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