oDesk Peachtree 7 Test Answers
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Is
the following statement true or false?
A vendor record cannot be modified once it has been entered.
A vendor record cannot be modified once it has been entered.
a. True
b. False
Is
the following statement true or false?
The account ID is the only characteristic about an account that cannot be modified.
The account ID is the only characteristic about an account that cannot be modified.
a. True
b. False
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.
There are some payroll reports that are print only. In other words, these reports can be printed but not seen on the computer screen.
a. True
b. False
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.
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.
a. True
b. False
Is
the following statement true or false?
The process used to print payroll checks is very similar to the process for paying vendors.
The process used to print payroll checks is very similar to the process for paying vendors.
a. True
b. False
Which
of the following represents a costing method that can be selected for inventory
items?
a. FIFO
b. LIFO
c. Average Cost
d. All the above
Is
the following statement true or false?
An account cannot be deleted once activity has been posted to it.
An account cannot be deleted once activity has been posted to it.
a. True
b. False
Is
the following statement true or false?
Any data files from previous versions are converted as part of the installation process.
Any data files from previous versions are converted as part of the installation process.
a. True
b. False
Which
of the following accounts do not have detailed ledgers maintained in the
General Ledger, but only summary amounts?
a. Accounts Receivable
b. Accounts Payable
c. Payroll
d. Inventory
e. All the above
What
types of items can be classified under inventory?
a. Stock items
b. Services
c. Non-stock items
d. Standard labor
costs
e. All the above
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.
At the end of the fiscal year, Peachtree automatically closes the year by posting the necessary journal entries.
a. True
b. False
Which
inventory item class does not have quantity or costs calculated?
a. Stock item
b. Service
c. Non-stock item
d. Labor
Which
of the following task windows have customized templates?
a. Quotes
b. Sales Orders
c. Sales/Invoicing
d. Purchase Orders
e. Purchase/Receive
Inventory
f. All of the above
What
happens when the payroll year is closed?
a. Year-to-date
payroll totals are zeroed out on all pay levels
b. Year-to-date
payroll totals are not zeroed out on all pay levels
c. 1099 vendor totals
are not zeroed out
d. 1099 vendor totals
are zeroed out
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.
Depreciation can be calculated even though all the fixed assets records and all adjustments have not been made.
a. True
b. False
When
should the check register be printed?
a. Never since this
report appears on the screen
b. Immediately after
paychecks are printed and filed as a permanent record
c. When there is a
payroll issue
d. When there is a new
employee
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.
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.
a. True
b. False
Is
the following statement true or false?
Before the payroll year is closed, which payroll reports need to be printed?
Before the payroll year is closed, which payroll reports need to be printed?
a. Yearly Earnings
Report
b. Payroll Tax Report
c. Payroll Journal
d. All the above
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.
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.
a. True
b. False
What
information is displayed in the check register?
a. Employee
information
b. Most recent payroll
check number
c. Check date
d. Employee name
e. Check amount
f. All of the above
Is
the following statement true or false?
The process used to void paychecks is not the same as that for voiding checks to vendors.
The process used to void paychecks is not the same as that for voiding checks to vendors.
a. True
b. False
What
allows a purchase order to enter the General Ledger?
a. The items are
received
b. The items on the
purchase order are received
c. Under accrual basis
accounting, when a payment is entered for the vendor
d. Under cash basis
accounting, when a payment is entered for the vendor
When
does a quote enter into Accounts Receivable?
a. When the offer is
made to a customer.
b. When most of the
information needed for an invoiced sale is received.
c. When all of the
information needed for an invoiced sale is received.
d. When a quote is
accepted by a customer and changed to a sales order.
Is
the following statement true or false?
Transactions can be posted to any accounting period within the fiscal year by changing the accounting period.
Transactions can be posted to any accounting period within the fiscal year by changing the accounting period.
a. True
b. False
Is
the following statement true or false?
invoices that post to a vendor's account on a regular basis are considered recurring vendor invoices.
invoices that post to a vendor's account on a regular basis are considered recurring vendor invoices.
a. True
b. False
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.
If a 401(k) plan is set up, the payroll fields and tax tables need to be manually updated.
a. True
b. False
Which
of the following account IDs are different?
a. Cash
b. CASH
c. cash
d. Sales
e. All the above
Is
the following statement true or false?
The General Ledger account used for Accounts Receivable finance charges must be an Income account type.
The General Ledger account used for Accounts Receivable finance charges must be an Income account type.
a. True
b. False
When
can paychecks be selected for payment and checks printed?
a. If there is a
positive cash balance
b. If there is enough
cash to cover the total disbursements
c. If there is not
enough cash to cover the total disbursements
d. All the above
Why
is it important to select the correct asset class?
a. It is used to sort
the asset information
b. It becomes part of the
asset's record
c. It is used to
determine the depreciation method and life
d. It will affect the
conversion date
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.
Since Peachtree Fixed Assets is a separate application from Peachtree Accounting, Peachtree Fixed Assets needs to be started separately.
a. True
b. False
What
is the first step in setting up and using Accounts Payable?
a. Print checks
b. Set up Accounts Payable
and vendor defaults
c. Select invoices for
payment
d. Add, modify, and
delete vendors
What
would cause the depreciable basis of an asset to vary?
a. Changing the
depreciation method used
b. Changing the
location of the asset
c. Deleting a fixed
asset record
d. Changing the
description of the asset
Which
of the following are reports to assist in reconciling accounts?
a. Accounts
Reconciliation Report
b. Deposits in Transit
c. Outstanding Checks
d. Account Register
e. All the above
Is
the following statement true or false?
The costing method can be changed once the inventory item record has been saved.
The costing method can be changed once the inventory item record has been saved.
a. True
b. False
What
information is needed to set up a vendor record?
a. General vendor
information only
b. Vendor history only
c. General vendor
information, purchase defaults, custom fields, and vendor history
d. General vendor
information and purchase defaults
What
is made to correct or adjust entries in the General Ledger when accounts
already have transactions posted against them?
a. Initial Entries
b. General Entries
c. Prior Period
Adjustments
d. Reposting Entries
Which
of the following methods can be changed once a company has been created?
a. Batch Posting
Method
b. Real-Time Posting
Method
c. Cash Accounting
Method
d. Accrual Accounting
Method
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.
If an inventory item is classified as a Stock Item, then it cannot be changed to another inventory class.
a. True
b. False
What
circumstances prompts depreciation to be recalculated for retroactive changes?
a. If errors have been
corrected to a fixed asset record
b. If there are
discrepancies with the fixed assets and depreciation accounts in Peachtree
Accounting
c. If a fixed asset is
disposed of and not recorded in Peachtree Fixed Assets
d. All the above
