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