Computer Applications in Accounting

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

 

12. On the Navigation Bar, make the following selections to enter employee maintenance information.

A. Tasks, then Payroll Entry

B. Employees & Payroll Navigation Center, click on the Employees icon, and select View and Edit Employees

C. Employees & Payroll Navigation Center, click on the Pay Employees icon, and select Set Up Payroll Service

D. Employees & Payroll Navigation Center, click on the Employees icon, and select Write Letters to Employees

 

13. Ralph has been assigned by his boss a project to create budgeting formulas for the company’s payroll expense reports using Excel. What should Ralph consider when creating the formulas?

A. Excel has third-party formulas you can purchase from Microsoft.

B. Excel has limited capabilities, so it would be easier to use payroll software for this application.

C. Excel performs formulas based on order of precedence.

D. Excel has predefined formulas, so you don’t have to create any formulas from scratch.

 

14. When you want to create an invoice in Peachtree without inventory items, you need to use which of the following forms?

A. Sales order

B. Purchase invoice

C. Sales invoice

D. Service invoice

 

15. You enter all checks, cash, and credit card slips in the _______ window.

A. General Journal entry

B. Receipts

C. Sales Receipts

D. Payments

 

16. 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.

A. data file statistic

B. general ledger system

C. maintenance system

D. default

 

17. In Peachtree, there are two ways to record entries from the transaction register: from the

A. System Page and Analysis Tools.

B. System page, link to synchronize Peachtree.

C. Banking tasks and view reports selections.

D. Menu bar or the Navigation Bar.

 

18. To complete account reconciliation, checks and deposits need to be

A. set up in account reconciliation maintenance.

B. selected by clicking Tasks; Change Accounting Periods.

C. recorded.

D. journalized and posted.

 

19. In Excel, the order of precedence determines

A. which cells are to be printed.

B. the order in which calculations are performed.

C. which figures are multiplied or divided.

D. the format of the cell reference.

 

20. The Inventory Profitability Report shows

A. gross profit percentage.

B. net loss.

C. net income.

D. reorder amount