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Test answers for Peachtree 7 Test 2016

(45) Last updated: January 27
Upwork (oDesk) • Finance and Accounting
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45 NOT Answered Yet Test Questions:

(hold on, will be updated soon)
1. What would cause the depreciable basis of an asset to vary?

Answers:

• Changing the depreciation method used

• Changing the location of the asset

• Deleting a fixed asset record

• Changing the description of the asset

2. 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.

Answers:

• True

• False

3. 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.

Answers:

• True

• False

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

Answers:

• Initial Entries

• General Entries

• Prior Period Adjustments

• Reposting Entries

5. 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.

Answers:

• True

• False

6. Which of the following does not represent an inventory item class?

Answers:

• Stock item

• Non-stock item

• Labor

• Item ID

• None since all represent inventory item classes

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

Answers:

• If there is a positive cash balance

• If there is enough cash to cover the total disbursements

• If there is not enough cash to cover the total disbursements

• All the above

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

Answers:

• The items are received

• The items on the purchase order are received

• Under accrual basis accounting,when a payment is entered for the vendor

• Under cash basis accounting,when a payment is entered for the vendor

9. When should the check register be printed?

Answers:

• Never since this report appears on the screen

• Immediately after paychecks are printed and filed as a permanent record

• When there is a payroll issue

• When there is a new employee

10. Is the following statement true or false?
The costing method can be changed once the inventory item record has been saved.

Answers:

• True

• False

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

Answers:

• True

• False

12. Is the following statement true or false?
The account ID is the only characteristic about an account that cannot be modified.

Answers:

• True

• False

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

Answers:

• Print checks

• Set up Accounts Payable and vendor defaults

• Select invoices for payment

• Add,modify,and delete vendors

14. When does a quote enter into Accounts Receivable?

Answers:

• When the offer is made to a customer.

• When most of the information needed for an invoiced sale is received.

• When all of the information needed for an invoiced sale is received.

• When a quote is accepted by a customer and changed to a sales order.

15. 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.

Answers:

• True

• False

16. Is the following statement true or false?
Before the payroll year is closed,which payroll reports need to be printed?

Answers:

• Yearly Earnings Report

• Payroll Tax Report

• Payroll Journal

• All the above

17. Is the following statement true or false?
The General Ledger account used for Accounts Receivable finance charges must be an Income account type.

Answers:

• True

• False

18. Is the following statement true or false?
The process used to print payroll checks is very similar to the process for paying vendors.

Answers:

• True

• False

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

Answers:

• It is used to sort the asset information

• It becomes part of the asset's record

• It is used to determine the depreciation method and life

• It will affect the conversion date

20. Which of the following represents a costing method that can be selected for inventory items?

Answers:

• FIFO

• LIFO

• Average Cost

• All the above

21. Which of the following are reports to assist in reconciling accounts?

Answers:

• Accounts Reconciliation Report

• Deposits in Transit

• Outstanding Checks

• Account Register

• All the above

22. 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.

Answers:

• True

• False

23. Is the following statement true or false?
invoices that post to a vendor's account on a regular basis are considered recurring vendor invoices.

Answers:

• True

• False

24. Which of the following account IDs are different?

Answers:

• Cash

• CASH

• cash

• Sales

• All the above

25. 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.

Answers:

• True

• False

26. Is the following statement true or false?
An account cannot be deleted once activity has been posted to it.

Answers:

• True

• False

27. 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.

Answers:

• True

• False

28. Which of the following task windows have customized templates?

Answers:

• Quotes

• Sales Orders

• Sales/Invoicing

• Purchase Orders

• Purchase/Receive Inventory

• All of the above

29. Is the following statement true or false?
Peachtree Accounting 7.0 automatically calculates the aging for each balance based on the current date.

Answers:

• True

• False

30. What information is displayed in the check register?

Answers:

• Employee information

• Most recent payroll check number

• Check date

• Employee name

• Check amount

• All of the above

31. What happens when the payroll year is closed?

Answers:

• Year-to-date payroll totals are zeroed out on all pay levels

• Year-to-date payroll totals are not zeroed out on all pay levels

• 1099 vendor totals are not zeroed out

• 1099 vendor totals are zeroed out

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

Answers:

• Stock items

• Services

• Non-stock items

• Standard labor costs

• All the above

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

Answers:

• Stock item

• Service

• Non-stock item

• Labor

34. Is the following statement true or false?
Any data files from previous versions are converted as part of the installation process.

Answers:

• True

• False

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

Answers:

• Accounts Receivable

• Accounts Payable

• Payroll

• Inventory

• All the above

36. 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.

Answers:

• True

• False

37. 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.

Answers:

• True

• False

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

Answers:

• If errors have been corrected to a fixed asset record

• If there are discrepancies with the fixed assets and depreciation accounts in Peachtree Accounting

• If a fixed asset is disposed of and not recorded in Peachtree Fixed Assets

• All the above

39. What does the Cash Requirement report show?

Answers:

• All outstanding invoices due

• All outstanding invoices due and the net-to-pay amounts

• All outstanding invoices due without any discounts

• Total cash available for paying bills

40. Is the following statement true or false?
The process used to void paychecks is not the same as that for voiding checks to vendors.

Answers:

• True

• False

41. Which of the following methods can be changed once a company has been created?

Answers:

• Batch Posting Method

• Real-Time Posting Method

• Cash Accounting Method

• Accrual Accounting Method

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

Answers:

• General vendor information only

• Vendor history only

• General vendor information,purchase defaults,custom fields,and vendor history

• General vendor information and purchase defaults

43. Is the following statement true or false?
A vendor record cannot be modified once it has been entered.

Answers:

• True

• False

44. 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.

Answers:

• True

• False

45. 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.

Answers:

• True

• False