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AND ECONOMICS

  Challenge Examination Paper

Computerizing Accounting

Semester Ⅱ, 2021-2022

 

                           

Marks	Assessor	I True or False: Write T or F in the answer sheet. (15 marks)

1	2	3	4	5	6	7	8	9	10
11	12	13	14	15

1. To restore or recover data previously dumped up you need to use backup/recovery feature of the Windows operating system.
2. In Database Setup, the Database ID “ABCSYS” is highlighted; deleting the Database ID will delete the company data.
3. In entering the chart of accounts for a company, the new button must be clicked to enter the next new account.
4. SAGE allows you to create new budget data based on last year actuals.
5. There can be 12 or 13 periods in a fiscal year.
6. The creation date on the batch list was set by the session date when you open company data.
7. The last two characters of the source code selected at the Journal Entry screen denote the type of transactions.
8. In the process of entering an entry in Batch#1, you completed the 3rd detail line and discovered an error in the second line.  You clicked the field with the error and corrected it.  To start a new detail line, you should hit the Tab key.

9.    The data integrity check verifies if your debits and credits are entered into the correct GL accounts.

1. At the Journal Entry Screen, if the entry mode selected is “Quick”, it repeats the Reference and Description fields in each succeeding line.
2. After a batch has been posted, you cannot print the batch again.
3. The default bank code is used by both Vendors and Customers.
4. You cannot change the default location type after you have created the company.
5. QUIKBAL1.XLS is a financial statement generated by using Excel.
6. When you activate the general ledger module you need to activate the intelligence reporting module as well.

Marks	Assessor	II Multiple Choices (10 marks)
		Select your best answer for the following questions.

1	2	3	4	5
6	7	8	9	10

1. In SAGE, in order to pay a vendor invoice the invoice must be (   )

A.     rinted, posted and entered

B.     Entered, printed and posted

C.     Pending, printed and posted

D.     Pending, posted and printed

1. You have made a payment to a supplier from which you purchased a computer on credit. The debit side of the journal entry for this payment would be made to which account? (   )

A.    Bank – Chequing                                  

B.    Accounts payable

C.   Office equipment                                    

D.   Petty cash

1. SAGE checks for errors during transaction entry.  Which of the following will the program not check for (   )

A.     a valid entry description

B.     unbalanced entries

C.     unbalanced batches

D.     locked fiscal periods

1. In SAGE in order to pay a vendor invoice the invoice must be: (   )

A.     Appended, printed and the posted

B.     Posted, printed and then entered

C.     Entered, printed and then posted

D.     Appended, entered and then listed

1. You are going to print the Trial Balance from the General Ledger module. To print the Trial Balance you need to select which icon? (   )

A.     Financial Reporter

B.     G/L Transactions

C.     G/L Setup

D.     G/L Reports

1. The following are period-end adjustments except: (   )

A.     recording bad debt expense

B.     recording amortization expense

C.     loading a dumped database

D.     recording revenue earned but not yet billed to the customer

1. To turn on security in SAGE you need to do the following: (   )

A.     Unlock the company using fiscal periods

B.     Lock the company using fiscal periods

C.     Use the Options feature

D.     Use  Database Setup and check the security option

1. When creating a company and the associated chart of accounts you need to identify the closing account. Which option of the G/L Options icon must be selected to indicate this? (   )

A.     Address

B.     Account

C.     Posting

D.     Segments

1. The following procedure can print the Chart of Accounts except for: (   )

A.     Double click Chart of Accounts Icon – Pull down the file menu – Select Print

B.     Double click G/L Reports Icon – Double click Chart of Accounts Icon – Select Print

C.     Double click Batch List Icon – Pull down the file menu – Select Print

D.     Double click Accounts Icon – Pull down the file menu – Select Print

1. When entering a duplicate invoice in the accounts payable module SAGE will: (   )

A.     allow the entry to continue

B.     block the entry

C.     display a warning a warning message

D.     nothing.

Marks	Assessor	III Questions(6 questions, each question with 5 marks, total 30 marks)

1.    After setting up the company information, can you change the functional currency selected?

2.    If you forgot a line in the middle of a batch, how do you add it in its proper place?

3.    How do you delete a batch?

4.    How do you correct posting errors?

5.    Can a batch be modified after it has been provisionally posted? When is the provisionally posted batch deleted?

6.    What is the purpose of the posting journal?

Marks	Assessor	IV Prepare the required entries for July 2020 in date sequence using 3 batches. (35 marks)

Transactions for April, 2020.

Batch 1 – Inventory Batch

April 1 Purchased $15,000 of inventory on cheque #1.

April 2 Purchased $3,000 of supplies on account, terms 1/20, n/45.

Batch 2 – Sales Batch

April 5    Sold to the China Automobile Company $5,000 and received payment on deposit #1.

April 7    Sold to Shanghai Truck Industries $7,000 on credit terms 2/15, n/30,.

Batch 3 – General Batch

April 15  Paid salaries for 2 employees: Dan Lin $1,500 cheque #10 and Ding Lu $1,400 cheque #15

April 20  Received payment in full from Shanghai Truck Industries for April 7 sale on deposit #3.

April 25  Paid rent of $1,500 on cheque #30.

Batch Number: 001		Batch Description:
Entry Number: 001		Entry Description:
Date: 4-1-2021			Period: 04	Source: GL -
Account Number	Account Description			Debit	Credit
	Entry Totals
Entry Number: 002		Entry Description:
Date: 4-2-2021			Period: 04	Source: GL -
Account Number	Account Description			Debit	Credit
	Entry Totals
	Batch Totals

Batch Number: 002		Batch Description:
Entry Number: 001		Entry Description:
Date: 4-5-2021			Period: 04	Source: GL -
Account Number	Account Description			Debit	Credit
	Journal Entry Totals
Entry Number: 002		Entry Description:
Date: 4-7-2021			Period: 04	Source: GL –
Account Number	Account Description			Debit	Credit
	Entry Totals
	Batch Totals

Batch Number: 003				Batch Description:
Entry Number: 001				Entry Description:
Date: 4-15-2021					Period: 04	Source: GL -
Account Number		Account Description				Debit	Credit
		Entry Totals
Entry Number: 002				Entry Description:
Date: 4-20-2021					Period: 04	Source: GL –
Account Number		Account Description				Debit	Credit
		Entry Totals
		Batch Totals
Marks	Assessor		V You are required to prepare some information needed for the installation of your replacement accounting system based on SAGE. Prior to the installation of your new SAGE you need to make some decisions on the definition of some new accounts. (10 marks)

Normal Balance: Debit (DR) or Credit(CR)

Account Type: Income Statement (IS), Balance Sheet (BS) or Retained Earnings (RE)

Account Group: Current assets  (CA)

Fixed assets (FA)

Accumulated depreciation (AD)

Current liabilities (CL)

Long term liabilities (LL)

Shareholders’ equity (SE)

Revenue (RV)

Cost of sales (CS)

Purchases (PC)

Cost and expenses (CE)

                        

      

Number	Description	Normal Balance	Account  Type	Account Group
1010	Bank - Savings
1110	Allowance for Doubtful Accounts
2530	Accumulated Depreciation Building
3000	Accounts Payable
3500	Bank Loan
4000	Common Stock
4100	Retained earnings
4500	Sales
5000	Cost of Sales
6060	Utilities Expense