The shortened company name that Peachtree assigns to new companies includes: (Points : 2) The entire company name The last word within the company name The first three letters of the first word, the first three letters of the second word, and first two letters of the third word The first word only

Question 2. 2. When creating a new company, you set up the company to recognize revenue when paid in cash instead of when invoicing a customer on the: (Points : 2)

Company Information screen Accounting Method screen Posting Method screen Accounting Periods screen

Question 3. 3. Adjusting entries are recorded at: (Points : 2)

The end of the accounting period The end of each month Six month intervals The end of the year only

Question 4. 4. To print a post for closing trial balance, you need to: (Points : 2)

Select TasksSystemChange accounting periods Select Reports & formsAccounts receivableprint reports Select OptionsDefault Information Close the fiscal year and print a general ledger trial balance

Question 5. 5. In Peachtree, the two ways to record entries from the transaction register are: (Points : 2)

By going to System Navigation Center, or clicking on Synchronize Peachtree option By going to Banking tasks, or by clicking on view reports selections By going to System Navigation Center, or accessing Analysis Tools From the Menu bar, or the Navigation Bar

Question 6. 6. A balance sheet is also known as: (Points : 2)

Income statement Statement of change in cash flow Statement of financial position Retained earnings report

Question 7. 7. When creating a new company, you will need to provide the: (Points : 2)

Company name and address Business type Accounting method, periods, and fiscal year All the above

Question 8. 8. The account credited in the Receipts window is: (Points : 2)

Account No. 1020, Checking Account The GL Account Account No. 1040, IRA Savings None of the above

Question 9. 9. In order to change an entry on the Write Checks window or Receipts window: (Points : 2)

Make a completely new entry Delete the record Add a transaction line View and Edit checks

Question 10. 10. Peachtree's ___________ is the complete collection of accounts of a company, transactions associated with these accounts, and account balances for a specified period of time. (Points : 2)

Maintenance system Data file statistic Default General ledger system

Question 11. 11. The amount of money the business owes to suppliers or vendors is called: (Points : 2)

Accounts payable Accounts receivable Contracts payable Prepaid expense

Question 12. 12. In order to complete account reconciliation, checks and deposits need to be: (Points : 2)

Recorded Journalized and posted Set up in account reconciliation maintenance Selected by clicking TasksChange Accounting Periods

Question 13. 13. In order to access the Account Register: (Points : 2)

From the Banking Navigation Center, select Account Register From the Banking Navigation Center go to the Write Checks icon and select View and Edit checks From the System Navigation Center, select Backup Now From the System Navigation Center, select Restore Now

Question 14. 14. When choosing an accounting method, the cash basis accounting method will: (Points : 2)

Recognize income when money is received Recognize expenses when you receive goods or services Recognize expenses when you pay vendor bills Only A and C

Question 15. 15. Chart of accounts includes: (Points : 2)

The accounts shown on the income statement The accounts shown on the balance sheet A list of accounts in the general ledger A list of accounts in the journal