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