On installation, Sage 50 Accounts will automatically set T8 as the tax code for transactions which do not involve VAT

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Once a Purchase Order has been created, it has to be placed ‘on order; before any deliveries can be recorded for it.

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The code SA indicates which transaction type

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Information used for creating Financial Reports is taken from the actual column in the Nominal Ledger Record.

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Sage 50 will not allow you to delete an individual nominal account if there is a balance remaining on the account.

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In the PO Processing Toolbar, the Recurring Items button will allow you to Record Purchase Order Deliveries.

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The F1 button in Sage 50 Accounts opens the settings menu.

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Office equipment can be classed as a Fixed Assets.

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Period End options are essentially monthly and year-end procedures for updating the accounting system.

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In the Fixed Assets Toolbar, the Asset Disposal button will allow you to Report on Asset Valuation.

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The Process Map layout can be found in the Customer and Supplier group section of the Sage software.

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In the Financials Toolbar, the Verify button will allow you to run the Quick Ratio Report.

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In the Fixed Assets Toolbar, the Asset Disposal button will allow you to Report on Asset Valuation.

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A Credit Note is a form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer’s account

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The Aged Balances button will allow you to open Customer Activity.

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The financial year start date is always visible in the Sage 50 Accounts window.

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The most common tasks performed in Sage 50 Accounts can be found in the Customer toolbar.

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With Sage 50 Accounts you can calculate profit and loss for the current month or for any range of consecutive months within your current financial year.

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The Sage 50 Accounts Menu cannot be customised to your own requirements.

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Once stock is allocated to your sales orders, it can be despatched at any time.

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The Bill of Materials relates to a product you hold in stock made up from other products you keep.

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Outstanding transactions can be paid in which of the following ways?

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By default Sage 50 Accounts does not set up a Company Credit Card Account.

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You want to send your customers a statement, showing all the transaction details on their account.

Which statement type would you use?

When you access your customer records, which of the following options will prevent the warning, Terms have not been agreed with this account?

If you apply a Search in customers before running a customer report, Sage Accounts will use this search to filter the results on the report.

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When using the write off procedure, which Nominal Control account is used?

You have just written off a sales invoice. What is the HMRC VAT waiting period before you can reclaim the VAT?

Indicate below the main purpose of producing the Supplier Invoices Overdue report.

You are reconciling your Bank account in Sage Accounts and notice a figure in the difference box. What would cause this?

How would you enter your bank charges when you start a Bank Reconciliation in Sage Accounts?

In Sage Accounts, you must not enter any transactions into your new financial year until you run the Year End option.

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When reading your Trial Balance report you notice the totals do not balance. Indicate a possible reason for this:

When saving a report to file, one of the options is to save as a Portable Document File (*.pdf)

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You want to produce a Cash Flow forecast. Which of the following toolbars has the Cash Flow Forecast option?

The process of matching your computer bank records with those shown on your bank statement is commonly referred to as Bank Reconciliation.

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When you run the VAT Reconcile function, each item included in the date range is marked as reconciled. Items from a previous period that are not reconciled, can be reconciled in the current period.

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You should print all the VAT reports and keep a physical hard copy of it for the VAT officer.

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The accruals option allows the accounts to be adjusted for any payments you make in one accounting period.

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The balances of each of your income and expenditure nominal ledger accounts appear on the standard Profit and Loss report.

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What shows fixed current assets, as well as the liabilities?

After reconciling your VAT Return, VAT on the sales and purchases control account for this VAT period need to be transferred to the VAT Liability nominal account.

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The Audit Trail records details about transactions entered into the system and it is a very useful source of information for checking and cross-referring.

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The trial balance report displays a simple listing of the current balances in all your nominal ledger accounts.

Current assets are long-term and have material substance such as premises, equipment and vehicles.

The difference between assets and liabilities is referred to as the company’s net assets or net worth.

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What does the code T1 represent, select one answer from the choices below.