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