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