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