Managing and reconciling accounts MCQs on Peach Tree

By: Prof. Dr. Fazal Rehman | Last updated: August 1, 2024

1. Which Peachtree feature is used to reconcile bank statements with your accounting records?
   a) Bank Reconciliation
   b) General Ledger
   c) Accounts Receivable
   d) Accounts Payable
   Answer: a) Bank Reconciliation
2. What is the primary purpose of reconciling an account in Peachtree?
   a) To ensure that the account balance matches the corresponding bank or financial statement
   b) To record new transactions and updates
   c) To generate financial reports and statements
   d) To correct errors in journal entries
   Answer: a) To ensure that the account balance matches the corresponding bank or financial statement
3. Which Peachtree report helps track discrepancies between the bank statement and your records during reconciliation?
   a) Bank Reconciliation Report
   b) General Ledger Report
   c) Trial Balance Report
   d) Account Activity Report
   Answer: a) Bank Reconciliation Report
4. How do you handle discrepancies found during the bank reconciliation process?
   a) Investigate and adjust transactions or record missing transactions to resolve discrepancies
   b) Ignore the discrepancies and proceed with the reconciliation
   c) Manually adjust the bank statement balance to match your records
   d) Create a new bank reconciliation without adjusting the discrepancies
   Answer: a) Investigate and adjust transactions or record missing transactions to resolve discrepancies
5. What information is required to perform a bank reconciliation in Peachtree?
   a) Bank statement, starting and ending balances, and a list of transactions
   b) Customer invoices, payment amounts, and payment dates
   c) Vendor bills, purchase orders, and payment terms
   d) Sales orders, product details, and shipping information
   Answer: a) Bank statement, starting and ending balances, and a list of transactions
6. When reconciling accounts payable, which Peachtree report is most useful?
   a) Accounts Payable Aging Report
   b) Vendor Payment Report
   c) General Ledger Report
   d) Purchase Orders Report
   Answer: a) Accounts Payable Aging Report
7. Which Peachtree feature allows you to manage and track outstanding customer invoices?
   a) Accounts Receivable
   b) Customer Payments
   c) Sales Orders
   d) Bank Reconciliation
   Answer: a) Accounts Receivable
8. How can you ensure that all transactions are accurately reflected in your accounts?
   a) Regularly review and reconcile your accounts and bank statements
   b) Manually adjust the account balances without reconciling
   c) Create new transactions to match the bank statement balances
   d) Use external software to verify account balances
   Answer: a) Regularly review and reconcile your accounts and bank statements
9. To manage discrepancies between your general ledger and actual bank statements, what should you do?
   a) Reconcile the general ledger transactions with the bank statements and adjust as necessary
   b) Adjust the general ledger without reconciling the bank statements
   c) Delete discrepancies and re-enter correct transactions
   d) Only update the bank statement to match the general ledger
   Answer: a) Reconcile the general ledger transactions with the bank statements and adjust as necessary
10. What is an essential step to perform before starting a bank reconciliation in Peachtree?
    a) Verify that all transactions are recorded and that the starting balance matches the bank statement
    b) Delete old transactions and create new ones
    c) Manually balance the general ledger accounts
    d) Generate a new set of financial statements
    Answer: a) Verify that all transactions are recorded and that the starting balance matches the bank statement

More MCQs on Peachtree

• Main navigation areas (e.g., Customers & Sales, Inventory & Services)
• Using menus and icons
• Accessing and customizing reports
• Customer and Sales Management MCQs
  • Creating and managing customer records
  • Processing sales invoices
  • Handling sales returns and adjustments
• Inventory Management MCQs
  • Setting up and maintaining inventory items
  • Recording inventory purchases and adjustments
  • Tracking inventory levels and costs
• Vendor and Purchasing MCQs
  • Creating and managing vendor records
  • Recording purchase orders and bills
  • Handling vendor payments and adjustments
• Accounts Payable and Receivable MCQs
  • Managing accounts payable (AP) and accounts receivable (AR)
  • Generating and paying bills
  • Invoicing customers and receiving payments
• General Ledger and Journal Entries MCQs
  • Understanding the general ledger structure
  • Recording and adjusting journal entries
  • Managing and reconciling accounts
• Payroll and Employee Management MCQs
  • Setting up employee records
  • Processing payroll and employee deductions
  • Handling employee benefits and taxes
• Financial Statements and Reports MCQs:
  • Generating and interpreting financial statements (e.g., Balance Sheet, Income Statement)
  • Customizing and analyzing reports
  • Understanding key financial metrics
• Backup and Data Management MCQs
  • Performing and restoring backups
  • Managing data integrity and security
  • Handling data migrations and updates
• System Configuration and Setup MCQs
  • Setting up company information and preferences
  • Customizing forms and templates
  • Configuring system settings and user permissions
• Troubleshooting and Support MCQs
  • Common issues and solutions
  • Accessing help resources and support
  • Performing basic troubleshooting steps
• Integration and Advanced Features MCQs
  • Integrating with other software or systems
  • Using advanced features like job costing or project management
  • Exploring additional modules or functionalities MCQs