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. Highest number of accounting periods Peachtree will allow.






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)






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






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






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






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






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






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






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






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 __________ _________.






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






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






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.






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






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






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






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






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.






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






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






21. Peachtree recommends using ________ posting.






22. Highest number of accounting periods Peachtree will allow.






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 __________ ___________.






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






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






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.






28. ________ are not available in Peachtree First Accounting.






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






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






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






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






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






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






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.






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






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






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






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






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






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 _________ __________ __________






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






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






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






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.






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






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






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






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