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