Sage Computerised Accounting - Qp6

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  • 1/10 Questions

    Money is the life blood of any organisation and so particular attention should be paid to the ‘Bank’. 

    • True
    • False
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About This Quiz

Sage Computerised Accounting - QP6 assesses knowledge on managing banking and cash operations within the Sage software. It covers true\/false questions on bank management, fraud prevention, and recording transactions, crucial for efficient financial management.

Accounting Quizzes & Trivia

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  • 2. 

    Using the Bank area, you can record payments that your organisation has made and received, whether they are cash receipts and payments or payments from Debtors or to Creditors.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement is true because the Bank area allows the user to keep a record of all the payments made and received by the organization. This includes cash receipts and payments, as well as payments from debtors and to creditors. The Bank area serves as a central hub for tracking and managing all financial transactions related to the organization's banking activities.

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  • 3. 

    Advantages of using computerised accounting is the automatic production of report at will and amending records is straight forward.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because computerised accounting systems have the ability to generate reports instantly, allowing users to access financial information whenever needed. Additionally, making changes or corrections to records in computerised accounting is relatively easy and straightforward compared to manual methods.

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  • 4. 

    Transferring money from one account to another is not common practice. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because transferring money from one account to another is a common practice. Many people transfer money between their own accounts or to other people's accounts for various reasons, such as paying bills, making purchases, or sending money to family and friends. This can be done through online banking, mobile banking apps, or by visiting a bank branch.

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  • 5. 

    The Journals are used when making an entry to the accounts which are more unusual than the normal sales/purchases, payments/receipts transactions. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Journals are indeed used when making entries to the accounts that are more unusual than the normal sales/purchases, payments/receipts transactions. Journals are used to record non-routine transactions such as adjusting entries, correcting errors, and recording unusual or infrequent transactions. These entries are then transferred to the general ledger accounts. Therefore, the statement "The Journals are used when making an entry to the accounts which are more unusual than the normal sales/purchases, payments/receipts transactions" is true.

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  • 6. 

    Payments from Debtors will not go into the ‘Cash in Hand’ account; they will go into the ‘Bank Current Account’. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Payments from debtors will not go into the 'Cash in Hand' account because the 'Cash in Hand' account is typically used for cash transactions, such as payments made with physical currency. Payments from debtors, on the other hand, are usually made through electronic transfers or checks, which are deposited into the 'Bank Current Account'. Therefore, it is true that payments from debtors will not go into the 'Cash in Hand' account.

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  • 7. 

    Both types of receipt are the same types of transactions and must be indicated as such.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The explanation for the given correct answer is that both types of receipts are not necessarily the same types of transactions and do not always need to be indicated as such. There can be different types of transactions that may require different types of receipts. Therefore, the statement is false.

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  • 8. 

    To record a payment that you have made, for example a utility bill, click on the ‘Payment’ icon along the top of the screen in the ‘Creditor’ area. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    To record a payment that you have made, for example a utility bill, you should not click on the 'Payment' icon along the top of the screen in the 'Creditor' area. This statement is false.

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  • 9. 

    A bad debt is created when a creditor has not paid their bill. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    A bad debt is not created when a creditor has not paid their bill. Instead, a bad debt is created when a debtor is unable to repay their outstanding debt to a creditor. In this scenario, the debtor is the one who owes money to the creditor, and if they are unable to make the payment, it becomes a bad debt for the creditor. Therefore, the correct answer is False.

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  • 10. 

    Checking the accounts in ‘Cash’ regularly would help to reduce fraud.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Regularly checking the accounts in 'Cash' may not necessarily help to reduce fraud. While regular monitoring of accounts can help identify suspicious activities, it is not a foolproof method to prevent fraud. Other measures such as implementing strong internal controls, segregation of duties, and conducting thorough audits are also essential in reducing the risk of fraud. Therefore, the statement is false as it oversimplifies the complexity of fraud prevention.

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  • Current Version
  • Mar 15, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 08, 2014
    Quiz Created by
    Jackson Matthews
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