Learning Peachtree Complete Accounting 2009 (Brunsdon)
Chapter 2Peachtree Basics
1) The "where and when" of transaction posting is determined by accountants.
Answer: TRUE
Diff: 1Page Ref: 35
Objective: 2.1
2) In Peachtree, if you see that the balance in the checking account is listed in red with parentheses then you know that this account has a debit balance.
Answer: FALSE
Diff: 1Page Ref: 36
Objective: 2.1
3) When viewing a list, you can use the Settings icon to rearrange the order of columns in the list.
Answer: TRUE
Diff: 1Page Ref: 37
Objective: 2.1
4) You should print the COA report for a company and retain the report as a reference for future exercises.
Answer: TRUE
Diff: 2Page Ref: 38
Objective: 2.1
5) For Practice Baxter Garden Supply, the second segment on the general ledger account number is used to group revenue and expense accounts so the company can prepare departmental income statements.
Answer: TRUE
Diff: 3Page Ref: 40
Objective: 2.1
6) Understanding a company's general ledger account framework is important because it helps you select general ledger accounts on a transaction.
Answer: TRUE
Diff: 1Page Ref: 41
Objective: 2.1
7) It is not important to analyze a company's general ledger framework before posting transactions.
Answer: FALSE
Diff: 2Page Ref: 41
Objective: 2.1
8) Account Types determine where an account is placed on financial statements.
Answer: TRUE
Diff: 1Page Ref: 44
Objective: 2.1
9) Global options affect transaction processing for all companies.
Answer: TRUE
Diff: 2Page Ref: 48
Objective: 2.2
10) On the Accounting Tab of the Maintain Global Options window, you can instruct Peachtree to automatically supply the decimal point when entering financial data.
Answer: TRUE
Diff: 2Page Ref: 48
Objective: 2.2
11) On the General Tab of the Maintain Global Options window, you need to instruct Peachtree to display two lines during line item entry so you can view and change general ledger accounts on transactions.
Answer: TRUE
Diff: 3Page Ref: 48
Objective: 2.2
12) One way to open the Report or Form window is by selecting Reports & Forms>Accounts Receivable on the main menu.
Answer: TRUE
Diff: 2Page Ref: 56
Objective: 2.3
13) You can only open the Report or Form window by selecting the Accounts Receivable submenu under Reports & Forms.
Answer: FALSE
Diff: 2Page Ref: 56
Objective: 2.3
14) You can customize reports by adding and removing columns of data.
Answer: TRUE
Diff: 2Page Ref: 63
Objective: 2.4
15) To resize a column on a report, place the mouse over the blue arrow on a column separator until it resembles the same arrow and drag the separator to resize the column.
Answer: TRUE
Diff: 1Page Ref: 66
Objective: 2.4
16) One feature in PTCA that offer significant advantages over a manual accounting system is called the drilldown feature.
Answer: TRUE
Diff: 2Page Ref: 51
Objective: 2.5
17) Accounting transactions can be posted to open or closed accounting periods.
Answer: FALSE
Diff: 2Page Ref: 73
Objective: 2.6
18) The open accounting period is easy to identify because it is listed alongside the Period icon on the button bar.
Answer: TRUE
Diff: 2Page Ref: 73
Objective: 2.6
19) To display a list of general ledger accounts with account number, description, type, and current balance, open the:
A) Chart List
B) Account List
C) Ledger List
D) Bill List
Answer: B
Diff: 1Page Ref: 36
Objective: 2.1
20) To close the Maintain Chart of Accounts window without saving changes, you can click Close icon and select:
A) Stop.
B) Delete.
C) Cancel.
D) Undo.
Answer: C
Diff: 2Page Ref: 44
Objective: 2.1
21) The report that displays current account balances, general ledger account numbers, descriptions, and account types is called the:
A) General Ledger report.
B) Account Listing report.
C) Account Information report.
D) Chart of Accounts report.
Answer: D
Diff: 2Page Ref: 38
Objective: 2.1
22) For Practice Baxter Garden Supply, the first segment on general ledger account numbers is comprised of five digits and is called the:
A) major segment.
B) department segment.
C) main segment.
D) core segment.
Answer: C
Diff: 3Page Ref: 40
Objective: 2.1
23) For Practice Baxter Garden Supply, the second segment on general ledger account numbers is comprised of two digits and is called the:
A) major segment.
B) department segment.
C) main segment.
D) core segment.
Answer: B
Diff: 3Page Ref: 40
Objective: 2.1
24) For Practice Baxter Garden Supply, the first digit in the first segment of a general ledger account number represents the:
A) type of account.
B) department account.
C) customer account.
D) vendor account.
Answer: A
Diff: 3Page Ref: 40
Objective: 2.1
25) For Practice Baxter Garden Supply, the second digit in the first segment of an asset or liability account represents:
A) when an account is delinquent.
B) when an account is continuing.
C) when an account is in progress.
D) when an account is current or long-term.
Answer: D
Diff: 3Page Ref: 40
Objective: 2.1
26) If you want to view the current balance in a general ledger account then view the:
A) Account List.
B) Chart of Accounts report.
C) Chart of Accounts List.
D) either A or B.
Answer: A
Diff: 3Page Ref: 38
Objective: 2.1
27) The general ledger account framework is a reference for:
A) creating new general ledger account numbers.
B) designing the chart of accounts.
C) classifying account numbers by type of account.
D) all of the above.
Answer: D
Diff: 2Page Ref: 40
Objective: 2.1
28) In the Maintain Chart of Accounts window, the field name used to identify the account number is called the:
A) Account ID field.
B) Description field.
C) Account Type field.
D) Account Beginning Balances field.
Answer: A
Diff: 1Page Ref: 43
Objective: 2.1
29) In the Maintain Chart of Accounts window, the field name used to describe an account is called the:
A) Account ID field.
B) Description field.
C) Account Type field.
D) Account Beginning Balances field.
Answer: B
Diff: 1Page Ref: 43
Objective: 2.1
30) In the Maintain Chart of Accounts window, the field used to determine an account's normal balance (i.e., debit or credit) is called the:
A) Account ID field.
B) Description field.
C) Account Type field.
D) Account Beginning Balances field.
Answer: C
Diff: 1Page Ref: 43
Objective: 2.1
31) In the Maintain Chart of Accounts window, the button that is used to enter beginning account balances is called:
A) Account ID field.
B) Description field.
C) Account Type field.
D) Account Beginning Balances.
Answer: D
Diff: 1Page Ref: 43
Objective: 2.1
32) In the Maintain COA window, the field that is used to deny future postings to an account is called the:
A) Account ID field.
B) Description field.
C) Active field.
D) Inactive field.
Answer: D
Diff: 1Page Ref: 43
Objective: 2.1
33) In the Maintain Chart of Accounts window, the icon that closes the window is named:
A) Exit.
B) Close.
C) Stop.
D) Inactivate.
Answer: B
Diff: 1Page Ref: 44
Objective: 2.1
34) In the Maintain Chart of Accounts window, the icon used to enter the next new account is named:
A) New.
B) Open.
C) Form.
D) List.
Answer: A
Diff: 1Page Ref: 44
Objective: 2.1
35) In the Maintain Chart of Accounts window, the icon that will open the Account List, while moving the Maintain Chart of Accounts window behind the Account List window, is named:
A) New.
B) Open.
C) Form.
D) List.
Answer: D
Diff: 1Page Ref: 44
Objective: 2.1
36) In the Maintain Chart of Accounts window, the icon that will save account information and remain in the window is called:
A) Save.
B) Close.
C) Save & Remain.
D) List.
Answer: A
Diff: 1Page Ref: 44
Objective: 2.1
37) In the Maintain Chart of Accounts window, the icon that will save account information and then open a form to create a new account is called:
A) New.
B) Save & new.
C) Save.
D) Form.
Answer: B
Diff: 1Page Ref: 44
Objective: 2.1
38) In the Maintain Chart of Accounts window, the icon that will delete the account currently displayed is called:
A) Close.
B) Delete.
C) Remove.
D) Erase.
Answer: B
Diff: 1Page Ref: 44
Objective: 2.1
39) In the Maintain Chart of Accounts window, the icon that can be used to chance the general ledger account number for an existing account is called:
A) New ID.
B) Alter ID.
C) Change ID.
D) Modify ID.
Answer: C
Diff: 2Page Ref: 44
Objective: 2.1
40) In the Maintain Chart of Accounts window, the icon that will open a report on the account is called:
A) Banking Report.
B) Reconciliation Report.
C) Modify Reports.
D) Reports.
Answer: D
Diff: 2Page Ref: 44
Objective: 2.1
41) In PTCA, which Account Type instructs the software to not close an equity account during year-end processing?
A) Equity-retained earnings.
B) Equity-not retained earnings.
C) Equity-doesn't close.
D) Equity-gets closed.
Answer: C
Diff: 3Page Ref: 45
Objective: 2.1
42) In PTCA, which equity Account Type is generally reserved for the Dividends Paid and Withdrawals accounts?
A) Equity-retained earnings.
B) Equity-not retained earnings.
C) Equity-doesn't close.
D) Equity-gets closed.
Answer: D
Diff: 3Page Ref: 45
Objective: 2.1
43) In PTCA, which Account Type would you used for the accrued wages account?
A) Other Current Liabilities.
B) Other Current Assets.
C) Income.
D) Expenses.
Answer: A
Diff: 3Page Ref: 45
Objective: 2.1
44) The Cost of Sales account type in PTCA falls under the traditional accounting category of:
A) asset.
B) liability.
C) revenue.
D) expense.
Answer: D
Diff: 2Page Ref: 45
Objective: 2.1
45) The Accumulated Depreciation account type in PTCA falls under the traditional accounting category of:
A) asset.
B) contra-asset.
C) liability.
D) expense.
Answer: B
Diff: 2Page Ref: 45
Objective: 2.1
46) The Fixed Asset account type in PTCA falls under the traditional accounting category of:
A) asset.
B) contra-asset.
C) liability.
D) expense.
Answer: A
Diff: 2Page Ref: 45
Objective: 2.1
47) The Inventory account type in PTCA falls under the traditional accounting category of:
A) asset.
B) contra-asset.
C) liability.
D) expense.
Answer: A
Diff: 2Page Ref: 45
Objective: 2.1
48) In PTCA, you would assign the accounts receivable general ledger account to the Account Category of:
A) Other Current Liabilities.
B) Other Current Assets.
C) Income.
D) Expenses.
Answer: B
Diff: 2Page Ref: 45
Objective: 2.1
49) If you instruct PTCA to automatically supply the decimal point when entering financial data then:
A) entering "5134" will be converted to "513.40"
B) entering "5134" will be converted to "51.34"
C) entering "5134" will be converted to "5134.00"
D) entering "5134" will be converted to "5.134"
Answer: B
Diff: 1Page Ref: 48
Objective: 2.2
50) In PTCA, you would assign the accounts payable general ledger account to the Account Category of:
A) Other Current Liabilities.
B) Other Current Assets.
C) Income.
D) Expenses.
Answer: A
Diff: 2Page Ref: 45
Objective: 2.1
51) In PTCA, you would assign the interest payable general ledger account to the Account Category of:
A) Other Current Liabilities.
B) Other Current Assets.
C) Income.
D) Expenses.
Answer: A
Diff: 2Page Ref: 45
Objective: 2.1
52) In PTCA, if you need to create a general ledger account for posting the debit side of an entry recording interest paid on a loan then assign this new account the Account Type of:
A) Other Current Liabilities.
B) Other Current Assets.
C) Income.
D) Expenses.
Answer: D
Diff: 2Page Ref: 45
Objective: 2.1
53) In PTCA, if you need to create a general ledger account for posting the credit side of an entry recording interest received in the checking account then assign this new account the Account Type of:
A) Other Current Liabilities.
B) Other Current Assets.
C) Income.
D) Expenses.
Answer: C
Diff: 2Page Ref: 45
Objective: 2.1
54) In PTCA, if you need to create a general ledger account for posting the debit side of an entry recording depreciation then assign this new account the Account Type of:
A) Other Current Liabilities.
B) Other Current Assets.
C) Income.
D) Expenses.
Answer: D
Diff: 2Page Ref: 45
Objective: 2.1
55) In PTCA, if you need to create a general ledger account for posting the debit side of an entry recording the sale to a customer on an account then assign this new account the Account Type of:
A) Other Current Liabilities.
B) Other Current Assets.
C) Income.
D) Expenses.
Answer: B
Diff: 2Page Ref: 45
Objective: 2.1
56) If you want to view a report showing the age of customer invoices then print the:
A) Aged Receivable report.
B) Aged Payables report.
C) General Ledger report.
D) Chart of Accounts report.
Answer: A
Diff: 2Page Ref: 56
Objective: 2.2
57) If you want to view a report showing the transactions in each account for the current period then print the:
A) Aged Receivable report.
B) Aged Payables report.
C) General Ledger report.
D) Chart of Accounts report.
Answer: C
Diff: 2Page Ref: 57
Objective: 2.2
58) If you want to filter the General Ledger report to display a specific sequential range of accounts then use the:
A) Options icon.
B) Column icon.
C) Range icon.
D) Setup icon.
Answer: A
Diff: 2Page Ref: 60
Objective: 2.3
59) On the General Ledger report, you can clear current filters in the Modify Report window by clicking:
A) Empty Filters.
B) Remove All Filters.
C) Clear All Filters.
D) Clear All.
Answer: C
Diff: 1Page Ref: 61
Objective: 2.3
60) On the General Ledger report, you can choose the reporting period using the:
A) Sort by field.
B) Time Frame field.
C) Other Options field.
D) Report Range field.
Answer: B
Diff: 1Page Ref: 62
Objective: 2.3
61) To add and remove columns of data on the General Ledger report then use the:
A) Options icon.
B) Columns icon.
C) Setup icon.
D) either A or B.
Answer: D
Diff: 2Page Ref: 63
Objective: 2.4
62) When customizing columns on a report, the option that determines if column data displays on a report is called:
A) Show.
B) Title.
C) Column Break.
D) Col #.
Answer: A
Diff: 1Page Ref: 63
Objective: 2.4
63) When customizing columns on a report, the option that determines if a column heading displays with the data is called:
A) Show.
B) Title.
C) Column Break.
D) Col #.
Answer: B
Diff: 1Page Ref: 63
Objective: 2.4
64) When customizing columns on a report, the option that determines if a column prints in a column separate from preceding data is called:
A) Show.
B) Title.
C) Column Break.
D) Col #.
Answer: C
Diff: 1Page Ref: 63
Objective: 2.4
65) When customizing columns on a report, the option that determines the print order of data on the report is called:
A) Show.
B) Title.
C) Column Break.
D) Col #.
Answer: D
Diff: 1Page Ref: 63
Objective: 2.4
66) When customizing columns on a report, which hyperlink on Show can be used to mark all column options?
A) All.
B) None.
C) All Options.
D) No Options.
Answer: A
Diff: 1Page Ref: 63
Objective: 2.4
67) The Checking Account general ledger account may contain:
A) customer payment transactions.
B) bank deposit transactions.
C) accounts payable transactions.
D) all of the above.
Answer: D
Diff: 1Page Ref: 42
Objective: 2.4
68) When creating a new general ledger account, you will need to enter information for the:
A) Account ID.
B) Description.
C) Account Type.
D) all of the above.
Answer: D
Diff: 1Page Ref: 47
Objective: 2.4
69) After customizing a report you can:
A) save it for future use.
B) print the customized report.
C) change the setup of the customized report.
D) all the above.
Answer: D
Diff: 2Page Ref: 67
Objective: 2.4
70) When viewing a Peachtree report, you can export it Excel by selecting the:
A) PDF icon.
B) Excel icon.
C) Setup icon.
D) Export icon.
Answer: B
Diff: 2Page Ref: 69
Objective: 2.4
71) When exporting reports to Excel, you can export the report as new worksheet in an existing workbook by selecting an option under:
A) File option.
B) Excel options.
C) Report header option.
D) Report layout option.
Answer: A
Diff: 2Page Ref: 69
Objective: 2.4
72) When exporting reports to Excel, you can activate the Excel freeze pane feature in the exported worksheet by selecting the appropriate option under:
A) File option.
B) Excel options.
C) Report header option.
D) Report layout option.
Answer: B
Diff: 2Page Ref: 69
Objective: 2.4
73) When exporting reports to Excel, you can export Peachtree report column headers into Excel Page Setup options by selecting the appropriate option under:
A) File option.
B) Excel options.
C) Report header option.
D) Report layout option.
Answer: C
Diff: 2Page Ref: 69
Objective: 2.4
74) When exporting reports to Excel, you can export Peachtree report column headers as data in the first row of the Excel worksheet by selecting the appropriate option under:
A) File option.
B) Excel options.
C) Report header option.
D) Report layout option.
Answer: C
Diff: 2Page Ref: 69
Objective: 2.4
75) When exporting reports to Excel, you can choose to export as formatted data or as raw data without formatting by selecting the appropriate option under:
A) File option.
B) Excel options.
C) Report header option.
D) Report layout option.
Answer: D
Diff: 2Page Ref: 69
Objective: 2.4
76) Peachtree reports can be:
A) exported as a PDF version of the report.
B) exported into Excel.
C) emailed.
D) all of the above.
Answer: D
Diff: 2Page Ref: 71
Objective: 2.4
77) If you are viewing a transaction on the General Ledger report and then double click to open details on the transaction then you have just used Peachtree's:
A) training feature.
B) drilldown feature.
C) practice feature.
D) exercise feature.
Answer: B
Diff: 2Page Ref: 51
Objective: 2.5
78) PTCA drilldown features offer the following advantages over a manual accounting system, EXCEPT:
A) viewing transactions recorded during the period.
B) sorting through general journal sheets and account cards.
C) viewing customer invoice details.
D) locating a sales invoice for editing.
Answer: B
Diff: 2Page Ref: 52
Objective: 2.5
79) You can recognize that Peachtree's drilldown feature is present if you hold your mouse over a transaction and see the:
A) zoom icon.
B) layout icon.
C) reports icon.
D) event icon.
Answer: A
Diff: 2Page Ref: 52
Objective: 2.5
80) If you want to reopen a customer invoice and know the invoice number and date, but not the customer name, then use the:
A) Find feature.
B) Sales Invoice List.
C) Either A or B.
D) Customer account.
Answer: C
Diff: 1Page Ref: 53
Objective: 2.5
81) To help you know the transaction type and the document number, use:
A) centers
B) reports
C) lists
D) none of the above
Answer: C
Diff: 1Page Ref: 53
Objective: 2.5
82) One way to locate posted transactions is to use Peachtree's:
A) Search feature.
B) Find feature.
C) Locate feature.
D) Get feature.
Answer: B
Diff: 1Page Ref: 53
Objective: 2.5
83) In the Change Accounting Period window, you can reopen a previously closed accounting period by:
A) selecting edit, finding the period, and clicking OK.
B) selecting the period and pressing review.
C) highlighting the period to reopen and clicking OK.