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 when cash is received and expenses when they are paid.






2. ________ are not available in Peachtree First Accounting.






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






4. 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.






5. 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.






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






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






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






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






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






11. In the Vendor Defaults menu - Peachtree allows you to customize up to _____ additional fields for maintaining information on your vendors.(spell out your answer)






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






13. 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 _________ __________ __________






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






15. 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.






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






17. Displays Help topics relating to the current window.






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






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






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






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






22. Displays Help topics relating to the current window.






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






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






25. 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.






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.






27. Information about your vendors is entered through the _________ _________ window.






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






29. Highest number of accounting periods Peachtree will allow.






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






31. 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.






32. Peachtree recommends using ________ posting.






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






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






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






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






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






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






39. Peachtree recommends using ________ posting.






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






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






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






43. Highest number of accounting periods Peachtree will allow.






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






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






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






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






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


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






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