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