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Accounts Payable and Receivable MCQs on Peach Tree
By: Prof. Dr. Fazal Rehman | Last updated: August 1, 2024
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
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
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
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
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
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
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
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
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
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
