General Ledger and Journal Entries MCQs on Peach Tree

1. Which Peachtree feature is used to view and manage all general ledger accounts?
   a) General Ledger
   b) Journal Entries
   c) Accounts Payable
   d) Accounts Receivable
   Answer: a) General Ledger
2. To record a transaction directly in the general ledger, which Peachtree feature should you use?
   a) Journal Entries
   b) General Ledger
   c) Accounts Payable
   d) Sales Orders
   Answer: a) Journal Entries
3. What is the purpose of a journal entry in Peachtree?
   a) To record financial transactions in the general ledger
   b) To manage customer invoices
   c) To track vendor payments
   d) To generate financial reports
   Answer: a) To record financial transactions in the general ledger
4. When creating a journal entry, which details are typically required?
   a) Date, account numbers, debit and credit amounts, and description
   b) Vendor name, invoice number, and payment terms
   c) Customer name, payment amount, and invoice reference
   d) Sales order number, product details, and shipping information
   Answer: a) Date, account numbers, debit and credit amounts, and description
5. Which Peachtree report provides a summary of all transactions posted to the general ledger?
   a) General Ledger Report
   b) Journal Entries Report
   c) Trial Balance Report
   d) Financial Statements Report
   Answer: a) General Ledger Report
6. How can you correct an error in a previously recorded journal entry?
   a) Use the Edit Journal Entry feature or create a correcting entry
   b) Delete the original entry and re-enter it
   c) Adjust the general ledger account manually
   d) Create a new journal entry to offset the error
   Answer: a) Use the Edit Journal Entry feature or create a correcting entry
7. What is the purpose of a trial balance report in Peachtree?
   a) To verify that debits and credits in the general ledger are balanced
   b) To list all journal entries made during a period
   c) To summarize customer payments and invoices
   d) To review vendor transactions and outstanding bills
   Answer: a) To verify that debits and credits in the general ledger are balanced
8. Which Peachtree option allows you to generate a detailed journal of all accounting transactions?
   a) Journal Entries Report
   b) General Ledger Report
   c) Transaction History Report
   d) Financial Statements Report
   Answer: a) Journal Entries Report
9. What action should you take if you need to post a journal entry to multiple accounts?
   a) Enter the details for each account in the journal entry and specify debit or credit amounts
   b) Create separate journal entries for each account
   c) Use a batch posting feature to apply the entry to multiple accounts
   d) Adjust the general ledger accounts manually
   Answer: a) Enter the details for each account in the journal entry and specify debit or credit amounts
10. How do you review the impact of a journal entry on the financial statements?
    a) Generate a Trial Balance Report or Financial Statements Report
    b) View the Journal Entries Report
    c) Check the Accounts Payable and Receivable modules
    d) Review the General Ledger account details manually
    Answer: a) Generate a Trial Balance Report or Financial Statements Report

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
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  • Setting up company information and preferences
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  • Configuring system settings and user permissions
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  • Common issues and solutions
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  • Performing basic troubleshooting steps
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  • Integrating with other software or systems
  • Using advanced features like job costing or project management
  • Exploring additional modules or functionalities MCQs