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