General Peachtree MCQs

1. Which account IDs are different?

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

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

4. 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.

5. When should the check register be printed?

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

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

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

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

10. 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.

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

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

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

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

15. Which are reports to assist in reconciling accounts?

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

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

18. Which task windows have customized templates?

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

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

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

22. What information is displayed in the check register?

23. What happens when the payroll year is closed?

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

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

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

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

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

29. What does the Cash Requirement report show?

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

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

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

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

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

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

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

37. When does a quote enter into Accounts Receivable?

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

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

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

41. 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.

42. 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.

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

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

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