Accounts Payable and Receivable MCQs on Peach Tree

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

1. What feature in Peachtree is used to track and manage bills from vendors?
   a) Accounts Payable
   b) Accounts Receivable
   c) Payroll
   d) Inventory Management
   Answer: a) Accounts Payable
2. How can you record a payment to a vendor in Peachtree?
   a) By entering a payment in the Accounts Payable module
   b) By creating a sales invoice
   c) By adjusting the inventory
   d) By generating a financial report
   Answer: a) By entering a payment in the Accounts Payable module
3. What report would you use to view outstanding vendor invoices in Peachtree?
   a) Accounts Payable Aging Report
   b) Balance Sheet
   c) Income Statement
   d) Cash Flow Statement
   Answer: a) Accounts Payable Aging Report
4. Which function in Peachtree helps in reconciling vendor statements?
   a) Vendor Payment Reconciliation
   b) Invoice Matching
   c) Bank Reconciliation
   d) Payment History
   Answer: b) Invoice Matching
5. How can Peachtree users track discounts offered by vendors?
   a) By entering discount terms in the Accounts Payable module
   b) By creating a separate discount report
   c) By manually adjusting vendor balances
   d) By recording discounts as income
   Answer: a) By entering discount terms in the Accounts Payable module

Accounts Receivable

6. Which Peachtree feature allows you to create and manage customer invoices?
   a) Accounts Receivable
   b) Inventory Management
   c) Fixed Asset Management
   d) Payroll
   Answer: a) Accounts Receivable
7. What report would you use to review outstanding customer invoices in Peachtree?
   a) Accounts Receivable Aging Report
   b) Sales Report
   c) Profit and Loss Statement
   d) Balance Sheet
   Answer: a) Accounts Receivable Aging Report
8. How can you apply a payment received from a customer in Peachtree?
   a) By entering the payment in the Accounts Receivable module
   b) By adjusting the inventory
   c) By generating a purchase order
   d) By creating a new vendor record
   Answer: a) By entering the payment in the Accounts Receivable module
9. What function allows you to set up and track customer credit limits in Peachtree?
   a) Customer Credit Management
   b) Accounts Receivable
   c) Credit Limit Adjustment
   d) Customer Profile
   Answer: a) Customer Credit Management
10. How can Peachtree help manage and resolve customer disputes over invoices?
    a) By providing detailed invoice histories and tracking adjustments
    b) By generating sales reports
    c) By adjusting inventory levels
    d) By creating vendor records
    Answer: a) By providing detailed invoice histories and tracking adjustments

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