TEST BANK COMPUTER ACCOUNTING WITH PEACHTREE BY SAGE COMPLETE ACCOUNTING 16e chap002

Chapter 02 Vendors True / False Questions When Bellwether Garden Supply orders inventory from vendors, Account No 12000, Inventory is credited True False Vendors offer Bellwether a purchase discount for invoices paid within a discount period True False Accounts payable transactions refer to transactions with vendors or suppliers True False In order to begin where you left off the last time you used Peachtree, you use the backup feature True False The restore feature is used to save data to the current point in Peachtree True False In order to show the GL Account column on journal windows, you should uncheck the settings in Options; Global that hide the general ledger accounts True False In Peachtree, the Purchases/Receive Inventory window is also the purchases journal True False Clicking on the Journal icon on the Purchase Order window lets you see the general ledger True False When you click on the Print icon on the Purchase Order window, you print the purchase order and also post the purchase order journal True False 10 In Peachtree, the Purchases/Receive Inventory window is also the purchase order journal True False Multiple Choice Questions 11 In Bellwether Garden Supply, vendors are set up using: A B C D E Use eight characters only 12 Alphabetic characters in Peachtree are: A B C D E Not case sensi Combination of upper and lowercase 13 The contact name for the vendor Armstrong's Landscaping is: A B C D E 14 The purchase account for Armstrong's Landscaping is: A B C D E 57200, Materials Cost 57000, Direct Lab 57000-LS, Direct Labor - Landscaping 57200-LS, Materials Cost - Landscaping 14700, Other Current Assets 15 The following accounts are debited and credited when you purchase inventory on account: A B C D E Dr Inventory account, credit Account Receivable/vendor Dr Accounts Payable/Vendor; Cr expense account Dr Inventory account; Cr Accounts Payable/Vendor Dr Accounts Receivable/Customer; Cr Sales account Dr Accounts Payable/Vendor; Cr Inventory account 16 The Payments window is also known as the: A B C D E Cash Receipts Journal Purchases Jou Cash Disbursements Journal 17 To print a vendor check, you use the following menu bar selections: A B C D E Reports & Forms; Accounts Receivable, Invoices, Preprint Stub Reports & Forms; Forms, Checks, OCR AP Laser Preprinted, Prin Tasks; Payments, Check Register, Checks, Print Reports & Forms; Financial Statements, Current Period, Print Maintain; Vendors, Purchase Info tab 18 On the Navigation Bar, make the following selections to display the Vendor Ledgers Report: A B C D Vendors & Purchases Navigation Center, link to View Detailed List Vendors & Purchases Navigation Center, link to View all Vendor & Maintain; Customers/Sales Reps Customers & Sales Navigation Center, in the Vendors area, link t 19 The Vendor Ledgers Report is another name for the: A B C D E Accounts Receivable subsidiary ledger Inventory subsidiary ledger Accounts Payable open items report Accounts Payable subsidiary ledger Controlling acco 20 The suggested file name for the first back up in Chapter is: A B C D E Page number and chapter number Chapter 02 Vendors Answer Key True / False Questions When Bellwether Garden Supply orders inventory from vendors, Account No 12000, Inventory is credited FALSE Account No 12000, Inventory is debited Vendors offer Bellwether a purchase discount for invoices paid within a discount period TRUE Accounts payable transactions refer to transactions with vendors or suppliers TRUE In order to begin where you left off the last time you used Peachtree, you use the backup feature FALSE You use the restore feature to begin where you left off the last time you used Peachtree The restore feature is used to save data to the current point in Peachtree FALSE You use the backup feature to save data to the current point in Peachtree Restore is used to start where you left off the last time you used Peachtree In order to show the GL Account column on journal windows, you should uncheck the settings in Options; Global that hide the general ledger accounts TRUE In Peachtree, the Purchases/Receive Inventory window is also the purchases journal TRUE Clicking on the Journal icon on the Purchase Order window lets you see the general ledger FALSE Clicking on the Journal icon on the Purchase Order window lets you see the purchase order journal When you click on the Print icon on the Purchase Order window, you print the purchase order and also post the purchase order journal TRUE 10 In Peachtree, the Purchases/Receive Inventory window is also the purchase order journal FALSE The Purchases/Receive Inventory window is the purchases journal Multiple Choice Questions 11 In Bellwether Garden Supply, vendors are set up using: (p 73) AL a st n a m e fir st BFi rs t n a m e fir st C A c o di n g s y st e m DD ef a ul ts E U se ei g ht c h ar a ct er s o nl y Difficulty: Medium 18 (p 8485) On the Navigation Bar, make the following selections to display the Vendor Ledgers Report: A Ve n d or s & Pu rc h as es N av ig at io n C e nt er , lin k to Vi e w D et ail e d Li st a n d se le ct Ve n d or Le d g er s, Di sp la y B Ve n d or s & Pu rc h as es N av ig at io n C e nt er , lin k to Vi e w all Ve n d or & Pu rc h as es R e C M nt n; C us to m er s/ S al es R e ps D C us to m er s & S al es N av ig at io n C e nt er , in th Difficulty: Medium 19 The Vendor Ledgers Report is another name for the: (p 85) A cc o u nt s R ec ei v a bl e su bs idi ar y le d g er B In v e nt or y su bs id ia ry le d g er C A cc o u nt s Pa y a bl e o p e n it e m s re p or t D A cc o u nt s Pa y a bl e su bs id ia ry le d g er EC o nt ro lli n g a cc o u nt Difficulty: Easy 20 The suggested file name for the first back up in Chapter is: (p 88) AE x er ci s e 21 BE x er ci s e 22 CC h a pt er s & D C h a p t e r E Pa g e n u m b er a n d ch a pt er n u m b er Difficulty: Easy ... invoices paid within a discount period TRUE Accounts payable transactions refer to transactions with vendors or suppliers TRUE In order to begin where you left off the last time you used Peachtree, ... last time you used Peachtree 5 The restore feature is used to save data to the current point in Peachtree FALSE You use the backup feature to save data to the current point in Peachtree Restore... time you used Peachtree In order to show the GL Account column on journal windows, you should uncheck the settings in Options; Global that hide the general ledger accounts TRUE In Peachtree, the