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