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