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