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Sage300 General Ledger > Module#2: Starting the General Ledger Module > Flashcards

Module#2: Starting the General Ledger Module Flashcards

1
Q

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

A: Both Admin and Common Services

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2
Q

How are sage 300 modules activated?

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

A

B: By Using Data Activation

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3
Q

What warning should you not ignore?

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

A

A: Back up Reminder

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4
Q

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

A

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

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5
Q

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
A

E: Oldest Fiscal Year Start Date and Current Fiscal Year

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6
Q

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

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

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7
Q

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

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

A

C: 99 years of history

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8
Q

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

A

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

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9
Q

Fiscal Years are divided into different periods?

A: True
B: False

A

A: True

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10
Q

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

A: Start Date
B: End Date
C: Both

A

C: Both Start and End Date

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11
Q

All periods cannot be locked to prevent accidental posting?

A: True
B: False

A

False

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12
Q

By Default: All periods are either

A: Locked
B: Unlocked

A

B: Unlocked

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13
Q

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

A

C: A number of Different Sub folders are

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14
Q

What kind of system is the General Ledger Accounting System?

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

A

C: Batch Oriented

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15
Q

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

A: All transactions are grouped together

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16
Q

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
A

E: All of the Above

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17
Q

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

A

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

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18
Q

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

A: Functional Currency

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19
Q

What does the Maintain Quantities box enable you to do?

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

A

B: Post Quantity Info

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20
Q

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

A: True
B: False

A

A: True

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21
Q

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

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

A

C: Three

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22
Q

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

A

C: Both A and B

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23
Q

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

A: True
B: False

A

B: False

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24
Q

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

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

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25
Q

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

A

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

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26
Q

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

A

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

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27
Q

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
A

H: All of the above

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28
Q

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

A: True

29
Q

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

A

C: All of the Above

30
Q

An account number cannot consist of up to ten segments?

A: True
B: False

A

B: False

31
Q

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

A: One

32
Q

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

A

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

33
Q

The First segment should always be the account segment?

A: True
B: False

A

A: True

34
Q

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

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

35
Q

How many digits is generally suitable for most companies?

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

A

D: Four

36
Q

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

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

37
Q

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
A

F: All of the above

38
Q

Once a selection has been selected in the Segment Delimiter field it cannot be changed?

A: True
B: False

A

A: True

39
Q

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

A

B: After you defined the account structure

40
Q

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

A: By using the G/L Account

41
Q

You must define an account structure for each combination of segments before you can enter accounts

A: True
B: False

A

A: True

42
Q

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
A

D: All of the Above

43
Q

What are the segments for Divisional Structure

A: Account
B: Division
C: Both
D: None

A

C: Both

44
Q

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

A

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

45
Q

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

A

D: All of the Above

46
Q

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

A: 2 Parts

47
Q

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

A: identifies the originating ledger of a transaction

48
Q

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

A

B: represents the type of transaction being entered

49
Q

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

A: True

50
Q

What segments do you see when you click the arrow beside segment name box?

A: Division
B: Region
C: Both

A

C: Both

51
Q

What does the source journal profile list

A: Source Codes
B: Profile
C: G/L Codes

A

A: Source Codes

52
Q

Source codes cannot be added, changed or removed from a source journal profile at any time

A: True
B: False

A

B: False

53
Q

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

A

B: A listing of all accounts and categorizes

54
Q

Accounts are divided into groups what are they?

A: Assets
B: Liabilities
C: Equity
D: Revenue
E: Expenses
F: All of them
A

F: All of them

55
Q

How many groups does Sage 300 come with?

A: 28
B: 27
C: 26
D: 30

A

B: 27

56
Q

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
A

I: All of them

57
Q

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

A

C: 60

58
Q

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

A

C: Both

59
Q

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
A

D: All of the Above

60
Q

You don’t have to create a least one Retained Earnings Account in your Chart of Accounts

A: True
B: False

A

B: False

61
Q

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
A

E: A and B

62
Q

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

A

D: All of the Above

63
Q

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

A

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

64
Q

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

A: Lets you Roll up balances to show summary information

65
Q

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

A: An option used for income statement accounts

66
Q

You can create new accounts automatically based on existing accounts in the General Ledger

A: True
B: False

A

A: True

67
Q

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

A

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

68
Q

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

A

I: All of the Above

69
Q

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
A

F: All of the Above

Sage300 General Ledger (6 decks)

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