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