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true false questions 1 in sage 50 complete accounting 2013 you track inventory both 4301881


True / False Questions

1.In Sage 50 Complete Accounting 2013, you track inventory both from the purchasing and sales perspectives. 


2.When you set up an inventory item in Sage 50, you also establish the general journal accounts that need updating. 


3.In a perpetual inventory system, an up-to-date record of inventory is maintained, recording each purchase and each sale that occurs. 


4.To start Chapter 5, you need to have data from Exercise 4-2 in Chapter 4. 


5.The Money Market Fund is Account No. 10000. 


6.The Money Market Fund account is classified as a cash account. 


7.In Sage 50, you can track inventory when it is purchased but not when it is sold. 


8.Bellwether Garden Supply tracks oriole feeders as an inventory stock item. 


9.On the Maintain Inventory Items window, you can set defaults for the item class. 


10.When you sell inventory stock items on account, the journal entry is a debit to accounts receivable and a credit to revenue; no other accounts are included. 




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