

A)  allow tracking of year-to-date inventory sales and purchases
B)  not be able to track year-to-date inventory sales and purchases
C)  allow tracking of number of transactions purchased
D)  allow tracking of number of transactions soldE) C) and D)
F) A) and D)

Question 2

After you finish the history for a company data set,you cannot change the inventory -

Accepted Answer

A)  item number
B)  item description
C)  unit of measure
D)  you can change any of these inventory detailsE) None of the above
F) B) and D)

Question 3

Which one of the following statements about inventory prices for foreign customers is not correct -

Accepted Answer

A)  foreign prices may be entered in the inventory ledger
B)  inventory prices in the ledger may be stated only in the home currency
C)  prices may be based on the exchange rate at the time of the sale
D)  prices may be based on the exchange rate in the customer's ledgerE) B) and D)
F) C) and D)

Question 4

If you are unable to finish entering the history for the inventory ledger,a message might advise you that -

Accepted Answer

A)  the inventory items historical information does not equal the opening balances of their linked asset accounts
B)  the linked accounts are not in logical order or are missing
C)  a backup copy of the file has not been taken
D)  the inventory items historical information does not equal the opening balances of their linked revenue accountsE) B) and D)
F) A) and B)

Question 5

One of the following is not a required step in setting up foreign currency sales and purchases -

Accepted Answer

A)  enter the linked account for tracking exchange rate differences
B)  choose the foreign currency in the supplier and customer ledger
C)  choose a foreign currency bank as the linked account
D)  all of these are necessary stepsE) A) and B)
F) A) and C) C

Question 6

The first step in setting up company files to allow foreign currency sales and purchases is -

Accepted Answer

A)  allow foreign currency transactions in the ledger record for the bank account
B)  allow transactions in a foreign currency from the setup menu
C)  change the currency setting in the supplier's ledger
D)  enter an exchange rate for the session dateE) A) and D)
F) A) and C)

Question 7

You might use the assign tax codes feature -

Accepted Answer

A)  to change tax codes already assigned to customers
B)  change the tax codes for all customers from a single screen
C)  remove tax codes already assigned to customers
D)  for all of the aboveE) None of the above
F) B) and D)

Question 8

Which of the following general statements about inventory is true -

Accepted Answer

A)  Sage 50 Accounting uses a weighted average perpetual inventory method as the default method of costing
B)  the selling price refers to a single unit,while value refers to cost of the entire stock
C)  a variance account adjusts the difference between cost of an item sold and the new purchase price
D)  all of the aboveE) C) and D)
F) None of the above

Question 9

Which one of the following general statements is not correct -

Accepted Answer

A)  HST is never charged on services,only GST is charged
B)  you cannot add details for inventory cost and quantity once you finish entering the history
C)  services are not involved in inventory item assembly entries
D)  item assembly does not involve customers or suppliersE) A) and D)
F) B) and D)

Question 10

You can change the default industry terminology for all of the following except -

Accepted Answer

A)  sales and purchase quotes and orders
B)  receipts and payments
C)  sales and purchases
D)  suppliers and customersE) A) and C)
F) A) and B)

Question 11

Inventory prices for sales to foreign customers -

Accepted Answer

A)  may be based on the exchange rate
B)  may be selected from the ledger record
C)  may be changed or entered in the sales journal
D)  all of the aboveE) B) and C)
F) None of the above D

Question 12

To change a supplier's currency after entering historical invoices and before finishing the history you must -

Accepted Answer

A)  delete the supplier record and re-enter it
B)  edit the currency selection
C)  select the correct currency for later invoices and it will be changed for the supplier overall
D)  pay historical transactions,clear paid transactions,remove the supplier record,re-enter the supplier with the correct currency selection and re-enter the historical invoicesE) A) and B)
F) A) and C)

Question 13

You can access the assign tax codes feature from -

Accepted Answer

A)  the Company Sales Taxes settings window
B)  the Payables tax codes settings window
C)  the Receivables tax codes settings window
D)  the ledger records for customers or suppliersE) B) and D)
F) A) and B)

Question 14

There are two units of an inventory item in stock.The selling price is $400 and the value is $400.What is the individual cost of the item -

Accepted Answer

A)  $100
B)  $200
C)  $300
D)  $400E) B) and C)
F) A) and B) B

Question 15

Which of the following choices are not options when using the inventory ledger -

Accepted Answer

A)  accessing inventory lists from the home window or the inventory & services window
B)  item assembly costs or adjustment write-off costs
C)  sort inventory by item and name
D)  profit evaluation method by markup or marginE) A) and D)
F) A) and C)

Question 16

To check the accuracy of the inventory records after you create them you would print -

Accepted Answer

A)  the inventory list and price list
B)  the inventory summary report
C)  the inventory quantity report
D)  all of the aboveE) A) and D)
F) None of the above

Question 17

When you change the inventory item number you must also change -

Accepted Answer

A)  the linked accounts for the inventory ledger
B)  the related inventory settings
C)  the linked accounts where the information is posted
D)  none of the aboveE) All of the above
F) A) and D)

Question 18

You cannot use the assign tax codes feature -

Accepted Answer

A)  to change tax codes for customers who do not pay taxes
B)  to create new tax codes
C)  to change the tax codes for foreign currency suppliers
D)  unless a tax code has already been assignedE) B) and C)
F) A) and C)

Question 19

You cannot enter separate inventory prices for -

Accepted Answer

A)  individual inventory asset accounts
B)  preferred customers
C)  individual inventory items
D)  foreign customersE) All of the above
F) A) and B)

Question 20

Which one of the following statements about inventory items is not correct -

Accepted Answer

A)  you will be unable to change the opening value after you finish entering the history
B)  you will be unable to change the quantity on hand after you finish entering the history
C)  you will be able to change the value and quantity after you finish entering the history
D)  linked inventory accounts are not required in order to finish entering the historyE) B) and D)
F) A) and D)

Exam 16: Velocity

If inventory statistics details are not entered you will -

Correct AnswerverifiedShow Answer

After you finish the history for a company data set,you cannot change the inventory -

Correct AnswerverifiedShow Answer

Which one of the following statements about inventory prices for foreign customers is not correct -

Correct AnswerverifiedShow Answer

If you are unable to finish entering the history for the inventory ledger,a message might advise you that -

Correct AnswerverifiedShow Answer

One of the following is not a required step in setting up foreign currency sales and purchases -

Correct AnswerverifiedC

The first step in setting up company files to allow foreign currency sales and purchases is -

Correct AnswerverifiedShow Answer

You might use the assign tax codes feature -

Correct AnswerverifiedShow Answer

Which of the following general statements about inventory is true -

Correct AnswerverifiedShow Answer

Which one of the following general statements is not correct -

Correct AnswerverifiedShow Answer

You can change the default industry terminology for all of the following except -

Correct AnswerverifiedShow Answer

Inventory prices for sales to foreign customers -

Correct AnswerverifiedD

To change a supplier's currency after entering historical invoices and before finishing the history you must -

Correct AnswerverifiedShow Answer

You can access the assign tax codes feature from -

Correct AnswerverifiedShow Answer

There are two units of an inventory item in stock.The selling price is $400 and the value is $400.What is the individual cost of the item -

Correct AnswerverifiedB

Which of the following choices are not options when using the inventory ledger -

Correct AnswerverifiedShow Answer

To check the accuracy of the inventory records after you create them you would print -

Correct AnswerverifiedShow Answer

When you change the inventory item number you must also change -

Correct AnswerverifiedShow Answer

You cannot use the assign tax codes feature -

Correct AnswerverifiedShow Answer

You cannot enter separate inventory prices for -

Correct AnswerverifiedShow Answer

Which one of the following statements about inventory items is not correct -

Correct AnswerverifiedShow Answer

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C

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D

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B

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