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