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