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