Test your basic knowledge |

Peachtree Accounting

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.






2. The ________ _________ window is used to enter and update budget information for accounts.






3. Highest number of accounting periods Peachtree will allow.






4. General Ledger defaults are/aren't available in Peachtree First Accounting.


5. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.






6. If you choose ______ posting - you must post the journals before the General Ledger will be updated.






7. Highest number of accounting periods Peachtree will allow.






8. Asterisks (*) - question marks (?) - and plus signs (+) cannot be used in _________.






9. After one or more transactions have been posted - Peachtree records account beginning balances as __________.






10. 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 )






11. 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.






12. At the end of the second fiscal year - you ________ the first fiscal year to make the next fiscal year available.






13. These appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.






14. 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.






15. You cannot change _________ once New Company Setup is complete.






16. The _________ _________ is an account in your General Ledger used by Peachtree to store rounding differences on Financial Statements.






17. You can/cannot change Accounting Methods once New Company Setup is complete.






18. ___________ Options are not available in __________. (use software abbreviation)






19. Peachtree allows __________ fiscal years to be open at a time. (spell out the answer)






20. 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 _________ __________ __________






21. 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.






22. Typically - the _________ ___________ account is for the Rounding Account.






23. For example - if transactions will be entered in Peachtree starting in June - the account beginning balances should be entered as of the end of ______.






24. If you want to change the account segmentation later - you can do so in _______ ________ _______ on the _______ ________ tab






25. Peachtree allows the use of both numbers and characters in an ___________.






26. When you use _________ posting - transactions update the General Ledger when they are saved.






27. 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.






28. All companies to be consolidated must have the same _______ _______ ________ - as well as the same __________ ___________.






29. Peachtree recommends using ________ posting.






30. If you want to change the account segmentation later - you can do so in _______ ________ _______ on the _______ ________ tab






31. At the end of the second fiscal year - you ________ the first fiscal year to make the next fiscal year available.






32. ____________ __________ monitors the products received from vendors and the money paid to vendors.






33. If you choose ______ posting - you must post the journals before the General Ledger will be updated.






34. 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.






35. These appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.






36. PPA (and above) allows you to track _________. (use software abbreviation)






37. ________________ field is not available in PFA. (use software abbreviation)






38. This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the button.






39. 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 __________ _________.






40. ________ are not available in Peachtree First Accounting.






41. __________ are not permitted in an account ID. However - spaces between characters are allowed.






42. The _________ __________ records income when cash is received and expenses when they are paid.






43. You can segment your chart of accounts ID by creating descriptions - lengths - and separators for up to _________ segments. (spell out your answer)






44. To access the default information window for the General Ledger - select ______ Default - Information - General Ledger






45. Peachtree recommends using ________ posting.






46. Lists all Help options available in the program. The various topics are categorized in the Contents and Index options.






47. Peachtree allows __________ fiscal years to be open at a time. (spell out the answer)






48. Displays Help topics relating to the current window.






49. This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the button.






50. Guides you through entering the company address - telephone numbers - tax ID numbers - and business type.