1. In PTCA, closing the accounting year causes: (Points : 2)

Ending balances in temporary accounts to close to retained earnings Ending balances in permanent accounts to close to retained earnings The data file to automatically back up Financial statements to reset to zero

Question 2. 2. Which of the following types of accounts are decreased by debits? (Points : 2)

Assets, Liabilities Owners Equity, Liabilities Expenses, Liabilities Assets, Expenses

Question 3. 3. You enter all checks, cash, and credit card sales in the: (Points : 2)

Sales Receipts window Receive Money window Payments window General Journal Entry window

Question 4. 4. To open a Peachtree backup file, you will need to: (Points : 2)

Use the Restore Wizard Use the Backup Wizard Copy the files onto your computer None of the above

Question 5. 5. The classification and normal balance of the fees earned account is: (Points : 2)

An asset with a credit balance A liability with a credit balance Stockholders' equity with a credit balance Revenue with a credit balance

Question 6. 6. The report that lists accounts and balances without transaction details is called the: (Points : 2)

Income Statement General Ledger Trial Balance General Ledger Balance Sheet

Question 7. 7. In a computerized accounting system, financial statements may be printed: (Points : 2)

In the same order as manual accounting Before the end of month adjustments In any order None of the above

Question 8. 8. A Purchase Order can be used to: (Points : 2)

Authorize inventory purchases Document quantities ordered Document vendor prices All the above

Question 9. 9. The Vendors & Purchases navigation center does not contain the following icon: (Points : 2)

Sales Invoices Vendors Enter Bills Reports

Question 10. 10. The adjusting entry to adjust for the Prepaid rent expired during accounting period is: (Points : 2)

Debit Rent Expense; Credit Prepaid Rent Debit Prepaid Rent; Credit Rent Expense Debit Rent Expense; Credit Prepaid Rent Debit Prepaid Rent; Credit Rent Expense