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