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Managing accounts payable (AP) and accounts receivable (AR) MCQs on Peach Tree
By: Prof. Dr. Fazal Rehman | Last updated: August 1, 2024
Which Peachtree feature is used to manage outstanding vendor bills? a) Accounts Payable b) Vendor Payments c) Purchase Orders d) Bills Answer: a) Accounts Payable
How can you track overdue vendor payments in Peachtree? a) Use the Accounts Payable Aging Report b) Check the Vendor Payment History c) Review the Purchase Orders module d) Generate the Vendor List Report Answer: a) Use the Accounts Payable Aging Report
To record a vendor bill payment in Peachtree, which option should you use? a) Vendor Payments b) Purchase Orders c) Accounts Payable Adjustments d) Payment Receipts Answer: a) Vendor Payments
Which report helps you review all unpaid vendor bills? a) Unpaid Bills Report b) Accounts Payable Report c) Vendor Activity Report d) Purchase Orders Report Answer: b) Accounts Payable Report
When you need to correct an error in a recorded vendor payment, what should you do? a) Record a payment adjustment b) Delete the original payment and re-enter it c) Modify the payment details directly d) Create a new vendor payment for the correct amount Answer: a) Record a payment adjustment
Accounts Receivable (AR)
Which Peachtree feature is used to manage outstanding customer invoices? a) Accounts Receivable b) Customer Payments c) Sales Orders d) Invoice History Answer: a) Accounts Receivable
To track overdue customer invoices, which report should you use? a) Accounts Receivable Aging Report b) Customer Payment History Report c) Sales Transactions Report d) Invoice Summary Report Answer: a) Accounts Receivable Aging Report
How can you apply a payment to an outstanding customer invoice? a) Use the Apply Payments feature b) Record the payment in the Sales Orders module c) Update the invoice amount manually d) Create a new customer invoice for the payment Answer: a) Use the Apply Payments feature
What should you do if you need to issue a credit to a customer for a returned product? a) Use the Customer Credits feature b) Adjust the original invoice c) Create a new invoice for the credit amount d) Record a refund in the Customer Payments section Answer: a) Use the Customer Credits feature
Which Peachtree report helps you review all customer payments made during a specific period? a) Customer Payments Report b) Accounts Receivable Report c) Payment History Report d) Sales Transactions Report Answer: a) Customer Payments Report
