Peachtree MCQ Questions Answers

1. What information is needed to set up a vendor record?

2. Which accounts do not have detailed ledgers maintained in the General Ledger,but only summary amounts?

3. Which inventory item class does not have quantity or costs calculated?

4. Since Peachtree Fixed Assets does not create journal entries,the financial information related to the disposal of a fixed asset needs to be provided to Peachtree Accounting.

5. Posting purchases and payments is necessary before posting sales and receipts if all journal entries are not posted at the same time and inventory is being used.

6. Transactions can be posted to any accounting period within the fiscal year by changing the accounting period.

7. Since Peachtree Fixed Assets is a separate application from Peachtree Accounting, Peachtree Fixed Assets needs to be started separately.

8. The account ID is the only characteristic about an account that cannot be modified.

9. When does a quote enter into Accounts Receivable?

10. What allows a purchase order to enter the General Ledger?

11. A sales order is different than a sales invoice in that a sales order allows a partial shipment to be made on an order.

12. The costing method can be changed once the inventory item record has been saved.

13. An account cannot be deleted once activity has been posted to it.

14. The process used to void paychecks is not the same as that for voiding checks to vendors.

15. Why is it important to select the correct asset class?

16. What circumstances prompts depreciation to be recalculated for retroactive changes?

17. What does the Cash Requirement report show?

18. What is the first step in setting up and using Accounts Payable?

19. Which one represents a costing method that can be selected for inventory items?

20. What would cause the depreciable basis of an asset to vary?

21. The process used to print payroll checks is very similar to the process for paying vendors.

22. If an inventory item is classified as a Stock Item,then it cannot be changed to another inventory class.

23. What happens when the payroll year is closed?

24. What information is displayed in the check register?

25. A vendor record cannot be modified once it has been entered.

26. What types of items can be classified under inventory?

27. Which one does not represent an inventory item class?

28. Which task windows have customized templates?

29. The General Ledger account used for Accounts Receivable finance charges must be an Income account type.

30. When can paychecks be selected for payment and checks printed?

31. Which are reports to assist in reconciling accounts?

32. Any data files from previous versions are converted as part of the installation process.

33. Before the payroll year is closed,which payroll reports need to be printed?

34. Depreciation can be calculated even though all the fixed assets records and all adjustments have not been made.

35. invoices that post to a vendor's account on a regular basis are considered recurring vendor invoices.

36. Customer defaults can be overridden for any one customer or specific invoice.But,the defaults cannot be changed for all customers that use standard terms.

37. Which methods can be changed once a company has been created?

38. There are some payroll reports that are print only.In other words,these reports can be printed but not seen on the computer screen.

39. What is made to correct or adjust entries in the General Ledger when accounts already have transactions posted against them?

40. Peachtree Accounting 7.0 automatically calculates the aging for each balance based on the current date.

41. When should the check register be printed?

42. There is a reminder message displayed to backup data if the specified number of days elapses since the last time the company data was backed up.

43. At the end of the fiscal year, Peachtree automatically closes the year by posting the necessary journal entries.

44. If a 401(k) plan is set up, the payroll fields and tax tables need to be manually updated.

45. Which account IDs are different?