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