Recording and adjusting journal entries MCQs on Peach Tree

1. Which Peachtree feature is used to record a new journal entry?
   a) Journal Entries
   b) General Ledger
   c) Accounts Payable
   d) Accounts Receivable
   Answer: a) Journal Entries
2. What is the primary purpose of recording a journal entry in Peachtree?
   a) To record financial transactions directly into the general ledger
   b) To generate sales and purchase reports
   c) To manage customer and vendor information
   d) To track inventory movements and levels
   Answer: a) To record financial transactions directly into the general ledger
3. Which information is essential when creating a journal entry?
   a) Date, account numbers, debit and credit amounts, and description
   b) Customer name, invoice number, and payment amount
   c) Vendor name, bill amount, and payment terms
   d) Sales order number, product details, and shipping address
   Answer: a) Date, account numbers, debit and credit amounts, and description
4. What should you do if you need to correct an error in a journal entry?
   a) Use the Edit Journal Entry feature or create a correcting entry
   b) Delete the incorrect entry and re-enter it
   c) Adjust the general ledger account manually
   d) Create a new journal entry to offset the incorrect entry
   Answer: a) Use the Edit Journal Entry feature or create a correcting entry
5. Which Peachtree report shows all journal entries made during a specific period?
   a) Journal Entries Report
   b) General Ledger Report
   c) Trial Balance Report
   d) Financial Statements Report
   Answer: a) Journal Entries Report
6. How can you adjust a previously recorded journal entry in Peachtree?
   a) Edit the original journal entry or create an adjustment entry
   b) Delete the original entry and re-enter it
   c) Modify the general ledger account balance directly
   d) Create a new journal entry to correct the adjustment
   Answer: a) Edit the original journal entry or create an adjustment entry
7. What is the purpose of an adjusting journal entry?
   a) To update accounts for accrued or deferred items to ensure accurate financial reporting
   b) To record routine transactions such as sales and purchases
   c) To correct errors in previously recorded transactions
   d) To generate financial reports for external use
   Answer: a) To update accounts for accrued or deferred items to ensure accurate financial reporting
8. Which Peachtree option allows you to view the impact of journal entries on account balances?
   a) General Ledger Report
   b) Journal Entries Report
   c) Trial Balance Report
   d) Accounts Payable Report
   Answer: a) General Ledger Report
9. What action should be taken if a journal entry needs to be split across multiple accounts?
   a) Enter the details for each account in the journal entry with the appropriate debit and 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 with the appropriate debit and credit amounts
10. How can you verify that all journal entries are correctly recorded in Peachtree?
    a) Generate a Trial Balance Report to ensure debits and credits balance
    b) Review the Journal Entries Report for accuracy
    c) Check the General Ledger Report for discrepancies
    d) Review the Accounts Payable and Receivable modules
    Answer: a) Generate a Trial Balance Report to ensure debits and credits balance

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