Tracking inventory levels and costs MCQs on Peach Tree

1. Which Peachtree report provides an overview of current inventory levels and associated costs?
   a) Inventory Valuation Report
   b) Stock Summary Report
   c) Inventory Status Report
   d) Inventory Transactions Report
   Answer: a) Inventory Valuation Report
2. How can you monitor the cost of inventory items in Peachtree?
   a) Review the Inventory Valuation Report
   b) Check the Purchase Order History
   c) Use the Cost Analysis Report
   d) Look at the Sales History Report
   Answer: a) Review the Inventory Valuation Report
3. Which feature in Peachtree allows you to track the quantity on hand for each inventory item?
   a) Inventory List
   b) Inventory Adjustment
   c) Purchase Receipt
   d) Sales Order
   Answer: a) Inventory List
4. To determine the impact of inventory costs on financial statements, which report should you use?
   a) Cost of Goods Sold Report
   b) Inventory Valuation Report
   c) Inventory Transactions Report
   d) Financial Statements Report
   Answer: a) Cost of Goods Sold Report
5. How can you view the historical cost changes for an inventory item?
   a) Use the Item History feature in the Inventory module
   b) Review the Purchase Order History
   c) Check the Inventory Adjustment Log
   d) Access the Sales Transactions Report
   Answer: a) Use the Item History feature in the Inventory module
6. What action should you take to update inventory levels after a physical count?
   a) Record the new quantities using the Physical Inventory Count feature
   b) Adjust the quantities directly in the Inventory List
   c) Create a new purchase receipt for the counted amounts
   d) Edit the historical inventory records manually
   Answer: a) Record the new quantities using the Physical Inventory Count feature
7. Which Peachtree feature helps track inventory items with their associated costs over time?
   a) Inventory Valuation Report
   b) Cost Tracking
   c) Inventory Adjustments
   d) Purchase Receipts
   Answer: b) Cost Tracking
8. How can you identify discrepancies between recorded and actual inventory levels?
   a) Use the Inventory Status Report
   b) Compare the Inventory Valuation Report with the Physical Inventory Count
   c) Review the Inventory Transactions Report
   d) Check the Sales Order History
   Answer: b) Compare the Inventory Valuation Report with the Physical Inventory Count
9. To reconcile inventory costs and quantities after an adjustment, which Peachtree tool should you use?
   a) Inventory Adjustments
   b) Inventory Reconciliation
   c) Cost of Goods Sold Report
   d) Purchase Order
   Answer: b) Inventory Reconciliation
10. What should you do if you need to analyze the profitability of inventory items?
    a) Use the Inventory Valuation Report and Cost of Goods Sold Report
    b) Review the Purchase History and Sales Reports
    c) Check the Inventory Adjustment Logs
    d) Generate a detailed Sales Order Report
    Answer: a) Use the Inventory Valuation Report and Cost of Goods Sold Report

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