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