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Multiple choice:

1. Any report can be redesigned by viewing the report andclicking the:

a. Options icon

b. Setup icon

c. Design icon

d. Recreate icon

. 2. In Peachtree, the Receipts window is alsoknown as the:

a. Sales journal

b. Cash receipts journal

c. Purchase journal

d. Cash disbursements journal

3. The Statement of Retained Earnings beginswith the beginning balance followed by:

a. Plus net Income (loss) plus adjustments to date

b. Plus net Income (loss) plus investments

c. Plus investments less dividends

d. Plus investments plus net Income (loss. Less dividends

4. The income statement is a summary of:

a. Cash receipts and where they came from.

b. Cash payments and what they were used for

c. The overall change in cash

d. Revenues and expenses over a period of time

5. You enter all checks, cash and credit cardsales in the:

a. Sales Receipts window

b. Receive Money window

c. Payments window

d.General Journal Entry window

6. Cash associated with the purchase of landwould be reported in the statement of cash flows under the:

a. Operating activities section

b. Financing activities section

c. Investing activities section

d. A separate schedule

7. In this method of posting, the transactionsyou enter are saved in a temporary holding area where you canreview them before posting to the general ledger:

a. Batch posting

b. Real-time posting

c. Cash basis posting

d. Accrual basis posting

8. The Sales/Invoicing window is also known asthe:

a. Purchase journal

b. Cash receipts journal

c. Sales journal

d. Cash disbursements journal

9. When you print or display a report, you canfilter the departmentalized report using____________________________ characters:

a. A prefix

b. Wildcard

c. Hexadecimal

d. Text-based

10. The report listing outstanding vendor billsby age of the bill is called the:

a. Aged Payables report
b. Cash Disbursements Journal

c. Cash Requirements report

d. Items Purchased from Vendors report

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Deanna Hettinger
Deanna HettingerLv2
28 Sep 2019

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Related questions

Multiple Choice:

31. The Balance Sheet will report a company'sfinancial position:

a. For a period of time

b. As of a point in time

c. Either A or B

d. Both A and B

32. In the Customers & Sales center, youcan create a new quote by:

a. Clicking the Sales Invoice icon and selecting New Quote

b. Clicking the Sales icon and selecting New Quote

c. Clicking the Customer Quotes icon and selecting NewQuote
d. Clicking the Quote & Proposals and selecting New Quote

. 33. The Statement of Retained Earnings beginswith the beginning balance followed by:

a. Plus net Income (loss) less dividends

b. Plus net Income (loss) plus investments

c. Plus investments less dividends

d. Plus investments plus net Income (loss) less dividends

34. Gross profit equals net sales minus:

a. Interest income

b. Finance charges

c. Other income

d. Cost of sales

35. The Income Statement's net income or (netloss) is also shown on the:

a. Income statement's revenue section

b. Balance sheet's capital section

c. Departmental gross profit totals

d. Cash balance at the end of the period

36. Financing activities involve:

a. Lending money

b. Owner investments

c. Depreciation

d. Acquiring long-lived assets

37. The Customers icon on the Customers &Sales center allows you to:

a. Create customers

b. View and edit customers

c. Write letters to customers

d. All the above

38. On the Navigation Bar, make the followingselections to record a sales return:

a. Customers & Sales Navigation Center; click on the Creditsand Returns icon and select Make Payment to Customer, select thecustomer, type the invoice number

b. Customers & Sales Navigation Center; click on the Creditsand Returns icon and select New Credit Memo.

c. Customers & Sales Navigation Center; click on the SalesInvoices icon and select New Sales Invoice

d. Customers & Sales Navigation Center; click on the Creditsand Returns icon and select View and Edit Credit Memos

39. The order of activities on the statement ofcash flows is:

a. Operating, investing, and financing

b. Operating, financing, and investing

c. Financing, operating, and investing

d. Financing, investing, and operating

40. The following would be included in theheading of all financial statements:

a. Title of the statement

b. Name of the business

c. Period of time covered by the statement

d. All of the above

Multiple Choice:

21. All the following are true regarding Quotesexcept:

a. Quotes post entries to general ledger accounts

b. Quotes can be transferred to create an invoice

c. Quotes can be linked to customer jobs

d. Quotes can be linked to items

22. If a customer was overcharged for theservices, the customer's invoice can be reduced by posting a:

a. Sales invoice

b. Customer receipt

c. Debit memo

d. Credit memo

23. On the statement of cash flows, the cashflows from operating activities section would include:

a. Receipts from the issuance of capital stock

b. Receipts from the sale of investments

c. Payments for the acquisition of investments

d. Net income

24.The Income Statement will include thefollowing accounts:

a. Revenues less Expenses (ordered largest to smallest amount)with Other Expenses listed last
b. Revenues less Expenses (ordered smallest to largest amounts.With Miscellaneous Expenses listed last

c. Revenues less Expenses (ordered in alphabetical order) withOther Expenses listed last

d. Revenues less Expenses (order is not important)

25. The Statement of Cash Flows answers all ofthe following except:

a. Where the receipts come from

b. Where the cash payments were used for

c. What the overall change in cash was

d. If there will be enough cash to pay the currentliabilities

26. On the Navigation Bar, make the followingselections to enter a sales invoice:

a. Customers & Sales Navigation Center, click on theCustomers icon and select View and Edit Customers

b. Customers & Sales Navigation Center, click on the SalesInvoices icon and select Set up Invoice Defaults

c. Tasks; Purchases/Receive Inventory

d. Customers & Sales Navigation Center, click on the SalesInvoices icon and select New Sales Invoice

27. The following would be included in theheading of an income statement:

a. Title of the statement

b. Name of the business

c. Period of time covered by the statement

d. All of the above

. 28. A departmentalized accounting systemprovides information that can be used to:

a. Custom design departmental statements

b. Evaluate profitability and cost effectiveness

c. Evaluate current assets

d. Modify PCA's standard forms

29. In Peachtree, information about a sale isrecorded in the:

a. Purchase window

b. Inventory window

c. Purchases/Receive Inventory window

d. Sales/Invoicing window

30. The sample company, Bellwether GardenSupply, uses which method of posting?

a. Batch posting

b. Real-time posting

c. Cash basis posting

d. Accrual basis posting

1) The statement of cash flows is used for _____.



A. showing the relationship of net income to changes in currentassets


B. determining a company%u2019s acceptable level of debtfinancing


C. revealing commitments that may restrict future courses ofaction


D. evaluating the creditworthiness of the organization



2) Nonoperating items on the income statement _____.



A. are revenues and expenses arising from adjusting entries


B. include interest income and expense


C. appear only on corporate income statements


D. appear on the income statement immediately after grossprofit



3) The difference between a single-step and multiple-step incomestatement is that a single-step income statement _____.



A. groups all revenues together and all expenses together, whereasa multiple-step income statement separates certain revenues andexpenses from each other and presents subtotals


B. calculates net income using one method, whereas a multiple-stepincome statement calculates net income using two or moremethods


C. calculates gross profit and operating income, whereas amultiple-step income statement does not


D. shows only 1 year's net income, whereas a multiple-step incomestatement shows multiple years' net income



4) Which one of the following statements is true?



A. The statement of cash flows reports the cash receipts but notcash payments of an entity over a period of time.


B. Both the statement of cash flows and the income statementdetermine the net income for a company.


C. Transactions affecting the sale and the purchase or productionof goods and services are reported in the financing activitiessection of the statement of cash flows.


D. Investing activities in the statement of cash flows includeacquiring and selling long-term assets.



5) The _____ accounting convention uses the acquisition cost minusdepreciation in valuing an asset on the balance sheet.



A. continuity


B. conservatism


C. cost-benefit


D. materiality



6) A new corporation issuing a common, no-par value stock for cashwould include a journal entry a debit to _____.



A. paid-in capital and a credit to retained earnings.


B. cash and a credit to common stock.


C. retained earnings and a credit to cash.


D. cash and a credit to retained income.



7) Which type of organization would most likely havework-in-process inventory?



A. A retail store


B. A manufacturing company


C. A service organization


D. A real-estate investment trust



8) _____ is a measure of income or profit divided by the investmentrequired to obtain that income or profit.



A. Return on sales


B. Capital turnover


C. Return on investment


D. Residual income



9) The following information is available for the PeterCompany:


Sales: $150,000



Invested capital: $156,250



ROI: 10%



The return on sales is _____.




A. 10.00%


B. 10.42%


C. 62.50%


D. 9.60%



10) The following information is available for the PeterCompany:


Sales: $500,000



Invested capital: $312,500



ROI: 10%



The return on sales is _____.




A. 10.00%


B. 6.250%


C. 1.000%


D. 62.50%



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