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