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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. General Ledger defaults are/aren't available in Peachtree First Accounting.
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2. 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.
batch
Leading or trailing spaces
real-time
accrual method
3. Guides you through entering the company address - telephone numbers - tax ID numbers - and business type.
Accounting Periods
fiscal year setup accounting method
New Company Wizard
13
4. In the Vendor Defaults menu - Peachtree allows you to customize up to _____ additional fields for maintaining information on your vendors.(spell out your answer)
cannot
F1
Beginning Balances Equity
five
5. After one or more transactions have been posted - Peachtree records account beginning balances as __________.
real-time
prior-period adjustments
F1
General Ledger Defaults Account Segments
6. Lists all Help options available in the program. The various topics are categorized in the Contents and Index options.
cannot
fiscal year setup accounting method
Help Menu
Accounting Periods
7. 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.
Account Segment
13
real-time
15
8. Asterisks (*) - question marks (?) - and plus signs (+) cannot be used in _________.
an account ID
close
accrual method
batch
9. When you use _________ posting - transactions update the General Ledger when they are saved.
prior-period adjustments
The Purchase Rep
real-time
account mask
10. __________ are not permitted in an account ID. However - spaces between characters are allowed.
Maintain Company Information
Leading or trailing spaces
Rounding Account
accrual method
11. Peachtree allows the use of both numbers and characters in an ___________.
account numbering system
Beginning Balances Equity
batch
New Company Wizard
12. Guides you through entering the company address - telephone numbers - tax ID numbers - and business type.
13
Help Menu
fiscal year setup accounting method
New Company Wizard
13. If you choose ______ posting - you must post the journals before the General Ledger will be updated.
Accounts Payable
The Purchase Rep
batch
close
14. Displays Help topics relating to the current window.
Maintain
F1
aren't
Change Accounting Period
15. You can segment your chart of accounts ID by creating descriptions - lengths - and separators for up to _________ segments. (spell out your answer)
real-time
five
cash method
cash method
16. 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 Segments
Account Segment
Beginning Balances Equity
two
17. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.
Account Segment
cannot
Company Information
Maintain Budgets
18. Peachtree allows __________ fiscal years to be open at a time. (spell out the answer)
real-time
two
Account Segments
Tooltips
19. Lists all Help options available in the program. The various topics are categorized in the Contents and Index options.
accrual method
account numbering system
real-time
Help Menu
20. 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 __________ _________.
cash method
batch
account mask
Accounting Periods
21. If you want to change the account segmentation later - you can do so in _______ ________ _______ on the _______ ________ tab
real-time
Maintain Company Information
General Ledger Defaults Account Segments
accrual method
22. You can/cannot change Accounting Methods once New Company Setup is complete.
cannot
an account ID
Help Menu
Maintain
23. PPA (and above) allows you to track _________. (use software abbreviation)
Maintain Company Information
multiple budgets
Accounting Periods
Help Menu
24. These appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.
Tooltips
cannot
Help Menu
an account ID
25. The _________ _________ is an account in your General Ledger used by Peachtree to store rounding differences on Financial Statements.
close
Rounding Account
five
real-time
26. If you choose ______ posting - you must post the journals before the General Ledger will be updated.
Account Segments
Maintain
13
batch
27. ________ are not available in Peachtree First Accounting.
Budgets
cash method
May
an account ID
28. Peachtree allows __________ fiscal years to be open at a time. (spell out the answer)
Retained Earnings
account numbering system
two
Help Button
29. At the end of the second fiscal year - you ________ the first fiscal year to make the next fiscal year available.
Retained Earnings
The Purchase Rep
real-time
close
30. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.
Retained Earnings
Company Information
batch
Account Segment
31. To access the default information window for the General Ledger - select ______ Default - Information - General Ledger
Maintain
accrual method
close
five
32. If you want to change the account segmentation later - you can do so in _______ ________ _______ on the _______ ________ tab
The Purchase Rep
15
General Ledger Defaults Account Segments
Leading or trailing spaces
33. The _________ __________ records income when cash is received and expenses when they are paid.
prior-period adjustments
close
Tooltips
cash method
34. In the General Ledger Defaults on the tab __________ ___________ - you can create or change segments for your chart of accounts ID.
The Purchase Rep
Account Segments
Help Button
multiple budgets
35. At the end of the second fiscal year - you ________ the first fiscal year to make the next fiscal year available.
batch
13
Help Menu
close
36. After the company is created - you can change the current period at any time by selecting Tasks>System>_________________ from the menu bar.
Change Accounting Period
Rounding Account
Maintain
New Company Wizard
37. 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
Maintain Company Information
real-time
batch
38. This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the button.
Help Button
Change Accounting Period
five
New Company Wizard
39. 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
Maintain Budgets
Maintain Company Information
cash method
40. When you use _________ posting - transactions update the General Ledger when they are saved.
real-time
Maintain Budgets
close
Help Button
41. 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 Company Information
fiscal year setup accounting method
Help Menu
real-time
42. Displays Help topics relating to the current window.
Maintain Vendors
cash method
F1
May
43. All companies to be consolidated must have the same _______ _______ ________ - as well as the same __________ ___________.
fiscal year setup accounting method
Maintain Vendors
two
real-time
44. This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the button.
Help Button
Account Segments
five
fiscal year setup accounting method
45. ___________ Options are not available in __________. (use software abbreviation)
Company Information
Help Menu
The Form Delivery
Maintain Budgets
46. You can/cannot change Accounting Methods once New Company Setup is complete.
batch
cannot
Change Accounting Period
accrual method
47. Peachtree recommends using ________ posting.
five
Change Accounting Period
multiple budgets
real-time
48. All companies to be consolidated must have the same _______ _______ ________ - as well as the same __________ ___________.
Tooltips
13
fiscal year setup accounting method
multiple budgets
49. 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 _________ __________ __________
New Company Wizard
Rounding Account
Beginning Balances Equity
Account Segment
50. You cannot change _________ once New Company Setup is complete.
Tooltips
Accounting Periods
General Ledger Defaults Account Segments
Accounts Payable