Sage Computerised Accounting - Qp5

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| By Jackson Matthews
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Jackson Matthews
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1. If a customer returns an item, their account needs to be adjusted. 

Explanation

When a customer returns an item, their account needs to be adjusted because the return affects their financial balance with the company. The adjustment may involve refunding the customer's money, issuing store credit, or updating their account to reflect the returned item. This ensures that the customer's account accurately reflects their current transactions and helps maintain the integrity of the company's financial records.

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About This Quiz
Computerised Accounting Quizzes & Trivia

This quiz, titled 'Sage Computerised Accounting - QP5', assesses knowledge on handling transactions, invoices, and discounts in a computerised accounting system using Sage software. It is designed to enhance practical skills in managing financial records efficiently, making it ideal for students and professionals in accounting and finance.

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2. If your business needs to send out monthly statements to your customers, Sage can help you to easily produce the correct documents. 

Explanation

Sage can help businesses easily produce monthly statements for their customers, indicating that the statement is correct.

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3. An invoice is a document issued to a customer on credit and allows the customer a certain time period to pay the outstanding balance.

Explanation

An invoice is a document that is issued to a customer when they make a purchase on credit. It outlines the details of the transaction, including the amount owed and the payment terms. By providing a certain time period for the customer to pay the outstanding balance, the invoice allows for flexibility in payment and helps to maintain a good relationship between the seller and the customer. Therefore, the statement "An invoice is a document issued to a customer on credit and allows the customer a certain time period to pay the outstanding balance" is true.

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4. When entering details of an invoice into a computerised accounting system you should first navigate the software to find the required page. 

Explanation

When entering details of an invoice into a computerized accounting system, it is important to first navigate the software to find the required page. This is because different accounting software may have different layouts and menus, and locating the correct page ensures that the invoice details are entered in the appropriate fields. By navigating the software first, the user can ensure accurate and efficient data entry.

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5. When entering details of an invoice into a computerised accounting system you should first navigate the software to find the required page. 

Explanation

When entering details of an invoice into a computerized accounting system, it is important to first navigate the software to find the required page. This ensures that the information is entered accurately and in the correct location within the system. By navigating to the required page, the user can access the specific fields and options necessary for entering the invoice details, such as the customer information, item descriptions, quantities, and prices. This step helps to streamline the data entry process and ensures that the invoice is properly recorded in the accounting system.

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6. A ______ transaction may be made through a sale or a purchase or when paying an invoice, an expense or a salary.

Explanation

A cash transaction refers to any exchange of money or currency, whether it is made through a sale, purchase, payment of an invoice, expense, or salary. It involves the immediate transfer of funds from one party to another using physical cash or electronic means. Credit transactions, on the other hand, involve the use of credit cards or loans, where payment is deferred or made at a later date. Since the question mentions the transaction being made through a sale, purchase, or payment, it indicates the immediate exchange of money, which aligns with a cash transaction.

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7. Debit Notes are issued to adjust records due to a returned item. 

Explanation

Debit Notes are not issued to adjust records due to a returned item. Instead, Debit Notes are issued to record an increase in expenses or a decrease in liabilities. They are used to correct errors in recording transactions, to record adjustments, or to notify the recipient of a debit in their account. Therefore, the correct answer is False.

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8. A discretionary discount is a discount offered on some invoices to entice the customer to pay the balance as early as possible. 

Explanation

A discretionary discount is not offered to entice the customer to pay the balance as early as possible. It is a discount that is given at the discretion of the seller, based on various factors such as the customer's loyalty, volume of purchases, or special circumstances. It is not directly related to the timing of the payment.

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  • Mar 17, 2023
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  • Apr 08, 2014
    Quiz Created by
    Jackson Matthews
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If a customer returns an item, their account needs to be...
If your business needs to send out monthly statements to your...
An invoice is a document issued to a customer on credit and allows the...
When entering details of an invoice into a computerised accounting...
When entering details of an invoice into a computerised accounting...
A ______ transaction may be made through a sale or a purchase or when...
Debit Notes are issued to adjust records due to a returned item. 
A discretionary discount is a discount offered on some invoices to...
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