Balance Sheet Brilliance: Sage Line 50 Accounts Quiz

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| By GGodfrey

GGodfrey

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Quizzes Created: 1 | Total Attempts: 7,285

Questions: 10 | Attempts: 7,325 | Updated: Nov 23, 2023

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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 sophisticated 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.

Questions and Answers

1.

You need to enter a new customer on to Sage, how do you do this?
- A.
  
  Suppliers module -> New
- B.
  
  Customers module -> Record
- C.
  
  Nominal module -> New
- D.
  
  Customers module -> New
Correct Answer
D. Customers module -> New

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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2.

You are asked to enter some new capital into your business, which module will you do this in?
- A.
  
  Nominal
- B.
  
  Financials
- C.
  
  Supplier
- D.
  
  Bank
- E.
  
  Customer
Correct Answer
D. Bank

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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3.

What nominal code range are Sales normally in?
- A.
  
  The 4000 range
- B.
  
  The 3000 range
- C.
  
  The 5000 range
- D.
  
  The 7000 range
Correct Answer
A. The 4000 range

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

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4.

What Tax Code do you use on an exempt transaction?
- A.
  
  T0
- B.
  
  T1
- C.
  
  T2
- D.
  
  T9
Correct Answer
C. T2

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

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5.

Where would you enter opening balances for suppliers?
- A.
  
  Customer record
- B.
  
  Supplier record
- C.
  
  Customer invoice
- D.
  
  Supplier invoice
Correct Answer
B. Supplier record

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

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6.

What two elements do you use to reconcile the bank account?
- A.
  
  Sage bank balance in the bank module and nominal ledger balance
- B.
  
  Bank statement and supplier payments
- C.
  
  Bank statement and customer balances
- D.
  
  Sage bank balance in the bank module and the bank statement
Correct Answer
D. Sage bank balance in the bank module and the bank statement

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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7.

The bank current account is defaulted to which nominal ledger code?
- A.
  
  9999
- B.
  
  4000
- C.
  
  5000
- D.
  
  1200
Correct Answer
D. 1200

Explanation
9999 - mispostings account 4000 - sales 5000 - purchases

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8.

Which function would you use in the bank module to enter a monthly direct debit?
- A.
  
  Bank payment
- B.
  
  Supplier payment
- C.
  
  Recurring items
- D.
  
  Batch payments
Correct Answer
C. Recurring items

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.

Where would you find the customer receipt button?
- A.
  
  Customers
- B.
  
  Bank
- C.
  
  Nominal
- D.
  
  Suppliers
Correct Answer
B. Bank

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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10.

If your trial balance is incorrect, which of the following would appear?
- A.
  
  9999 - Mispostings account
- B.
  
  9998 - Suspense account
- C.
  
  3000 - Capital account
- D.
  
  3200 - Profit or Loss account
Correct Answer
B. 9998 - Suspense account

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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Current Version
Nov 23, 2023

Quiz Edited by
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Nov 11, 2014

Quiz Created by
GGodfrey

Balance Sheet Brilliance: Sage Line 50 Accounts Quiz

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

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

What nominal code range are Sales normally in?

What Tax Code do you use on an exempt transaction?

Where would you enter opening balances for suppliers?

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

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

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

Where would you find the customer receipt button?

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