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