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