1. What information is needed to set up a vendor record?
Answer
Correct Answer:
General vendor information,purchase defaults,custom fields,and vendor history
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2. Which of the following accounts do not have detailed ledgers maintained in the General Ledger,but only summary amounts?
Answer
Correct Answer:
All the above
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3. Which inventory item class does not have quantity or costs calculated?
Answer
Correct Answer:
Non-stock item
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4. Is the following statement true or false? 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.
Answer
Correct Answer:
True
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5. Is the following statement true or false? 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.
Answer
Correct Answer:
True
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6. Is the following statement true or false? Transactions can be posted to any accounting period within the fiscal year by changing the accounting period.
Answer
Correct Answer:
True
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7. Is the following statement true or false? Since Peachtree Fixed Assets is a separate application from Peachtree Accounting, Peachtree Fixed Assets needs to be started separately
Answer
Correct Answer:
True
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8. Is the following statement true or false? The account ID is the only characteristic about an account that cannot be modified
Answer
Correct Answer:
True
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9. When does a quote enter into Accounts Receivable?
Answer
Correct Answer:
When most of the information needed for an invoiced sale is received.
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10. What allows a purchase order to enter the General Ledger?
Answer
Correct Answer:
The items on the purchase order are received
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11. Is the following statement true or false? A sales order is different than a sales invoice in that a sales order allows a partial shipment to be made on an order.
Answer
Correct Answer:
True
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12. Is the following statement true or false? The costing method can be changed once the inventory item record has been saved.
Answer
Correct Answer:
False
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13. Is the following statement true or false? An account cannot be deleted once activity has been posted to it.
Answer
Correct Answer:
True
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14. Is the following statement true or false? The process used to void paychecks is not the same as that for voiding checks to vendors.
Answer
Correct Answer:
False
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15. Why is it important to select the correct asset class?
Answer
Correct Answer:
It is used to determine the depreciation method and life
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16. What circumstances prompts depreciation to be recalculated for retroactive changes?
Answer
Correct Answer:
All the above
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17. What does the Cash Requirement report show?
Answer
Correct Answer:
All outstanding invoices due and the net-to-pay amounts
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18. What is the first step in setting up and using Accounts Payable?
Answer
Correct Answer:
Set up Accounts Payable and vendor defaults
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19. Which of the following represents a costing method that can be selected for inventory items?
Answer
Correct Answer:
All the above
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20. What would cause the depreciable basis of an asset to vary?
Answer
Correct Answer:
Changing the depreciation method used
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21. Is the following statement true or false? The process used to print payroll checks is very similar to the process for paying vendors
Answer
Correct Answer:
True
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22. Is the following statement true or false? If an inventory item is classified as a Stock Item,then it cannot be changed to another inventory class.
Answer
Correct Answer:
True
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23. What happens when the payroll year is closed?
Answer
Correct Answer:
Year-to-date payroll totals are zeroed out on all pay levels
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24. What information is displayed in the check register?
Answer
Correct Answer:
All of the above
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25. Is the following statement true or false? A vendor record cannot be modified once it has been entered.
Answer
Correct Answer:
False
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26. What types of items can be classified under inventory?
Answer
Correct Answer:
All the above
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27. Which of the following task windows have customized templates?
Answer
Correct Answer:
All of the above
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28. Is the following statement true or false? The General Ledger account used for Accounts Receivable finance charges must be an Income account type.
Answer
Correct Answer:
True
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29. When can paychecks be selected for payment and checks printed?
Answer
Correct Answer:
All the above
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30. Which of the following are reports to assist in reconciling accounts?
Answer
Correct Answer:
All the above
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31. Is the following statement true or false? Any data files from previous versions are converted as part of the installation process.
Answer
Correct Answer:
True
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32. Is the following statement true or false? Before the payroll year is closed,which payroll reports need to be printed?
Answer
Correct Answer:
All the above
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33. Is the following statement true or false? Depreciation can be calculated even though all the fixed assets records and all adjustments have not been made.
Answer
Correct Answer:
False
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34. Is the following statement true or false? invoices that post to a vendors account on a regular basis are considered recurring vendor invoices.
Answer
Correct Answer:
True
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35. Is the following statement true or false? 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.
Answer
Correct Answer:
False
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36. Which of the following methods can be changed once a company has been created?
Answer
Correct Answer:
Batch Posting Method
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37. Is the following statement true or false? There are some payroll reports that are print only.In other words,these reports can be printed but not seen on the computer screen.
Answer
Correct Answer:
True
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38. What is made to correct or adjust entries in the General Ledger when accounts already have transactions posted against them?
Answer
Correct Answer:
Prior Period Adjustments
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39. Is the following statement true or false? Peachtree Accounting 7.0 automatically calculates the aging for each balance based on the current date.
Answer
Correct Answer:
True
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40. When should the check register be printed?
Answer
Correct Answer:
Immediately after paychecks are printed and filed as a permanent record
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41. Is the following statement true or false? 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.
Answer
Correct Answer:
True
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42. Is the following statement true or false? At the end of the fiscal year, Peachtree automatically closes the year by posting the necessary journal entries.
Answer
Correct Answer:
False
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43. Is the following true or false? If a 401(k) plan is set up, the payroll fields and tax tables need to be manually updated.
Answer
Correct Answer:
False
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44. Which of the following account IDs are different?
Answer
Correct Answer:
All the above
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