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Sage300 General Ledger > Module#4: General Ledger Processing > Flashcards

Module#4: General Ledger Processing Flashcards

1
Q

How many years of history does Sage 300 allow you to enter?

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

A

A: 99 years

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2
Q

Sage 300 allows you to post future years

A: True
B: False

A

B: False

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3
Q

Sage 300 allows you to post to previous years

A: True
B: False

A

A: True

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4
Q

Before you start entering balances, its a good idea to _________ that you are working in the correct fiscal year

A: Single Check
B: Double Check
C: Triple Check

A

B: Double Check

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5
Q

Historical Data you enter depends on your company’s situation

A: True
B: False

A

A: True

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6
Q

A General Ledger batch is

A: Group of Journal Entries
B: Where G/L Batch is located
C: Other Journal Entries

A

A: Group of Journal Entries

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7
Q

Journal Entries are entered where?

A: Accounts Journal
B: G/L Journal Form
C: Anywhere

A

The G/L Journal Form

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8
Q

What must a batch include?

A: One Journal Entry
B: One with a balancing debit and credit amounts
C: Both

A

C: Both: least one journal entry with balancing debit and credit amounts

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9
Q

There are certain conditions that batches must satisfy before they can be posted:

A: They must balance.
B: The accounts numbers used in the entries must be active and valid.
C: The source codes must be valid, and
D: The dates must be in an open fiscal period.
E: All of the above

A

E: All of the above

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10
Q

General Ledger batches can come from individual journal entries but but also can come from other sources such as:

A: Sage 300’s subledgers, such as Accounts Payable and Accounts Receivable
B: recurring entry transactions
C: entries created from allocation accounts
D: previously exported transactions that are imported
E: non‐Sage 300 applications. Sage 300 accepts a number of different file formats, such as CSV and spreadsheet files
F: All
G: A to C
H: D and E

A

F: All

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11
Q

Journal Entries are used to record what?

A: Historical Balances
B: Current Year Transactions
C: Both

A

C: Both; historical balances and current year transactions

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12
Q

Transactions must be entered how?

A: Multiple Fiscal Period Year
B: Single Fiscal Period
C: Both

A

B: Single fiscal period

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13
Q

Debits must equal Credits

A: True
B: False

A

A: True

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14
Q

Each Debit and Credit line in an entry is called a what?

A: Debit
B: Detail
C: Credit

A

B: Detail

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15
Q

What are the fields of the G/J Journal Entry Form

A: Batch Number
B: Batch Description
C: Entry Number
D: Entry Description
E: Document Date
F: Year/Period
G: Source Code
H: Entry Mode
I: Auto Reverse
J: All
A

J: All

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16
Q

Define Batch Description

A: Helps Define the Batch
B: Helps Identify Batches Later
C: Let’s you write the Batch Description

A

B: Helps Identify Batches Later

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17
Q

Define Entry Description

A: Locates an Entry
B: Defines the Entry
C: Saves the Entry

A

A: Locates an Entry

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18
Q

Define Document Date

A: The Default Date entered in Document and Posting Date Field
B: The Date the Document was created
C: The Date the Document was edited

A

A: The Default Date that was entered in Document and Posting Date Field

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19
Q

Define Year/Period

A: Beginning of the Year
B: Reflects the Session Date
C: Its when the Year and Period Ends

A

B: Reflects the Session Date

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20
Q

Define Source Code

A: Entered Automatically based on selections
B: The Sage 300 Building Code
C: A Way to edit Sage 300 from behind the scenes

A

A: Entered Automatically based on selections

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21
Q

What are the types of Entry Modes

A: Quick
B: Normal
C: Both

A

C: Quick and Normal

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22
Q

Normal Entry Mode is the Default and Requires you to enter _______, Field by Field

A: Data
B: Information
C: Contacts

A

A: Data

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23
Q

Quick Entry Mode is the Date entered in the _________________ fields is repeated in each subsequent line

A: Contacts and Information
B: General ledger and Accounts
C: Reference and Description

A

C: Reference and Description

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24
Q

Auto Reverse should be selected if you would like a __________________ entry created for the first day of the period.

A: Reversing journal
B: New Journal
C: G/L Journal

A

A: Reversing journal

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25
Q

Each Field can be up to how many characters long?

A: 40 Characters
B: 50 Characters
C: 60 Characters

A

C: 60 Characters

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26
Q

An Account Number can be entered using:

A: The Finder
B: Typing an Account Number
C: Both

A

C: Both; The Finder or by typing the account number

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27
Q

The Description of the Account is entered Manually

A: True
B: False

A

B: False, it’s entered Automatically

28
Q

A different date can be entered in each detail line without affecting the fiscal year and period

A: True
B: False

29
Q

The Source Ledger Column is used for what reason

A: Indicates the Ledger from where the entry originated
B: Let’s you edit the Ledger Column
C: Shows the Source of where the Ledger is

A

A: Indicates the Ledger from where the entry originated

30
Q

You can’t enter a different source type for each detail line

A: True
B: False

31
Q

How many characters can comments have up to?

A: 200 Characters
B: 255 Characters
C: 300 Characters

A

B: 255 Characters

32
Q

All Batches will be displayed on the Batch List Form

A: True
B: False

33
Q

Checking The Force Listing of Batches Box must print the batch listing before posting a batch

A: True
B: False

34
Q

In the G/L Batch listing Report form you can specify a selected range of

A: Batch Numbers
B: the Source Ledger (such as General Ledger or Accounts Payable)
C: The range of dates that the batches were created.
D: All

35
Q

You can select to include Previously Printed Batches, Reference and Description fields and/or the Comments field

A: True
B: False

36
Q

How can you post your batches?

A: Provisionally
B: Temporarily
C: Both

37
Q

With Provisionally Batches they can edited or deleted until you post them permanently

A: True
B: False

38
Q

When you post the batch permanently the provisional batches are deleted

A: True
B: False

39
Q

The Provisional Separate option is where the Trial Balance is displayed with an ___________ column that includes provisionally posted data

A: Extra
B: Additional
C: More

A

B: Additional

40
Q

The Provisional Worksheet option is where the Trial Balance amounts include the _____________ posted data along with columns for entering debits and credits manually

A: Provisionally
B: Additional
C: General Ledger

A

A: provisionally

41
Q

Posting Permanently updates account info in the

A: Accounts
B: General Ledger
C: Banks

A

B: General Ledger

42
Q

A batch need not be posted immediately after creation however immediate posting of batches ensures that up-to-date ledger information is available at all times

A: True
B: False

43
Q

Sage 300 assigns an alphabetical sequence, the Posting Sequence Number, to the posting process

A: True
B: False

A

B: False; it’s numerical

44
Q

Batches can’t be posted individually using the G/L Batch List form or in groups using the G/L Post Batches form.

A: True
B: False

45
Q

The Posting Journal shows a record of every entry posted

A: True
B: False

46
Q

Posting Journal is selected manually in the Select Journal section.

A: True
B: False

A

B: False, it’s selected by default

47
Q

In the Date box you have the option of selecting

A: Document Date
B: Posting Date
C: Both

A

C: Both; Document Date or Posting Date

48
Q

You can select the range of Posting sequences to be included in the report.

A: True
B: False

49
Q

You can sort your Posting Journal by

A: Posting Sequence
B: Account Number
C: Both

50
Q

Financial statements, such as Balance Sheets and Income Statements can be printed from the _____________ folder. They are produced using the transaction data stored in the General Ledger.

A: G/L Ledger
B: Financial Reporter
C: Accounts

A

B: Financial Reporter

51
Q

Financial statements can be based on predefined specifications or you can design your own using the:

A: Combined Accounts
B: General Ledger
C: Statement Designer

A

C: Statement Designer

52
Q

Sage 300 uses Microsoft Excel to format, graph, and print your General Ledger data.

A: True
B: False

53
Q

The Statement designer allows you to customize your financial statements. When you open the Statement Designer.

A: True
B: False

54
Q

Before you create a new year, you must ensure that the fiscal calendar exists for the new fiscal year, and the default closing account has been specified in the G/L Options form

A: True
B: False

55
Q

It isn’t a good idea to print the Bank Reconciliation Status Report before you post the reconciliation

A: True
B: False

56
Q

Once the reconciliation is posted, you can print the Reconciliation Posting Journal.

A; True
B: False

57
Q

The majority of your day to day transactions are entered in the ____________ Entry form, which is accessed from the G/L Transactions folder.

A: Accounting Journal
B: G/L Journal
C: Banking Journal

A

B: G/L Journal

58
Q

Balanced journal entries can be added to the data entry table at the bottom of the G/L Journal Entry form

A: True
B: False

59
Q

Alternatively, entries can be added line by line in the Journal Detail form.

A: True
B: False

60
Q

Sage 300 comes with a built‐in Calculator that can be used when entering debit or credit amounts.

A: True
B: False

61
Q

You can hide columns that you do not use by __________clicking the column heading and then clicking the Hide Column Name on the short cut menu.

A: Left
B: Middle
C: right

62
Q

Restore hidden columns by __________ clicking any column heading and then selecting Restore Column Name

A: left
B: right
C: middle

63
Q

A batch can only be deleted before it has been posted

A: True
B: False

64
Q

Errors are placed in a new batch, allowing you to correct them. Errors can include

A: Entries to a locked fiscal period
B: Entries to accounts that do not exist
C: Entries that do not balance
D: All

65
Q

True or False: When a batch is deleted, it is removed from the G/L Batch List form.

A: True
B: False

66
Q

You can make entries in the General Ledger using the General Ledger Journal Entry form and the Journal Detail form.

A: True
B: False

Sage300 General Ledger (6 decks)

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