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