Setting up and maintaining inventory items MCQs on Peach Tree

By: Prof. Dr. Fazal Rehman Shamil | Last updated: August 1, 2024

1. Which Peachtree menu option is used to set up new inventory items?
   a) Inventory & Services
   b) Items & Services
   c) Inventory Management
   d) Product Setup
   Answer: a) Inventory & Services
2. When setting up an inventory item, which field is used to specify how many units are on hand?
   a) Quantity on Hand
   b) Stock Level
   c) Current Inventory
   d) Inventory Balance
   Answer: a) Quantity on Hand
3. How do you assign a unit of measure to an inventory item in Peachtree?
   a) Enter the unit of measure in the Item Setup screen
   b) Select it from the Units of Measure list in Inventory Management
   c) Specify it in the Purchase Order settings
   d) Define it under the Sales & Receivables menu
   Answer: a) Enter the unit of measure in the Item Setup screen
4. What information should you provide when setting up inventory items for accurate tracking?
   a) Item code, description, unit cost, and sales price
   b) Supplier information, reorder point, and tax rate
   c) Item name, quantity on hand, and item location
   d) Item code, quantity on hand, and supplier contact
   Answer: a) Item code, description, unit cost, and sales price
5. To ensure inventory items are properly categorized, what should you do?
   a) Use categories or groups in the Inventory Item setup
   b) Assign item types in the Inventory Management settings
   c) Create sub-categories under the Items & Services menu
   d) Define categories in the Purchase Order module
   Answer: a) Use categories or groups in the Inventory Item setup
6. How can you update the cost of an existing inventory item in Peachtree?
   a) Edit the item details in the Inventory & Services menu
   b) Adjust the cost in the Purchase Order module
   c) Modify the cost through the Inventory Adjustment feature
   d) Update the item cost in the Accounts Payable section
   Answer: a) Edit the item details in the Inventory & Services menu
7. What feature allows you to track inventory levels and automate reorder processes?
   a) Reorder Points
   b) Inventory Replenishment
   c) Stock Alerts
   d) Automated Inventory Tracking
   Answer: a) Reorder Points
8. How can you add a description to an inventory item in Peachtree?
   a) Enter the description in the Item Setup window
   b) Include it in the Inventory Adjustment form
   c) Specify it in the Purchase Order
   d) Add it to the Sales Invoice
   Answer: a) Enter the description in the Item Setup window
9. Which Peachtree feature helps you track the movement of inventory items and their quantities?
   a) Inventory History
   b) Item Movement Log
   c) Stock Tracking
   d) Inventory Transactions Report
   Answer: a) Inventory History
10. What action should you take to correct an inventory count discrepancy in Peachtree?
    a) Use the Physical Inventory Count feature to adjust quantities
    b) Update the quantity manually in the Inventory List
    c) Create a new item to replace the old one
    d) Adjust the quantity in the Sales Order module
    Answer: a) Use the Physical Inventory Count feature to adjust quantities

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