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