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DEVRY ACCT 251 Final Exam .pdf



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DEVRY ACCT 251 Final Exam

Check this A+ tutorial guideline at
http://www.assignmentclick.com/acct251/acct-251-final-exam
For more classes visit
http://www.assignmentclick.com
The Final Exam has 3 pages and is worth 270 points total. This first page has all
Multiple Choice questions.
Question 1.1. (TCO 1) To display the size of your backup file, you can use the
Windows program called: (Points : 5)
Windows Explorer
Scan disk
Defrag
Windows Accessories
Windows Defender

Question 2.2. (TCO 1) The Edit menu allows you to do the following: (Points : 5)

cut
copy
paste
clear
find transactions

Question 3.3. (TCO 1) The balance sheet lists: (Points : 5)
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.
cash disbursements.

Question 4.4. (TCO 1) Business managers and owners depend on financial
statements because: (Points : 5)
Peachtree automatically calculates accurate financial statements.
financial statements are for internal use only.
they have primary responsibility for the business.
they can evaluate cash and make appropriate decisions.
they can use account balances to customize financial statements.

Question 5.5. (TCO 2) The sample company, Bellwether Garden Supply, uses which
method of posting? (Points : 5)
Batch posting

Real-time posting
Cash basis posting
Accrual basis posting
Just-in-time posting

Question 6.6. (TCO 2) The posting method used by the business in Chapter 9 is:
(Points : 5)
batch posting
real-time posting
a combination of batch posting and real-time posting.
accrual posting
cash basis posting

Question 7.7. (TCO 2) The account type specified on the chart of accounts is also the
account classification for the: (Points : 5)
balance sheet and income statement
general ledger
general journal
cash receipts journal
receipts

Question 8.8. (TCO 3) In Chapter 11, the ______________________________is completed before
recording and posting the end-of-quarter adjusting entries. (Points : 5)
adjusted trial balance
cash disbursements journal

unadjusted trial balance
cash receipts journal
post-closing trial balance

Question 9.9. (TCO 3) The best time to record adjusting entries is: (Points : 5)
the end of the quarter.
the end of each month.
six month intervals.
the end of the year only.
during the month.

Question 10.10. (TCO 4) To change accounting periods, you need to make the
following menu bar selections: (Points : 5)
Tasks; System, Change Accounting Period
Tasks; Default, Change Accounting Period
Tasks; Maintain, Defaults
Maintain; System, Change Accounting Period
Maintain; User Security

Question 11.11. (TCO 4) If your journals do not agree with the textbook illustrations,
use the following Peachtree feature: (Points : 5)
Maintain; defaults, general ledger
Edit journal transactions
Tasks; general journal transaction

Maintain chart of accounts
Company page; link to restore

Question 12.12. (TCO 5) The account credited on the Receipts window is: (Points : 5)
Account No. 1020, Checking Account
The GL Account selected
Account No. 1040, IRA Savings
The Receipts window does not need to have an account credited.
Account No. 1010, Money Market

Question 13.13. (TCO 5) In Chapter 10, you do the following: (Points : 5)
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 14.14. (TCO 6) On the Navigation Bar, make the following selections to
enter a sales invoice: (Points : 5)
Customers & Sales page; click on the Customers icon and select View and Edit
Customers.
Customers & Sales page; click on the Sales Invoices icon and select Set Up Invoice
Defaults.
Tasks; Purchases/Receive Inventory.
Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice.

Inventory & Services page; click on the Invoice icon, select View and Edit Invoices.

Question 15.15. (TCO 6) The standard sales discount, in terms of number of days, for
Bellwether Garden Supply is: (Points : 5)
no sales discount is offered.
a discount if balance is paid in full within 10 days.
a discount if balance is paid in full within 15 days.
a discount if balance is paid in full within 20 days.
a discount if balance is paid in full within 25 days.

Question 16.16. (TCO 6) You need to set up a Job ID for Franklin Botanical Gardens in
Chapter 6, so that you can track: (Points : 5)
the employees’ expenses and miles driven to the job.
how much the merchandise cost.
how much the merchandise sold for.
the supplies and employee hours charged to this customer.
employee expenses and cost of inventory.

Question 17.17. (TCO 6) The Sales/Invoicing window is also known as the: (Points :
5)
purchase journal
cash receipts journal
sales journal
cash disbursements journal
general ledger

Question 18.18. (TCO 6) On the Navigation Bar, make the following selections to
record a sales return: (Points : 5)
Customers & Sales page; click on the Credits and Returns icon and select Make
Payment to Customer, select the customer, type the invoice number
Customers & Sales page; click on the Credits and Returns icon and select New Credit
Memo
Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice
Customers & Sales page; click on the Credits and Returns icon and select View and
Edit Credit Memos
Tasks page; select Maintain Customers/Sales Reps, Defaults

Question 19.19. (TCO 6) On the Navigation Bar, make the following selections to
record a cash sale: (Points : 5)
On the Customers & Sales page, click on the Sales Invoices icon and select New Sales
Invoice.
On the Customers & Sales page, click on the Receive Money icon and select View and
Edit Payments Receive, Apply to Revenues tab, record the cash sale.
On the Customers & Sales page, click on the Receive Money icon and select Receive
Money From Customer, Apply to Revenues tab, record the cash sale.
On the Banking page, click on the Receive Money icon and select Receive Money
From Customer, Apply to Revenues tab, record the cash sale.
On the Inventory & Services page, select Inventory Adjustments.

Question 20.20. (TCO 6) The Franklin Botanical Gardens job has the following special
circumstance: (Points : 5)
It is a motel overlooking a freeway.
It is a hotel near the airport.

It is a new building overlooking a park.
It is an apartment complex with surrounding gardens.
A newly remodeled building.
Question 1.1. (TCO 7) On the Navigation Bar, make the following selections to enter
inventory item maintenance information: (Points : 5)
Inventory & Services page; click on the Inventory Items icon, select View and Edit
Inventory items and record inventory information
Vendors & Purchases page; click on the Purchase Orders icon, select New Purchase
Orders and record inventory information
Inventory & Services page; click on the Inventory Items icon, select New Inventory
Item and record inventory information
Maintain; Defaults, Inventory Items, record inventory information
Vendor & Purchases; select Pay Bills, New Bill

Question 2.2. (TCO 7) The LIFO (last in, first out) method of inventory assumes:
(Points : 5)
the lowest amount of net loss.
the highest amount of net income.
cost of sales is based on current replacement.
beginning inventory is sold first.
overall Average cost.

Question 3.3. (TCO 7) On the Navigation Bar, make the following selections to make a
general journal entry: (Points : 5)
Company page; click on the Chart of Accounts icon and select View and Edit Accounts
Company page; link to General Journal Entry

Banking page; click on the Write Checks icon and select New Check
Company page; link to Restore a backup and click on the General Journal Entry icon
Maintain; select General Journal record

Question 4.4. (TCO 7) If your GL Account columns and A/P Account field are not
displayed on the
Purchases/Receive Inventory window, you need to: (Points : 5)
check the Tasks windows.
check the maintenance menus.
click on Options; Global and uncheck the three boxes in the Hide General Ledger
Accounts section.
reset the defaults in the Accounting Behind the Screens selection.
accounting Behind the Screens cannot be changed.

Question 5.5. (TCO 9) An organized body of related information is called a/an:
(Points : 5)
feature of the software
software function
accounting software application
Peachtree Complete Accounting
database

Question 6.6. (TCO 9) The Payments window is also known as the: (Points : 5)
Cash Receipts Journal
Purchase Journal


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