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