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