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ACC 2010 Week 2 Assignment 2 NEW

  • ACC 2010 Week 2 Assignment 2 NEW
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ACC 2010 Week 2 Assignment 2 NEW

Multiple Choice Questions:
 
In Chapter 2, backups are made to the following location:
The place specified for the USB drive.
C:\SageSoftware\Peachtree\Company\[filename].
X:\Exercise 1A.
D:\Chapter1_Exercise1-1.          
None of the above.
 
Cash discounts from vendors in return for early payment of an invoice are called:
Sales discounts.
Returns and allowances.
Purchase discounts.
Markdowns.
None of the above.
 
You can enter information within a lookup field by using one or more of the following keys:
Type the<+>symbol.
Double-click with the mouse.
a. or b.
Type the invoice number.
None of the above.
 
Why is it important that your coding system for vendors be consistent and logical?
All vendors and customers should be identified by 3 digits.
So that others working in your company can determine a vendor code from the company name.
All the vendors and customer numbers are already set up for Bellwether Garden Supply so you don't have to worry about it.
All customers and vendors should be identified by the first eight letters of a company's name.
None of the above
 
Why is purchase orders used?
To post accounting information.
To place an order with a customer.
To update the accounts payable subsidiary system.
To request items from a vendor.
None of the above.
 
It is important to use either upper or lowercase letters to identify a vendor because the program:
Is susceptible.
Doesn't recognize numbers.
Doesn't recognize symbols.
Is case sensitive.
None of the above.
 
Which window do you use to add a new vendor?
Maintain Vendors.
Purchases/Receive Inventory.
Menu bar.
Select a Report.
None of the above.
 
Going from the general ledger to the original entry window is called:
Drilldown.
Coding.
Lookup.
None of the above.
All of the above.
 
When you make an entry in the Purchases/Receive Inventory window for Armstrong’s Landscaping you are debiting and crediting which accounts:
a.Dr. Accounts Payable/Armstrong’s Landscaping
Cr. Cash in Checking
Cr. Purchase Discounts
Dr. Cash
Cr. Accounts Payable
Dr. Cash
Cr. Sales
Dr. Materials Cost
Cr. Accounts Payable/Armstrong’s Landscaping
None of the above
 
Which of the following Navigation Bar, Vendors & Purchases selections do you use to issue a return of merchandise to a vendor?
Vendors & Purchases Tasks; Purchases/Receive Inventory.
Credits & Returns; New Vendor Credit Memo.
Sales/Invoicing.
Credit Memos.
None of the above.
 
True/Make True:
 
Accounts Payable is money you pay to customers.
 
Vendor default information needs to be set up to establish the criteria used when computing vendor discounts.
 
Each time you use the Write Checks window, you are journalizing in the Cash Disbursements Journal.
 
The purchase discount offered to Cynthia’s Service Merchandise from their vendors is 2% 10, Net 30 Days
 
Each time you use the Payments window, you are journalizing in the Purchases Journal.
 
The merchandise that Cynthia’s Service Merchandise buys from Ronald Becker Fabrics is classified as wall coverings.
 
The detailed types list includes chart of accounts numbers with five digits.
 
The Maintain Vendors window is used to enter information about vendors from whom you purchase merchandise.
 
All accounting software applications, regardless of the size of the company, are the same.
 
Each accounting software application (for example, Peachtree, QuickBooks, and Microsoft Dynamics GP) has a unique system design.

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