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