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