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