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