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ACCT 251 Week 6 Quiz
(TCO 1) The balance sheet lists:
: assets, liabilities, and capital of a business.
revenues and expenses of a business.
the percentage of revenue at the end of the year.
the percentage of debt at the end of the year.
Question 2. Question :
(TCO 1) The Income Statement’s net income or (net loss) is also shown on the:
: income statement’s revenue section.
balance sheet’s capital section.
departmental gross profit totals.
cash balance at the end of the period.
general ledger trial balance.
Question 3. Question :
(TCO 1) To use Peachtree’s masking feature, do the following to an account number.
: Add a prefix.
Add a suffix.
Add an account number.
Change the account in the general journal.
Change the account type.
Question 4. Question :
(TCO 2) The sample company chart of accounts that you use as the model for Chapter 9’s business is:
: accounting practice.
Question 5. Question :
(TCO 2) The chart of accounts is:
: the accounts shown on the income statement.
the accounts shown on the balance sheet.
a list of accounts in the general ledger.
a list of accounts in the general journal.
a list showing account beginning balances.
Question 6. Question :
(TCO 2) The account type for Account No. 3920 (Vernon Firestone) [or your name] capital is:
other current liabilities.
Question 7. Question :(TCO 3) In Chapter 11, the ______________________________ is completed before recording and posting the end-of-quarter adjusting entries.: adjusted trial balance
cash disbursements journal
unadjusted trial balance
cash receipts journal
post-closing trial balance
Question 8. Question :
(TCO 3) To print a post-closing trial balance, you need to:
: select Tasks; System, change accounting periods.
select Reports & Forms; Accounts Receivable, print reports.
select Options; Default Information.
select Help; About Peachtree Accounting.
close the fiscal year, then print a trial balance.
Question 9. Question :
(TCO 4) If your journals do not agree with the textbook illustrations, use the following Peachtree feature:
: Maintain; defaults, general ledger.
Edit journal transactions.
Tasks; general journal transaction.
Maintain chart of accounts.
Company page; link to restore.
Question 10. Question :
(TCO 4) The December 31 balance in Mr. Firestone’s retained earnings account (Account No. 3910) is:
: Revenue minus expenses.
assets minus liabilities plus owner’s equity.
year-to-date net income plus the total of the drawing account.
year-to-date net income minus the total of the drawing account.
capital minus drawing.
Question 11. Question :
(TCO 5) To change an entry on the Write Checks window or Receipts window, do this:
: make a completely new entry.
delete the record.
add a transaction line.
select Maintain; Chart of Accounts.
edit the record.
Question 12. Question :
(TCO 5) The Write Checks window automatically debits the following account:
: Account No. 1020, Checking Account.
the Expense account selected.
You need to select the account credited, not debited.
Account No. 1040, IRA Savings.
Account No. 1010, Money Market.
Question 13. Question :(TCO 5)
In Chapter 10, you do the following:: set up a retail business.
select November 2010 as the accounting period.
record deposits, checks, and ATMs.
print the chart of accounts.
record purchase invoices.
Question 14. Question :
(TCO 6) On the Navigation Bar, make the following selections to apply the sale of an irrigation system to the Franklin Botanical Gardens job:
: Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice.
Customers & Sales page; click on the Sales Invoices icon and select View and Edit Sales Invoices.
Vendor & Purchases page; click on Purchase Orders and select new Purchase Order.
Customers & Sales page; click on the Jobs icon and select New Jobs.
Inventory & Services page; select the Inventory Items icon, then select View and Edit.
Question 15. Question :
(TCO 6) The start date for the Franklin Botanical Gardens job is:
: January 3, 2010.
February 3, 2010.
March 3, 2010.
March 4, 2010.
April 3, 2010.
Question 16. Question :
(TCO 6) After completing the exercises in Chapter 5, restore the following backup to start Chapter 6:
: Chapter 5.ptb.
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