Module#2: Starting the General Ledger Module Flashcards
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
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
What warning should you not ignore?
A: Backup Reminder
B: General Ledger Crashing
C: Accounts Receivable not registering
A: Back up Reminder
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
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
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
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
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
Fiscal Years are divided into different periods?
A: True
B: False
A: True
in Fiscal years, which dates can be changed as required?
A: Start Date
B: End Date
C: Both
C: Both Start and End Date
All periods cannot be locked to prevent accidental posting?
A: True
B: False
False
By Default: All periods are either
A: Locked
B: Unlocked
B: Unlocked
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
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
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
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
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
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
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
You must select Maintain Quantities box every time you add a new account.
A: True
B: False
A: True
if the option is selected, how many decimal places can you select up to?
A: One
B: Two
C: Three
D: Zero
C: Three
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
If a Budget is locked you can still enter or modify the budget data?
A: True
B: False
B: False
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
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
