Test your basic knowledge |

Peachtree Accounting

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. Highest number of accounting periods Peachtree will allow.






2. 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 _________ __________ __________






3. If you choose ______ posting - you must post the journals before the General Ledger will be updated.






4. These appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.






5. In the Vendor Defaults menu - Peachtree allows you to customize up to _____ additional fields for maintaining information on your vendors.(spell out your answer)






6. At the end of the second fiscal year - you ________ the first fiscal year to make the next fiscal year available.






7. 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.






8. If you want to change the account segmentation later - you can do so in _______ ________ _______ on the _______ ________ tab






9. These appear when you pass the cursor over buttons in the toolbars. They tell you what the button is for.






10. This button is available on most Peachtree windows. Help topics relating to the current window appear when you click the button.






11. 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.






12. Displays Help topics relating to the current window.






13. You can/cannot change Accounting Methods once New Company Setup is complete.






14. General Ledger defaults are/aren't available in Peachtree First Accounting.


15. In the General Ledger Defaults on the tab __________ ___________ - you can create or change segments for your chart of accounts ID.






16. The _________ _________ is an account in your General Ledger used by Peachtree to store rounding differences on Financial Statements.






17. Lists all Help options available in the program. The various topics are categorized in the Contents and Index options.






18. The _________ __________ records income when cash is received and expenses when they are paid.






19. ____________ __________ monitors the products received from vendors and the money paid to vendors.






20. __________ are not permitted in an account ID. However - spaces between characters are allowed.






21. To access the default information window for the General Ledger - select ______ Default - Information - General Ledger






22. Lists all Help options available in the program. The various topics are categorized in the Contents and Index options.






23. All companies to be consolidated must have the same _______ _______ ________ - as well as the same __________ ___________.






24. Highest number of accounting periods Peachtree will allow.






25. 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.






26. You cannot change _________ once New Company Setup is complete.






27. ________ are not available in Peachtree First Accounting.






28. 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.






29. After one or more transactions have been posted - Peachtree records account beginning balances as __________.






30. After the company is created - you can change the current period at any time by selecting Tasks>System>_________________ from the menu bar.






31. You cannot change _________ once New Company Setup is complete.






32. You can segment your chart of accounts ID by creating descriptions - lengths - and separators for up to _________ segments. (spell out your answer)






33. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.






34. If you want to change the account segmentation later - you can do so in _______ ________ _______ on the _______ ________ tab






35. You can/cannot change Accounting Methods once New Company Setup is complete.






36. When you use _________ posting - transactions update the General Ledger when they are saved.






37. The posting method can be changed at any time by selecting ________ _________ from the Maintain menu.






38. Guides you through entering the company address - telephone numbers - tax ID numbers - and business type.






39. 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.






40. At the end of the second fiscal year - you ________ the first fiscal year to make the next fiscal year available.






41. Information about your vendors is entered through the _________ _________ window.






42. Typically - the _________ ___________ account is for the Rounding Account.






43. The _________ __________ records income when cash is received and expenses when they are paid.






44. Peachtree allows the use of both numbers and characters in an ___________.






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.






46. For example - if transactions will be entered in Peachtree starting in June - the account beginning balances should be entered as of the end of ______.






47. If you choose ______ posting - you must post the journals before the General Ledger will be updated.






48. Peachtree allows __________ fiscal years to be open at a time. (spell out the answer)






49. Displays Help topics relating to the current window.






50. ___________ Options are not available in __________. (use software abbreviation)