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. 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.






2. Highest number of accounting periods Peachtree will allow.






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






4. After the company is created - you can change the current period at any time by selecting Tasks>System>_________________ from the menu bar.






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






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






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






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






9. 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 __________ _________.






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






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






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






13. Peachtree recommends using ________ posting.






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






15. 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.






16. 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.






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






18. Highest number of accounting periods Peachtree will allow.






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






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






21. 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 )






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






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






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






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






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






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


28. 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.






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






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






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






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






33. 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.






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






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






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






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






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






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






40. In the General Ledger Defaults on the tab __________ ___________ - you can create or change segments for your chart of accounts ID.






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






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






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






44. 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.






45. Displays Help topics relating to the current window.






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






47. Peachtree recommends using ________ posting.






48. 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 _________ __________ __________






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






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