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

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