Module#2: Starting the General Ledger Module Flashcards by Scott-Elgin Nunn

when you open a company for the first time what must be Activated?

A: Both Admin and Common Services
B: Admin Services
C: Common Services

A: Both Admin and Common Services

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How are sage 300 modules activated?

A: By Starting Sage 300
B: By Using Data Activation
C: By Turning on the Computer

B: By Using Data Activation

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What warning should you not ignore?

A: Backup Reminder
B: General Ledger Crashing
C: Accounts Receivable not registering

A: Back up Reminder

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What is Sage Intelligence Reporting?

A: It allows you to report problems to Sage 300
B: It shows all the errors
C: It opens a different program to report issues
D: It Provides you a number of ready to use reports

D: it provides you a number of ready to use reports

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What are the required dates that need to be entered in the Data Activation Form?

A: Oldest Fiscal Year Start Date
B: Current Fiscal Year
C: Oldest Fiscal Year
D: All Three
E: A and B

E: Oldest Fiscal Year Start Date and Current Fiscal Year

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What is the Oldest Fiscal Year Start Date?

A: Date in which you want to maintain records
B: The Start of Sage 300 Date
C: The Current day of the Week

A: is the date from which you want to maintain records

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How many years does Sage 300 allows you to keep up to?

A: 100 Years
B: 80
C: 99 Years
D: 15 Years

C: 99 years of history

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What is the Current Fiscal Year?

A: The Day when Sage 300 is first activated and used for General Ledger and Accounting
B: The date that was provided when Common Services was activated
C: The Date when Administrative services were activated
D: B and C

B: It uses the date that was provided when common services were activated

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Fiscal Years are divided into different periods?

A: True
B: False

A: True

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in Fiscal years, which dates can be changed as required?

A: Start Date
B: End Date
C: Both

C: Both Start and End Date

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All periods cannot be locked to prevent accidental posting?

A: True
B: False

False

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By Default: All periods are either

A: Locked
B: Unlocked

B: Unlocked

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What happens when you click open the general ledger

A: It opens a brand new ledger and account
B: It goes to a different location on Sage 300
C: A number of Different Sub folders

C: A number of Different Sub folders are

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What kind of system is the General Ledger Accounting System?

A: Numerical Oriented
B: Alphabetical Oriented
C: Batch Oriented
D: System Oriented

C: Batch Oriented

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What does Batch Oriented mean?

A: All transactions are grouped together
B: All transactions are grouped separately
C: All Transactions are grouped by Names

A: All transactions are grouped together

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Before you work with General Ledger you must define settings for?

A: Company Info
B: Account Processing
C: Batch Posting
D: Account Segments
E: All of the Above
F: A and B
G: C and D

E: All of the Above

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What kind of info is displayed in the Company Tab?

A: All of Sage 300 ledgers and accounts that will be used
B: Info that was entered when common services was activated
C: The Employees and Superviors of the Company
D: How much money the Company Makes and if they will make a profit at the end of the year

B: Company Info that was entered when common services was activated

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What kind of Currency is kept for the company in its books?

A: Functional Currency
B: Non-Functional Currency
C: Canadian Currency
D: Other Currency

A: Functional Currency

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What does the Maintain Quantities box enable you to do?

A: Post Company Info
B: Post Quantity Info
C: Post Quality Info

B: Post Quantity Info

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You must select Maintain Quantities box every time you add a new account.

A: True
B: False

A: True

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if the option is selected, how many decimal places can you select up to?

A: One
B: Two
C: Three
D: Zero

C: Three

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What does the Lock Budget Sets section allow you to do?

A: Lock all of the five budgets
B: Lock some of the Budgets
C: Both A and B

C: Both A and B

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If a Budget is locked you can still enter or modify the budget data?

A: True
B: False

B: False

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What does the Allow Provisional Posting box do?

A: You to see the effects of posting a batch may have on financial statements
B: It allows you to change Posting options such as date and times when you can post
C: It allows you to change financial statements and dates of the statements

A: it allows you to see the effects that posting a batch may have on financial statements

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What does Force Listing of Batches do? A: it allows a batch to be posted and printed B: it stops a batch from being posted until it is printed C: It shows all batches that were printed

B: it stops a batch from being posted until it is printed to the screen, printer or file

What is the Edit Imported Entries option? A: It allows you edit created batches B: It allows you to define what can be edited C: It allows you to delete old batches

B: It allows you to define what can be edited when importing batches

What does the Posting Statistics section display? ``` A: Last Batch number B: The Next posting Sequence C: The next Provisional Posting Sequence D: Current Fiscal Year E: Oldest year of Fiscal sets on file F: Oldest Year of Transaction Detail G: A, B and C H: All of the Above ```

H: All of the above

When you first open a company the current fiscal year is always one year before the oldest fiscal year start date? A: True B: False

A: True

What does the Segment Tab allows you to do? A: Define Flexible account numbers B: Add additional segments such as departments, divisions and product lines C: All of the Above

C: All of the Above

An account number cannot consist of up to ten segments? A: True B: False

B: False

All accounts must consist of at least how many segments (which is also called the account segment)? A: One B: Two C: Three D: Four

A: One

What is the Account Segment? A: A segment that contains different accounts and ledgers B: A segment that contains the account code that identified the purpose of the account C: A segment that deals with finances, currency and multi-currency

B: A segment that contains the account code that identified the purpose of the account

The First segment should always be the account segment? A: True B: False

A: True

The Segment name represents what? A: name you want to associate with the account number B: The name of the Tab you are in C: The Account name in which you are working in

A: The name you want to associate with the account number

How many digits is generally suitable for most companies? A: One B: Two C: Three D: Four

D: Four

The use in Closing column is used to indicate what? A: Whether you want to use a separate retained earnings account B: Whether you want to close another account C: Whether you want to merge accounts to create one big account

A: Whether you want to use a separate retained earnings account

in the Segment Delimiter field which character can be used to separate your account segments? ``` A: Hyphen B: Forward Slash C: Backward Slash D: Asterisk E: Period F: All of the above ```

F: All of the above

Once a selection has been selected in the Segment Delimiter field it cannot be changed? A: True B: False

A: True

When can you select a code for the Default Structure Code? A: Before you have defined the account structures B: After you defined the account structure C: In the middle of the account structure

B: After you defined the account structure

How are Account Structures defined? A: By using the G/L Account B: By using the A/R account C: By using the A/P Account

A: By using the G/L Account

You must define an account structure for each combination of segments before you can enter accounts A: True B: False

A: True

What are the structures that have been defined? ``` A: Account Structure B: Divisional Structure C: Regional Structure D: All of the Above E: A and B F: B and C G: A and C ```

D: All of the Above

What are the segments for Divisional Structure A: Account B: Division C: Both D: None

C: Both

Whats the "Use as Company Default Structure" box used for A: To name the Company and design the structure B: The default account structure that will display automatically when you add accounts C: To set up financials, ledgers and accounts on Sage 300

B: The default account structure that will display automatically when you add accounts

What are Source codes used for? A: to identify similar transactions B: to print transactions by specific type C: to view transactions by specific type D: All of the above

D: All of the Above

Source code is a 4 character code but how many parts are there for the source code? A: 2 Parts B: 3 Parts C: 4 Parts

A: 2 Parts

The first part of a source code identifies what? A: The originating ledger of a transaction B: Where the ledger is posted C: How long the source code is

A: identifies the originating ledger of a transaction

The second part of a source code identifies what? A: Where the ledger is posted B: The type of transaction being entered C: How long the source code is

B: represents the type of transaction being entered

If you have defined more than one segment on the Segments tab of the G/L Options form, you must identify them in the G/L Segment Codes form. A: True B: False

A: True

What segments do you see when you click the arrow beside segment name box? A: Division B: Region C: Both

C: Both

What does the source journal profile list A: Source Codes B: Profile C: G/L Codes

A: Source Codes

Source codes cannot be added, changed or removed from a source journal profile at any time A: True B: False

B: False

What is the Chart of Accounts A: G/L records, accounts and ledgers B: A listing of all accounts and categorizes C: Finical Records and Bank Statements

B: A listing of all accounts and categorizes

Accounts are divided into groups what are they? ``` A: Assets B: Liabilities C: Equity D: Revenue E: Expenses F: All of them ```

F: All of them

How many groups does Sage 300 come with? A: 28 B: 27 C: 26 D: 30

B: 27

What are on the G/L Accounts Form? ``` A: Accounts B: Description C: Structure Code D: Normal Balance E: Account Type F: Account Group G: Status H: Post to Account I: All of Them J: A to D K: E to H ```

I: All of them

On the G/L Account Form in the description box, What is the max characters that can be entered? A: 40 B: 50 C: 60 D: 9999999999

C: 60

On the G/L Account Form in the Normal Balance Box what is the option you must choose from the drop down list depending on the situation A: Debit B: Credit C: Both

C: Both

On the G/L Account Form What are the sheets you can choose? ``` A: Income Statement B: Balance Sheet C: Retained Earnings D: All of the Above E: A and B ```

D: All of the Above

You don't have to create a least one Retained Earnings Account in your Chart of Accounts A: True B: False

B: False

On the G/L Account Form What status option can you can choose? ``` A: Active B: Inactive C: Open D: Closed E: A and B F: C and D G: All of the Above ```

E: A and B

On the G/L Account Form What options can you select on the Post to Account? A: Detail B: Consolidated C: Prohibited D: All of the Above

D: All of the Above

What does the Auto Allocation option let you do? A: Allocate certain options on the G/L Ledger B: Indicate whether the account balance will be allocated to other accounts C: Merge all accounts into one D: All of the Above

B: Indicate whether the account balance will be allocated to other accounts

What does the Rollup Account Do? A: Lets you Roll up balances to show summary information B: Rolls up accounts all together in one C: Selects Multiple Accounts and merges them

A: Lets you Roll up balances to show summary information

What is the Close to Option? A: An option used for income statement accounts B: An option to close all Sage 300 windows C: An option that closes a window and opens another one to another location

A: An option used for income statement accounts

You can create new accounts automatically based on existing accounts in the General Ledger A: True B: False

A: True

What is the Default Closing Account? A: The Page that adds up all accounts and closes them at the end of the month B: An account who has your closing balance for the month and then restarts at the beginning of the month C: An account used at year end to close your revenue and expense accounts

C: An account that will be used at year end to close your revenue and expense accounts

You can delete an account by clicking in the G/L Accounts form if only certain conditions are met; what are they? A: The account must be inactive B: It cannot contain information that is required to create comparative financial statements C: It is not a retained earnings account. D: Its beginning and current balances are zero E: no transactions can be posted to it in the current year F: There cannot be history in the account for which you keep fiscal sets H: it cannot be used as an allocation account I: All of the Above

I: All of the Above

What are the 5 Usages of the G/L Chart of Accounts Form ``` A: Navigate to an account B: View posted transactions C: Compare two fiscal sets of data D: Access budget information E: View posted history F: All of the Above ```

F: All of the Above

Module#2: Starting the General Ledger Module Flashcards

(69 cards)