1. One way to display the balance sheet is to use these menu bar selections:
a. Reports & Forms; Financial Statements, Print
b. Reports & Forms; Financial Statements, Inventory, Options
c. Reports & Forms; Financial Statements, Balance Sheet, Display
d. Reports & Forms; Financial Statements, Financial Statements, Display
2. On the Navigation Bar, make the following selections to record a payment on account:
a. On the Customers & Sales Navigation Center, click on the Bank Deposits icon and select New Bank Deposit
b. On the Customers & Sales Navigation Center, click on the Receive Money icon and select Receive Money from Customer, Apply to Invoices tab
c. On the Bank Navigation Center, click on the Enter Bills icon and select New Bills
d. Maintain; Receipts, record the cash sale
3. The classified Balance Sheet will divide its Liabilities section as the following subsections:
a. Current Liabilities and Long-Term Liabilities
b. Current Liabilities and Other Liabilities
c. Other Liabilities and Long-Term Liabilities
d. Present Liabilities and Tomorrow’s Liabilities
4. The Balance Sheet will divide the assets section as follows:
a. Current Assets and Other Assets
b. Current Assets and Property, Plant, and Equipment
c. Current Assets and Long-Term Assets
d. Other Assets and Property, Plant and Equipment
5. The Balance Sheet should be prepared:
a. Before the income statement and the statement of retained earnings
b. Before the income statement and after the statement of retained earnings
c. After the income statement and the statement of retained earnings
d. After the income statement and before the statement of retained earnings
6. The price of each inventory item is stored in the:
a. Maintain Purchase Items file
b. Inventory & Services; Inventory Items file
c. Tasks; Inventory items
d. Tasks; Purchase orders
7. To go from the income statement to an original entry is called:
a. Drill down
b. Options, specific to the range
c. Display
d. Filter
8. The classified Balance Sheet will subsection the assets section as follows:
a. Current Assets and Other Assets
b. Current Assets and Property, Plant, and Equipment
c. Current Assets and Long-Term Assets
d. Other Assets and Property, Plant, and Equipment
9. Bellwether Garden Supply offers incentives to credit customers to pay sales on account faster, through the use of:
a. Purchase discounts
b. Discounts at the point of sale
c. Sales discounts
d. Net 30 day payments
10. Peachtree's accounts receivable system includes:
a. Accounts Payable subsidiary system
b. Controlling account in the general journal
c. Customer ledgers
d. Purchases/Receive Inventory window