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


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






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






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






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






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






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






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






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






11. Peachtree recommends using ________ posting.






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






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






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






15. 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 _________ __________ __________






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






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






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






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






20. 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 )






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






37. 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.






38. Peachtree recommends using ________ posting.






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






40. 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.






41. 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 __________ _________.






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






43. 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.






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






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






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






47. 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.






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






49. Displays Help topics relating to the current window.






50. ________ are not available in Peachtree First Accounting.