? Question 1

Sales Tax Payable is what type of account?

? Question 2

Which Sage 50 Accounting function is used to create a sale quote for a potential customer?

? Question 3

Which Sage 50 Accounting function is used to record the receipt of returned goods from a customer?

? Question 4

If the perpetual method of inventory is used in Sage 50 Accounting, which of the following occurs when you enter a credit sale?

? Question 5

Sales/Invoicing is the Sage 50 Accounting function used to record a sale on credit.

? Question 6

Which of the following is characteristic of the Sales Tax Payable account?

? Question 7

MATCHING QUESTION:

Question Correct Match

• A document sent at the end of the month showing the balance due by the customer and detailing the transactions that occurred
• A tax imposed by states, counties, and/or cities on the sale of goods to consumers
• A document issued to potential customers listing the prices for goods or services
• A reduction in the selling price of goods which serves as an incentive for the customer to keep the merchandise purchased
• A general ledger account used to record the interest received from finance charges applied to a customer?s overdue invoice
• A document listing the amount of credit granted to a customer for the return of goods or damaged items