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