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