Balance Sheet Brilliance: Sage Line 50 Accounts Quiz

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1.
  You need to enter a new customer on to Sage, how do you do this?

Explanation

Customers are always set up through the customers module, but when adjustments need to made to their records this is done through the "record" button.

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Balance Sheet Brilliance: Sage Line 50 Accounts Quiz - Quiz

Do you know about Sage 50 Accounts software? Check out these Sage Line 50 Accounts Quiz and test your knowledge regarding this accounting solution. Sage 50 is a... see moresophisticated accounts solution used to make a record of financial control of businesses. Previously, it was known as line 50. The below quiz is an AAT Level 2 computerized accounts formative assessment to check how good you are at using this software. Play the quiz, then.
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2. Where would you enter opening balances for suppliers?

Explanation

The supplier invoice is only for current invoices not for opening balances.

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3. What two elements do you use to reconcile the bank account?

Explanation

To reconcile a bank account, you need to compare the Sage bank balance in the bank module with the bank statement. This process ensures that the recorded transactions in the Sage system match the actual transactions reflected in the bank statement. By reconciling these two elements, any discrepancies or errors can be identified and resolved, ensuring the accuracy of the bank account balance.

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4.
What nominal code range are Sales normally in?

Explanation

This is the first section of the statement of profit or loss

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5. The bank current account is defaulted to which nominal ledger code?

Explanation

9999 - mispostings account 4000 - sales 5000 - purchases

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6. You are asked to enter some new capital into your business, which module will you do this in?

Explanation

Credit the capital account with money introduced and therefore debit the bank with the money coming in. This transaction is made through the bank module in bank receipts.

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7. If your trial balance is incorrect, which of the following would appear?

Explanation

If the trial balance is incorrect, it means that the total debits do not equal the total credits. In such a situation, a Suspense account is created to temporarily hold the difference between the debits and credits until the error is identified and corrected. The Suspense account is used to balance the trial balance and ensure that the financial statements are accurate. Therefore, if the trial balance is incorrect, the correct answer would be 9998 - Suspense account.

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8. Which function would you use in the bank module to enter a monthly direct debit?

Explanation

This is used to set up standing orders and direct debits, which can be receipts or payments on a regular basis.

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9. What Tax Code do you use on an exempt transaction?

Explanation

T0 - zero rated
T1 - standard rate
T2 - EXEMPT
T9 - Outside the scope of VAT

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10. Where would you find the customer receipt button?

Explanation

The customer receipt button would be found in the bank. This suggests that the bank provides a feature or option for customers to receive a receipt, possibly for transactions or services conducted at the bank.

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Where would you enter opening balances for suppliers?
What two elements do you use to reconcile the bank account?
What nominal code range are Sales normally in?
The bank current account is defaulted to which nominal ledger code?
You are asked to enter some new capital into your business, which...
If your trial balance is incorrect, which of the following would...
Which function would you use in the bank module to enter a monthly...
What Tax Code do you use on an exempt transaction?
Where would you find the customer receipt button?
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