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