Is the following statement true or false?
Transactions can be posted to any accounting period within the fiscal year by changing the accounting period.

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.

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.

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

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

What information is needed to set up a vendor record?

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

When should the check register be printed?

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.

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

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