Recording inventory purchases and adjustments MCQs on Peach Tree

1. Which Peachtree feature is used to record inventory purchases?
   a) Purchase Orders
   b) Purchase Receipts
   c) Inventory Adjustments
   d) Bills and Expenses
   Answer: b) Purchase Receipts
2. When entering an inventory purchase in Peachtree, which document typically updates the inventory levels?
   a) Purchase Order
   b) Purchase Invoice
   c) Bill of Lading
   d) Receipt
   Answer: b) Purchase Invoice
3. How can you record an adjustment to inventory quantities in Peachtree?
   a) Use the Inventory Adjustment feature
   b) Modify quantities in the Purchase Order module
   c) Edit the Inventory List directly
   d) Create a new purchase receipt
   Answer: a) Use the Inventory Adjustment feature
4. What information is required when recording a purchase receipt for inventory?
   a) Supplier name, item details, quantity received, and cost
   b) Purchase order number, item description, and delivery date
   c) Invoice number, payment terms, and shipping address
   d) Item code, quantity on hand, and sales price
   Answer: a) Supplier name, item details, quantity received, and cost
5. How do you handle discrepancies between purchased and received inventory quantities?
   a) Record an inventory adjustment for the difference
   b) Update the Purchase Receipt with the correct quantities
   c) Create a new Purchase Order for the missing items
   d) Modify the original purchase order details
   Answer: a) Record an inventory adjustment for the difference
6. Which report helps track all inventory purchases and adjustments in Peachtree?
   a) Inventory Transactions Report
   b) Purchase History Report
   c) Inventory Adjustments Report
   d) Purchase Summary Report
   Answer: a) Inventory Transactions Report
7. What action should be taken if you need to correct an error in an inventory purchase entry?
   a) Edit the original purchase receipt and save the changes
   b) Create a new purchase receipt to adjust the error
   c) Use the Inventory Adjustment feature to correct the quantity
   d) Delete the incorrect purchase receipt and re-enter it
   Answer: a) Edit the original purchase receipt and save the changes
8. How can you track the cost of inventory purchases over time?
   a) Review the Inventory Valuation Report
   b) Use the Purchase History Report
   c) Check the Cost of Goods Sold report
   d) Monitor the Inventory Adjustment Log
   Answer: a) Review the Inventory Valuation Report
9. To record an adjustment for an inventory item’s cost, which feature in Peachtree should you use?
   a) Inventory Adjustments
   b) Purchase Orders
   c) Cost Change
   d) Expense Adjustment
   Answer: c) Cost Change
10. What should you do if you receive a partial shipment for an inventory purchase?
    a) Record the partial shipment using a Purchase Receipt and adjust the quantity later
    b) Update the Purchase Order to reflect the received quantity
    c) Create a new purchase receipt for the remaining items
    d) Modify the inventory quantities manually
    Answer: a) Record the partial shipment using a Purchase Receipt and adjust the quantity later

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