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I need help to answer these following questions. Thank you.

TRUE OR FALSE

1. The Payroll chapter allows the following types of Income: Income, Benefits, Reimbursement, Hourly Rate and Differential Rate. TRUE OR FALSE

2. Federal Claim is the amount the employee is allowed to earn tax free. TRUE OR FALSE

3. Payroll advances are issued by clicking on the Payroll Cheque Run icon. TRUE OR FALSE

4. Vacation pay owed is always equal to the amount paid in the previous year. TRUE OR FALSE

5. When reconciling the bank account, there must always be an ending Bank Rec. Unresolved amount. TRUE OR FALSE

6. The Reconciliation occurs in the BANKING module. TRUE OR FALSE

7. Before you can reconcile the G/L bank account, you need to receive the bank statement. TRUE OR FALSE

8. Outstanding deposit (Deposit-in-Transit) is an amount that the bank has misplaced. TRUE OR FALSE

9. Outstanding cheques, are cheques that the company has issued but havent yet cleared the bank account (presented to the bank for payment). TRUE OR FALSE

10. The bank is reconciled when the adjusted G/L balance agrees to the adjusted bank balance. TRUE OR FALSE

11. Month/Year End Adjustments occur because of mistakes that happen throughout the period. TRUE OR FALSE

12. Month/Year End Adjustments are normally reversed the following period to allow the actual entry to flow through. TRUE OR FALSE

13. Recording depreciation is a normal month/year end adjustments. TRUE OR FALSE

14. Some normal month/year end adjustments include, prepaid expenses, depreciation and wages and salaries. TRUE OR FALSE

15. Inventories are adjusted only once at the beginning of the period. TRUE OR FALSE

16. The previous fiscal year ending inventory is the new fiscal year beginning inventory. TRUE OR FALSE

17. When starting a new fiscal year, the previous year's income is cleared, by Sage 50 Accounting, to the Drawings account. TRUE OR FALSE

18. After all the month/year end adjustments are made and posted, the adjusted Trial Balance is prepared. TRUE OR FALSE

19. The Revenue Recognition Principle and the Matching Principle require that accounts receivable be properly aged and collected. TRUE OR FALSE

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