Computerized Accounting With

PEACHTREE COMPLETE ACCOUNTING 2012

CHAPTER 2 QUIZ
TRUE/FALSE MULTIPLE CHOICE QUESTIONS:
1.

Peachtree will allow you to save and close the Beginning Balances window even
if the general ledger accounts do not balance.
a. True
b. False

2.

Which Peachtree account type is used to record amounts owed by customers for
goods or services purchased on account?
a. Accounts Payable
b. Accounts Receivable
c. Inventory
d. Income

3.

Which Peachtree account type includes intangible assets such as copyrights,

patents, and goodwill?
a. Current Assets
b. Fixed Assets
c. Other Assets
d. Owners Equity

4.

Which of the following is not an advantage of the corporation form of ownership?

a. limited liability
b. double taxation
c. continuous life
d. greater ability to raise capital than a sole proprietorship or partnership

5.

Which form of ownership involves one or more persons making management

decisions, unlimited liability of the owners, and the mutual agency rule?
a. sole proprietorship
b. partnership
c. corporation
d. None of the above

6.

General ledger accounts in Peachtree must each have a unique number for
identification purposes.
a. True
b. False

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MATCHING QUESTIONS:
A.
B.
C.
D.
E.
F.

double taxation
Equity
Fixed Assets
General Ledger
accounts payable
General Ledger Trial Balance

1. Debts owed by the business for goods or services purchased on account

2. A report that lists general ledger accounts and their balances in order to prove that
the general ledger is in balance
3. A report that shows the activities of a companys accounts over a specific period
of time
4. Occurs when earnings of the corporation are taxed first at the corporate level and
then again at the individual level when stockholders receive a share of the
corporations earnings in the form of dividends
5. Account type of accounts such as Plant Assets, Equipment, and Land
6. Account type of accounts such as Capital and Drawing

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