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