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