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Sage300 General Ledger > Module#6: Performing Period‐End Tasks > Flashcards

Module#6: Performing Period‐End Tasks Flashcards

1
Q

What is Bank Reconciliation

A: process of Comparing and Matching figures from your accounting records against those in your bank statement
B: A way to install Banking Software on Sage 300
C: Changing mistakes in any Banking transactions

A

A: process of Comparing and Matching figures from your accounting records against those in your bank statement

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2
Q

Bank Reconciliation is It is an essential procedure performed at period‐end after the statement from the bank has been received.

A: True
B: False

A

True

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3
Q

When you a complete a bank reconciliation it allows you to:

A: verify the accuracy of the records in the company’s account
B: catch any errors made by either the bank or the company in recording deposits or checks
C: Both

A

C: Both

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4
Q

Before you begin a bank reconciliation, ensure that all the _________ that affect bank accounts for the period have been posted

A: Batches
B: Transactions
C: Places

A

A: Batches

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5
Q

A bank reconciliation done regularly can reduce the number of _____________ in your accounts, and makes it easier to find missing purchases and sales invoices.

A: Fixtures
B: Errors
C: Problems

A

B: Errors

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6
Q

The Transaction Listing Report is

A: Report that enables you to compare company’s transactions with a bank statement
B: Shows you how many transactions have been made by your company
C: Shows the final transactions for the month

A

A: Report that enables you to compare company’s transactions with a bank statement

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7
Q

What is the Reconcile Statements

A: Used to perform a bank reconciliation
B: Used to print Statements
C: Used to Reconcile different accounts

A

A: Used to perform a bank reconciliation

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8
Q

Performing a bank reconciliation enables you to uncover any possible ____________

A: Discrepancies
B: Issues
C: Problems

Discrepancies could include:
A: checks recorded as a lesser amount than what was presented to the bank
B: money received but not entered or
C: payments taken from the bank account without your knowledge
D: All

A

A: Discrepancies
D: All

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9
Q

You will enter information found on your bank statement on the Summary tab of the ___________ form.

A: Reconcile Statements
B: Transaction Statements
C: G/L Statement

A

A: Reconcile Statements

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10
Q

some of the reasons that your account may not balance:

A: A transaction, such as a service charge has not been posted.
B: The statement balance is incorrect.
C: A check or deposit cleared the bank with a different amount than recorded.
D: All Of the Above

A

D: All of the Above

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11
Q

The Reconciliation Tab lists

A: All the Transactions that have been posted in Sage 300 that affect bank accounts
B: The way to change info on the Tabs
C: New ways to add Reconciliation

A

A: All the Transactions that have been posted in Sage 300 that affect bank accounts

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12
Q

Whats the bank Reconciliation Status report

A: A Report that shows Status of Reconciliation
B: A Record of your Reconciliation entries that can be compared to your Bank Statement
C: Both

A

B: A Record of your Reconciliation entries that can be compared to your Bank Statement

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13
Q

Why would you print the Bank Withdrawals Status report?

A: Because it helps show what went out of your Bank
B: to display all outstanding checks and other withdrawals
C: Both

A

B: to display all outstanding checks and other withdrawals

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14
Q

What can you select in the Bank Withdrawals Status Report Form

A: The Withdrawal Date range
B: The Bank
C: The Application, for example AP or AR
D: which withdrawal statuses to print.
E: All
A

E: All

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15
Q

In the Bank Deposits Status Report form that opens, you can select:

A: the Deposit Date range
B: the Bank
C: the Application
D: Which deposit statuses to print
E: All
A

E: All

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16
Q

Once a bank reconciliation is balanced, you can post it.

A: True
B: False

A

A: True

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17
Q

The majority of companies divide their fiscal year into ________ accounting periods, which correspond to the twelve calendar months

A: Twelve
B: Ten
C: Eleven

A

A: Twelve

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18
Q

The primary objective of month‐end processing is to:

A: Bring the Books into Compliance With generally accepted accounting Principles
B: Prepare Month-End Financial Statements
C: Both

A

C: Both

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19
Q

Open batches can be viewed in the G/L Batch List form

A: True
B: False

A

A: True

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20
Q

Open batches can be posted ______________ using the G/L Batch List form or in groups using the G/L Post Batches form if their status is ready to post.

A: Individually
B: Together
C: All in one

A

A: Individually

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21
Q

When batches created in Sage 300’s sub ledgers are posted, batch information is created for the _____________ Ledger. This information can be viewed in the G/L Batch List form.

A: Account
B: General
C: Bank

A

B: General

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22
Q

The Source Ledger column contains the ________ form for the subledger in which the batch originated

A: Long
B: Middle
C: Short

A

C: Short

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23
Q

A data integrity check verifies that your data is error‐free. You should run a data integrity check before backing up your data.

A: True
B: False

A

A: True

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24
Q

The data integrity check can only be run by your System Administrator, or a person assigned to a security group with authorization to check data integrity.

A: True
B: False

A

A: True

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25
Q

You can move selected applications to and from

A: Available Applications Box
B: Check Applications Box
C: Both

A

C: Both

26
Q

What does the Fix Minor Errors Option do?

A: Let’s the program correct minor errors during integrity check
B: Installs a softwar that let’s you fix errors
C: Let’s you fix errors manually

A

A: Let’s the program correct minor errors during integrity check

27
Q

What kind of minor errors will be fixed?

A: All Errors
B: Depends on the Application
C: Ones that are manually selected

A

B: Depends on the Application

28
Q

What are some ways Sage 300 can go wrong when it comes to posting

A: power fluctuation,
B: network problem
C: hard disk problem
D: All

A

D: All

29
Q

When should a separate backup be done?

A: Beginning of the Month
B: Middle of the Month
C: Month End

A

C: Month End

30
Q

How many Tabs are in the Source Journals Report Form

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

A

C: Three

31
Q

What can you select from the profile drop down list

A: A/R Clearing Journals
B: Bank Reconciliation Report
C: G/L Journal Entries
D: Invoice Journal
E: Purchase and Receipts Journal
F: Reallocation Journal
G: Transaction Journal
H: All of them
A

H: All of them

32
Q

What can you use Financial Reporter for

A: To Print Financial Statements required by your business
B: To see all the Finanical reports over the month
C: Both

A

A: To Print Financial Statements required by your business

33
Q

When you select print Financial Statements and then browse, there are various of types of what:

A: Balance Sheets
B: Financial Analysis reports
C: Forecast reports 
D: various types of Income Statements.
E: All
A

E: All of the Above

34
Q

At the end of a company’s fiscal year, all ___________ and ___________ accounts must be closed to retained earnings and opened for the new year.

A: Income and Expense
B: Debit and Credit
C: Revenue and Expenses

A

A: Income and Expense

35
Q

Be sure to complete any month‐end procedures for the current period before beginning your year‐end tasks

A: True
B: False

A

A: True

36
Q

Sage 300 doesn’t have any required year end procedures

A: True
B: False

A

A: True

37
Q

Prior to performing your year end tasks, you shouldn’t backup your data to a secure location

A: True
B: False

A

B: False; You should

38
Q

It is not important that this backup file is not overwritten

A: True
B: False

A

B: False, it is important

39
Q

Posting Journals are records of every transaction that is posted to the General Ledger.

A: True
B: False

A

A: True

40
Q

If you will be resetting your batch numbers to one, you must clear your Posting Journals. Once they are cleared they can no longer be printed.

A: True
B: False

A

A: True

41
Q

Before you can use the Create New Year function, you must create the new year in the Fiscal Calendar in Common Services.

A: True
B: False

A

A: True

42
Q

When you create a new year:

A: new account records are created for the new year
B: the oldest fiscal sets and transaction history are removed if they are older than ninety nine years
C: revenue and expense accounts are closed to retained earnings
D: the current year is changed to the new year.
E: All

A

E: All

43
Q

The transactions that are created when you create a new year are placed in the ________ period.

A: Opening
B: Middle
C: Closing

A

C: Closing

44
Q

Once year end processing is complete, it isn’t important to backup your files before you begin entering new transactions

A: True
B: False

A

B: False

45
Q

Period‐end maintenance is optional, and can be performed at any time.

A: True
B: False

A

A: True

46
Q

Period End Maintenance enables you to

A: Delete inactive accounts
B: Clear transaction details 
C: Clear fiscal sets older than the number of years you selected in the G/L Options form
D: reset batch numbers.
E: All
A

E: All

47
Q

In order to delete inactive accounts, they must have a balance of ______ for the current year and any previous years where transaction history has been retained.
Also it can’t be the default closing account on the G/L Options form.

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

A

D: Zero

48
Q

You can delete transaction detail history older than the number of years you specified on the Posting tab of the G/L Options form.

A: True
B: False

A

A: True

49
Q

You have the option to delete fiscal set history older than the number of years you specified on the Posting tab of the G/L Options form.

A: True
B: False

A

A: True

50
Q

Before you can select to reset batch numbers to 1, you must have

A: posted all open batches
B: printed and cleared all posting journals.
C: Both

A

C: Both

51
Q

Visual Process Flows are __________ diagrams that can be used to guide you through and access tasks that are done frequently

A: Engraved
B: Workflow
C: Design

A

B: Workflow

52
Q

Sage 300 provides you with Visual Process Flows for frequently used tasks.

A: True
B: False

A

A: True

53
Q

Visual Process Flows are available for many of Sage 300’s modules.

A: True
B: False

A

A: True

54
Q

The Transaction Listing Report enables you to compare your company’s transactions with your bank statement.

A: True
B: False

A

A: True

55
Q

Select the reasons that may cause your account to not balance:

A: bank entry may have been made for the wrong amount.
B: transaction, such as a service charge has not been posted.
C: check or deposit cleared the bank with a different amount than recorded.
D: The statement balance is incorrect.
E: All

A

E: All

56
Q

Which report can you print if the Out of Balance by amount in the Reconcile Statements form does not equal zero?

A: G/L Report
B: Bank Reconciliation Status report
C: Accounting Report

A

B: Bank Reconciliation Status report

57
Q

At the end of a company’s fiscal year, all ____________ Accounts must be closed to retained earnings and deleted for the new year.

A: Income and Expense
B: Credit and Debit
C: Revenue and Expense

A

A: Income and Expense

58
Q

The available Visual Process Flows are displayed in the
Visual Process Flows folder.

A: True
B: False

A

A: True

59
Q

The Visual Process Flow available for the General Ledger is

A: Account Transactions
B: G/L Transactions
C: Bank Transactions

A

B: G/L Transactions

60
Q

The Reconcile Statement Form has

A: Bank Code
B: Statement Date
C: Reconciliation Date
D: The balance on the bank statement.
E: All
A

E: All

61
Q

Printing the Bank Withdrawals Status report is useful, since after the ___________ is posted, some information will no longer be available.

A: Bank Reconciliation
B: Bank Transactions
C: Bank Referral

A

A: Bank Reconciliation

62
Q

The closing period is

A: The Period that income and expense accouts are closed to at Year end
B: The Period that income and expense accouts are closed to at the beginning of the Year
C: The Period that income and expense accouts are closed to at Middle of the Year

A

A: the period that income and expense accounts are closed to at year‐end. It is the last day of the fiscal period.

Sage300 General Ledger (6 decks)

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