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