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Test your basic knowledge |
Peachtree Accounting
Start Test
Study First
Subject
:
it-skills
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. In the Vendor Defaults menu - Peachtree allows you to customize up to _____ additional fields for maintaining information on your vendors.(spell out your answer)
five
Accounting Periods
New Company Wizard
Beginning Balances Equity
2. Peachtree allows __________ fiscal years to be open at a time. (spell out the answer)
Company Information
Company Information
two
cannot
3. In the General Ledger Defaults on the tab __________ ___________ - you can create or change segments for your chart of accounts ID.
two
Account Segments
Help Menu
Help Menu
4. The chart of accounts can be divided into departments. When printing certain reports - you can filter or mask the information that appears. In the window below - the "NU" in account 57000-NU is an example of an __________ _________.
real-time
Retained Earnings
Tooltips
account mask
5. Peachtree recommends using ________ posting.
real-time
an account ID
Maintain Budgets
aren't
6. You can/cannot change Accounting Methods once New Company Setup is complete.
fiscal year setup accounting method
batch
cannot
Help Menu
7. When you use _________ posting - transactions update the General Ledger when they are saved.
real-time
Tooltips
five
fiscal year setup accounting method
8. If you want to change the account segmentation later - you can do so in _______ ________ _______ on the _______ ________ tab
account numbering system
close
aren't
General Ledger Defaults Account Segments
9. The _________ __________ records income when cash is received and expenses when they are paid.
Tooltips
cash method
New Company Wizard
batch
10. The total length of the account number - including separators - can be up to ___ characters - and Peachtree will display the structure of the ID on the right side of the window.
Accounting Periods
The Form Delivery
an account ID
15
11. All companies to be consolidated must have the same _______ _______ ________ - as well as the same __________ ___________.
Account Segments
New Company Wizard
13
fiscal year setup accounting method
12. Asterisks (*) - question marks (?) - and plus signs (+) cannot be used in _________.
close
five
F1
an account ID
13. After one or more transactions have been posted - Peachtree records account beginning balances as __________.
Tooltips
prior-period adjustments
account numbering system
Tooltips
14. ___________ Options are not available in __________. (use software abbreviation)
real-time
cannot
cannot
The Form Delivery
15. Once the new company has been created - you can select this menu selection at any time to review or update the information entered on this window.
Maintain Budgets
multiple budgets
Budgets
Maintain Company Information
16. You can segment your chart of accounts ID by creating descriptions - lengths - and separators for up to _________ segments. (spell out your answer)
close
five
The Purchase Rep
real-time
17. To access the default information window for the General Ledger - select ______ Default - Information - General Ledger
Help Menu
Maintain Budgets
cannot
Maintain
18. Highest number of accounting periods Peachtree will allow.
accrual method
Accounting Periods
13
General Ledger Defaults Account Segments
19. This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the button.
13
Help Button
prior-period adjustments
Company Information
20. At the end of the second fiscal year - you ________ the first fiscal year to make the next fiscal year available.
Company Information
five
Maintain Vendors
close
21. These appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.
Maintain Company Information
fiscal year setup accounting method
15
Tooltips
22. When you use _________ posting - transactions update the General Ledger when they are saved.
The Purchase Rep
13
real-time
Help Button
23. All companies to be consolidated must have the same _______ _______ ________ - as well as the same __________ ___________.
two
fiscal year setup accounting method
real-time
an account ID
24. After the company is created - you can change the current period at any time by selecting Tasks>System>_________________ from the menu bar.
The Purchase Rep
real-time
Change Accounting Period
Retained Earnings
25. The _______ ________ records income (not cash) when it is earned and expenses when they are incurred - that is - when your vendors bill you not necessarily when you pay them.
Leading or trailing spaces
an account ID
Maintain Company Information
accrual method
26. For example - if transactions will be entered in Peachtree starting in June - the account beginning balances should be entered as of the end of ______.
F1
General Ledger Defaults Account Segments
cannot
May
27. The _________ __________ records income when cash is received and expenses when they are paid.
an account ID
Rounding Account
Maintain Vendors
cash method
28. ________________ field is not available in PFA. (use software abbreviation)
Company Information
cash method
real-time
The Purchase Rep
29. PPA offers you the ________ feature - which allows you to segment your chart of accounts and filter reports using drop-down selection lists rather than the masking method using the asterisk. (use software abbreviation )
Account Segment
Rounding Account
Maintain Company Information
real-time
30. If you choose ______ posting - you must post the journals before the General Ledger will be updated.
close
Rounding Account
cash method
batch
31. These appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.
The Form Delivery
Maintain Company Information
Tooltips
Maintain Budgets
32. Lists all Help options available in the program. The various topics are categorized in the Contents and Index options.
aren't
F1
two
Help Menu
33. Guides you through entering the company address - telephone numbers - tax ID numbers - and business type.
Accounting Periods
New Company Wizard
15
batch
34. Information about your vendors is entered through the _________ _________ window.
Help Button
Maintain Vendors
accrual method
15
35. If you choose ______ posting - you must post the journals before the General Ledger will be updated.
accrual method
batch
Maintain Vendors
real-time
36. Displays Help topics relating to the current window.
F1
Maintain Company Information
cash method
accrual method
37. Highest number of accounting periods Peachtree will allow.
Budgets
five
Tooltips
13
38. At the end of the second fiscal year - you ________ the first fiscal year to make the next fiscal year available.
close
Maintain Company Information
fiscal year setup accounting method
real-time
39. You cannot change _________ once New Company Setup is complete.
accrual method
Accounting Periods
Company Information
Maintain Vendors
40. Trial Balance: Shows the result of the Assets - Expenses column minus the Liabilities - Equity - Income column. This value should be zero before you click OK. If this value is non-zero - the amount shown will post to a _________ __________ __________
Accounts Payable
Beginning Balances Equity
15
multiple budgets
41. You can/cannot change Accounting Methods once New Company Setup is complete.
General Ledger Defaults Account Segments
five
cannot
accrual method
42. Once the new company has been created - you can select this menu selection at any time to review or update the information entered on this window.
Maintain Budgets
close
prior-period adjustments
Maintain Company Information
43. Displays Help topics relating to the current window.
13
New Company Wizard
F1
The Purchase Rep
44. The _______ ________ records income (not cash) when it is earned and expenses when they are incurred - that is - when your vendors bill you not necessarily when you pay them.
accrual method
batch
Rounding Account
Maintain Company Information
45. Peachtree recommends using ________ posting.
five
Maintain
real-time
15
46. The total length of the account number - including separators - can be up to ___ characters - and Peachtree will display the structure of the ID on the right side of the window.
15
aren't
Budgets
New Company Wizard
47. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.
Account Segment
close
Company Information
General Ledger Defaults Account Segments
48. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.
Leading or trailing spaces
Maintain Vendors
Company Information
Maintain Company Information
49. You cannot change _________ once New Company Setup is complete.
Accounting Periods
Help Menu
real-time
close
50. ____________ __________ monitors the products received from vendors and the money paid to vendors.
Maintain Company Information
Accounting Periods
13
Accounts Payable
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