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