Question 1. On the Navigation Bar, make t

29 Jun Question 1. On the Navigation Bar, make t

Question

1. On the Navigation Bar, make the following selections to record a payment on account:

A. On the Customers & Sales Navigation Center, click on the Bank Deposits icon and select New Bank Deposit.

B. Maintain; Receipts, record the cash sale.

C. On the Bank Navigation Center, click on the Enter Bills icon and select New Bills.

D. On the Customers & Sales Navigation Center, click on the Receive Money icon and select Receive Money From Customer, Apply to Invoices tab

2. Sam is using an Excel worksheet to manage his expenses. The output in cell F18 looks incorrect to Sam.

To check the formula in cell F18, Sam should first select the cell and look at the _______ to see if the

formula is correct.

A. function tab

B. name box and current cell address

C. range

D. formula bar

3. The account credited on the Receipts window

A. is Account No. 1020, Checking Account.

B. is Account No. 1040, IRA Savings.

C. is the GL Account selected.

D. irrelevant because the Receipts window doesn’t need to have an account credited.

4. For the appropriate two decimal places to show on task windows, you need to

A. display the beginning balances.

B. select global settings for two decimal places.

C. select Maintain > Company Info.

D. select Company > Restore.

5. Saving Peachtree data to the hard drive or external media is called

A. restoring data.

B. data mining.

C. exporting to Excel.

D. backing up.

6. The shortened company name that Peachtree assigns to new companies is made up of the

A. entire company name.

B. last word within the company name.

C. first word only.

D. first three letters of the first word, the first three letters of the second word, and first two letters of the third word.

7. Which of the following is a true statement about the chart of accounts?

A. The chart of accounts is a list of accounts in the general ledger.

B. The chart of accounts is the accounts shown on the balance sheet.

C. The chart of accounts is a list of accounts in the general journal.

D. The chart of accounts is the accounts shown on the income statement.

8. The amount of money the business owes to suppliers or vendors is called

A. accounts receivable.

B. contracts payable.

C. accounts payable.

D. prepaid expense.

9. Accountants recommend that you use FIFO when you desire to Accountants recommend that you use FIFO when you desire to

A. get the highest net income.

B. charge the most recent inventory costs against revenue.

C. charge costs against revenue in the order in which costs are incurred.

D. get the lowest net income.

10. To change an entry on the Write Checks window or Receipts window,

A. add a transaction line.

B. delete the record.

C. edit the record.

D. make a completely new entry.

11. The Write Checks window automatically debits which of the following accounts?

A. Account No. 1040, IRA Savings

B. The account credited not debited

C. The Expense account selected

D. Account No. 1020 Checking Account