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