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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. 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
two
Tooltips
real-time
2. Peachtree allows __________ fiscal years to be open at a time. (spell out the answer)
an account ID
two
accrual method
real-time
3. 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.
15
The Purchase Rep
General Ledger Defaults Account Segments
accrual method
4. 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 _________ __________ __________
The Purchase Rep
Company Information
five
Beginning Balances Equity
5. 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.
13
accrual method
cannot
May
6. ________________ field is not available in PFA. (use software abbreviation)
The Purchase Rep
batch
Company Information
Tooltips
7. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.
The Form Delivery
real-time
Company Information
account mask
8. Peachtree recommends using ________ posting.
Maintain
13
prior-period adjustments
real-time
9. 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.
15
batch
Maintain Vendors
an account ID
10. If you choose ______ posting - you must post the journals before the General Ledger will be updated.
13
batch
aren't
Accounting Periods
11. Information about your vendors is entered through the _________ _________ window.
Maintain Vendors
Maintain
fiscal year setup accounting method
batch
12. 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 __________ _________.
aren't
General Ledger Defaults Account Segments
account mask
real-time
13. ____________ __________ monitors the products received from vendors and the money paid to vendors.
May
an account ID
aren't
Accounts Payable
14. Highest number of accounting periods Peachtree will allow.
13
Budgets
real-time
cannot
15. Displays Help topics relating to the current window.
F1
General Ledger Defaults Account Segments
real-time
Maintain Company Information
16. In the General Ledger Defaults on the tab __________ ___________ - you can create or change segments for your chart of accounts ID.
real-time
prior-period adjustments
Account Segments
Company Information
17. Typically - the _________ ___________ account is for the Rounding Account.
an account ID
13
Retained Earnings
two
18. Lists all Help options available in the program. The various topics are categorized in the Contents and Index options.
Help Menu
multiple budgets
fiscal year setup accounting method
13
19. After the company is created - you can change the current period at any time by selecting Tasks>System>_________________ from the menu bar.
accrual method
Change Accounting Period
Maintain Company Information
Company Information
20. Displays Help topics relating to the current window.
aren't
The Purchase Rep
May
F1
21. The _________ _________ is an account in your General Ledger used by Peachtree to store rounding differences on Financial Statements.
Accounts Payable
Rounding Account
May
fiscal year setup accounting method
22. 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
Accounting Periods
Account Segments
Company Information
23. These appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.
real-time
Tooltips
General Ledger Defaults Account Segments
Maintain Budgets
24. When you use _________ posting - transactions update the General Ledger when they are saved.
batch
real-time
Company Information
close
25. You cannot change _________ once New Company Setup is complete.
Accounting Periods
Help Menu
Account Segments
13
26. 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 )
Maintain Company Information
The Purchase Rep
Account Segment
cash method
27. After one or more transactions have been posted - Peachtree records account beginning balances as __________.
cash method
prior-period adjustments
fiscal year setup accounting method
Account Segment
28. All companies to be consolidated must have the same _______ _______ ________ - as well as the same __________ ___________.
Help Menu
prior-period adjustments
Change Accounting Period
fiscal year setup accounting method
29. Asterisks (*) - question marks (?) - and plus signs (+) cannot be used in _________.
fiscal year setup accounting method
an account ID
15
May
30. You can segment your chart of accounts ID by creating descriptions - lengths - and separators for up to _________ segments. (spell out your answer)
cannot
five
batch
Beginning Balances Equity
31. General Ledger defaults are/aren't available in Peachtree First Accounting.
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on line
183
32. The _________ __________ records income when cash is received and expenses when they are paid.
cash method
real-time
Maintain Company Information
two
33. Lists all Help options available in the program. The various topics are categorized in the Contents and Index options.
Company Information
Help Menu
15
Tooltips
34. This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the button.
Help Button
Budgets
Accounts Payable
an account ID
35. Peachtree recommends using ________ posting.
Rounding Account
real-time
General Ledger Defaults Account Segments
close
36. __________ are not permitted in an account ID. However - spaces between characters are allowed.
Leading or trailing spaces
The Purchase Rep
General Ledger Defaults Account Segments
General Ledger Defaults Account Segments
37. ___________ Options are not available in __________. (use software abbreviation)
May
batch
Help Menu
The Form Delivery
38. Peachtree allows the use of both numbers and characters in an ___________.
15
account numbering system
Accounting Periods
Rounding Account
39. The ________ _________ window is used to enter and update budget information for accounts.
account numbering system
Maintain Budgets
Maintain
account mask
40. 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
F1
The Purchase Rep
Maintain
41. PPA (and above) allows you to track _________. (use software abbreviation)
Retained Earnings
15
The Purchase Rep
multiple budgets
42. You can/cannot change Accounting Methods once New Company Setup is complete.
cannot
real-time
real-time
F1
43. If you choose ______ posting - you must post the journals before the General Ledger will be updated.
an account ID
cannot
Help Button
batch
44. To access the default information window for the General Ledger - select ______ Default - Information - General Ledger
Change Accounting Period
Maintain Company Information
General Ledger Defaults Account Segments
Maintain
45. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.
Company Information
Leading or trailing spaces
Account Segment
account mask
46. When you use _________ posting - transactions update the General Ledger when they are saved.
aren't
real-time
Maintain Vendors
Company Information
47. Guides you through entering the company address - telephone numbers - tax ID numbers - and business type.
real-time
Retained Earnings
The Purchase Rep
New Company Wizard
48. You cannot change _________ once New Company Setup is complete.
Tooltips
Accounting Periods
two
Account Segments
49. ________ are not available in Peachtree First Accounting.
Budgets
F1
real-time
Maintain Vendors
50. This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the button.
Help Button
F1
cannot
Maintain Company Information