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