ACC 2010 Week 4 Assignment 2

ACC 2010 Week 4 Assignment 2

ACC2010 Week 4 Assignment 2
South University Online

Multiple Choice Questions:

1. In Part 2 of the book, you complete monthly accounting for which type of business?
Corporate form of business.
Merchandising business.
Manufacturing business.
Service business.
None of the above.

2. Which type of accounting method does Mark Foltz Designer use?
Cash basis accounting.
Accrual accounting.
PCA does not require you to make a choice.
There is no difference between cash basis and accrual accounting.
None of the above.

3. Mark Foltz’s business type is a:
Sole proprietorship.
None of the above.

4. What chart of accounts did you select for Mr. Foltz’s chart of accounts?
Accounting firm.
Merchandising company.
Non-profit business.
Service Company.
None of the above.

5. Mr. Foltz uses which type of posting method?
Batch posting.
Real-time posting.
There is no need to post his books.
PCA does not require you to make a posting choice.
None of the above.

6. You can restore data by making which menu bar selection?
File; Restore.
Tasks; Backup.
Maintain; Restore.
Maintain; Backup.
None of the above.

7. The correct file name for backing up Mark Foltz Designer, the chart of accounts, and the October 1, 2012 beginning balances is:
Chapter 9 Chart of Accounts October.
Chapter 9 Beginning Balances.
None of the above.

8. Peachtree assigns the following shortened company name to Mark Foltz Designer:
\Sage Software.
None of the above

9. The account type of Account No. 3920, Mark Foltz, Capital (or your name, Capital) is:
\Equity-gets closed.
\Equity-doesn’t close.
\Current assets.
None of the above.

10. When saving an Excel 2007 or 2010 file, the file extension is:
None of the above.

Short-Answer Questions:

In Chapter 10, what source documents are used to complete M r. Foltz’s accounting? Include the month in your answer.

The file restored to begin Chapter 10 is _

To make sure you are starting in the appropriate place in the data, display this financial statement:

The Receipts window is also known as this journal _

The Write Checks window is also known as this journal _

When the Receipts window is used, what account is automatically debited? (Identify the account number and name.)

When the Write Checks window is used, what account is automatically credited? (Identify the account number and name.)

Explain Peachtree’s account reconciliation feature. Define bank reconciliation.

What does the term transaction register refer to?

The transaction register shows payments and deposits. What are two examples of payments, and what Peachtree window is used? What Peachtree window is used to record deposits?

True/Make True:

You can complete the activities in Chapter 11 without completing Chapters 9 and 10. (Yacht, 2011, p. 407)

Step 4 of PCA’s Computer Accounting Cycle is reconciling the bank statement.

To change an accounting period, use the  menu. (Yacht, 2011, p. 410)

Mark Foltz’s transaction register and bank statement are used as source documents for recording journal entries.

The account reconciliation feature can reconcile the cash account only.

The accounting periods used in Chapter 11 are November 1 – 30 and December 1 – 31, 2012.

PCA includes an editing feature so that records can be corrected.

To close the fiscal year, use the System menus election, Year-End Wizard.

When the fiscal year is closed, an adjusted trial balance is displayed or printed.

The statement of retained earnings and the post closing trial balance show the same balance for retained earnings.