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Devry ACCT 251 Complete Course – New

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WEEK 1

Underestimating/Overestimating Peachtree (graded)

Automated accounting information systems, such as Peachtree Complete Accounting 2010, are powerful business tools. Identify and discuss how we may overestimate or underestimate the power of accounting information systems such as Peachtree Complete Accounting 2010.

This section lists options that can be used to view responses.

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Accounting Knowledge (graded)

Many of you have taken at least one accounting class prior to taking this class. Explain how a person’s understanding of accounting may help or hurt him or her in his or her use of automated accounting information systems like Peachtree Complete Accounting 2010.

week 2

Maintaining Vendor Relationships (graded)

As you know, maintaining a strong & dependable relationship with your vendors is crucial to your business. How can systems like Peachtree Complete Accounting 2010 help you to maintain this relationship?

Payment Options (graded)

Most businesses allow their customers to use a variety of options (credit cards, store credit, check, cash, or e-cash like PayPal) when making payments. What are some of the challenges in offering a wide variety of payment options for firms that use systems like Peachtree Complete Accounting 2010?


week 3

Employee Data (graded)

Assume that you have employees who live in one state and work in another. How does this affect your set up and use of an automated accounting system such as Peachtree CompleteAccounting 2010 for payroll processing?

Chart of Accounts (graded)

Most automated accounting systems provide you with a chart of account (general ledger) that is already established. What are the challenges in relying on a pre-established chart of account?

week 4

Job Costing Challenges (graded)

What are some of the challenges a bookkeeper will face when trying to utilize job costing in using Peachtree Complete Accounting 2010?

Financial Statements (graded)

You have created financial statements from your other accounting classes. These financial statements were created manually. How similar and/or different are these statements from the ones generated in an automated accounting system like Peachtree Complete Accounting 2010?

week 5

Journals & Ledgers (graded)

What are the similarities and differences between manual-based journals/ledgers and automated accounting system journals/ledgers?

Closing the Books (graded)

As you close your books, what source document(s) are needed to help your close your books in an automated accounting systems?


week 6

Data Needed for Purchasing Activities (graded)

In order topurchase goods & services via an automated accounting system, we know that vendor data must be created correctly in Peachtree. Identify and discuss what is needed to be set-up correctly in Peachtree Complete Accounting 2010.

Data Needed for Sales Activities (graded)

In order to sell goods & services via an automated accounting system, we know that customer data must be created correctly in Peachtree. Identify and discuss what additional is needed to be set-up correctly in Peachtree Complete Accounting 2010.

week 7

Selection of an Inventory Method (graded)

There are several inventory methods that a firm can choose to use. How does a firm’s business type affects its selection of an inventory method in automated systems like Peachtree Complete Accounting 2010?

iss 2

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Payroll Reference Data (graded)

In order to process payroll correctly in an computerized accounting system, there are some important reference tables that must be updated on a periodic basis. Identify at least two key tables and explain their importance.

week1

Peachtree AssignmentYou’ll be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree.

Complete Exercise 1.1 and 1.2. In Exercise 1-2; Step #6 involves generating a report that you convert to Excel. Submit this report as your homework.

Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial.

2

Peachtree AssignmentYou will be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree.

Complete Exercise 2-1 and 2-2. In Exercise 2-2, Step #4 has you generate a report that you will convert to Excel. This is the report that you will submit as your homework.

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week 3

Peachtree AssignmentYou will be completing your assignment using Peachtree, which is accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree.


Complete Exercise 5-1 and 5-2. In Exercise 3-2, Step #3 as you generate a report that you will convert to Excel. This is the report that you will submit as your homework.


See the Syllabus section “Due Dates for Assignments & Exams” for due date information.

week 4


Complete Exercise 6-1 and 6-2. In Exercise 6-2, Steps #1 has you to generate a report that you will convert to Excel. This is the report that you will submit as your homework.

Complete Exercise 9-1 and 9-2. In Exercise 9-1, Step #13 asks you to generate a report thatyou will convert to Excel. This is the report that you will submit as your homework. In



Exercise 9-2, Step #2 asks you to generate a report that you will convert to Excel. This is thereport that you will submit as your homework.

Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read these

week 5


Complete Exercise 10-1 and 10-2. In Exercise 10-2, Steps #4-#10 asks you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework.

Complete Exercise 11-1 and 11-2. In Exercise 11-1, Steps #6-#12 asks you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. In Exercise 11-2, Steps #6-#11, #14-16, and #21 asks you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework.

Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read these

week 6


Complete Exercise 12-1 and 12-2. In Exercise 12-1, Steps #3-#4 have you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as

your homework. In Exercise 12-2, Steps #3 and #6 have you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework.

Complete Exercise 13-1 and 13-2. In Exercise 13-2, Steps #4 -#7 have you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework.


week 7


Complete Exercise 14-1 and 14-2. In Exercise 14-2, Steps #1-#4 have you generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework.

Complete Exercise 15-1 and 15-2. In Exercise 15-1, Steps #4 and #12 have you generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. In Exercise 15-2, Steps #6, #9-#13 have you generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework.

Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions

quizes

(TCO 1) The name of the sample company or companies included in the Peachtree Complete Accounting 2010 software is/are:

Pavilion Garden Supply.




Bellwether Garden Supply and Stone Arbor Landscaping.

Berkeley Custom Pools & Spas.

Stone Arbor Landscaping.

Fabrikam, Inc. and Northwind Traders.

Question 2. Question :

(TCO 1) To display the size of your backup file, you can use the Windows program called:

Windows Explorer.

scan disk.

defrag.

Windows Accessories.

Windows Defender.


(TCO 1) The Options menu has selections that allow the user to:

check global settings and define an Internet connection.

Back up.

print reports.

enter journal entries.

post to the general ledger.


(TCO 2) In the computer accounting cycle, the following report is not included:

adjusted trial balance.

unadjusted trial balance.

worksheet.

financial statements.

statement of cash flow.


(TCO 6) The customer ID for Teesdale Real Estate is:

TEESDALE-01.

TEESDALE.

Teesdale-01.

Teesdale 01.

Teesdale Estate.


(TCO 6) On the Navigation Bar, make the following selections to enter a sales invoice:

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.


(TCO 6) The standard sales discount, in terms of number of days, for Bellwether Garden Supply is:

no sales discount is offered.

a discount if balance is paid in full within 10 days.





(TCO 7) On the Navigation Bar, make the following selections to make a general journal entry:

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.


(TCO 7) To transfer money to the money market fund, make the following type of entry:

General Journal.

Payments.

Receipts.

Tasks.

Maintenance.


(TCO 7) If your GL Account columns and A/P Account field are not displayed on the

Purchases/Receive Inventory window, you need to:

check the Tasks windows.

check the maintenance menus.

click on Options; Global; uncheck the three boxes in the Hide General Ledger Accounts section.

reset the defaults in the Accounting Behind the Screens selection.

do nothing; Accounting Behind the Screens cannot be changed.


(TCO 9) The contact name for the vendor Anderson’s Landscaping is:

Jesse Wood.

Jerry Johnson.

Steven Cole.

Frank Anderson.

Lilio Chomette.


(TCO 9) The purchase account for Anderson’s Landscaping is:

57200, Materials Cost.

57000, Direct Labor.

57000 – LS, Direct Labor – Landscaping.

57200 – LS, Materials Cost – Landscaping.

14700, Other Current Assets.


(TCO 9) The following accounts are debited and credited when you purchase inventory on account:

Dr. Inventory account; Cr. Accounts 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.


(TCO 10) To set up specific guidelines for individual employees, make these selections:

Employee tasks; click Employees, Employee Maintenance, make appropriate selection.

Tasks; Select for Payment, select Employee.

Maintain; Default Information, Employees.

Employees & Payroll page, click Employees, View and Edit Employees.

Tasks; Payroll for one employee.


(TCO 10) To look at an employee’s record, display this window:

Payroll Entry window.

Tasks; Employees.

Maintain Employees & Sales Reps.

Company; General Journal entry.

Employees & Tasks page; click Employees.


(TCO 10) On the Employee Defaults window, the Employee Fields tab is for:

liability accounts that are related to employee deductions.

assets accounts that are related to employee deductions.

expense accounts that are related to employee deductions.

lability accounts that are related to employer deductions.

expense accounts that are deducted from liabilities.

quiz 5

(TCO 1) The balance sheet lists:

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.

Instructor Explanation: Chapter 7, page 231

Points Received: 5 of 5

Comments:


(TCO 1) Business managers and owners depend on financial statements because:

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.


(TCO 1) To go from the income statement to an original entry, use this function:

Drill down.

Options, specifiying the range.

Display.

Filter.

Columns.

Comments:


(TCO 2) The sample company chart of accounts that you use as the model for Chapter 9’s business is:

accounting practice.

general contractor.

gift shop.

service company.

retail company.


(TCO 2) The chart of accounts is:

the accounts shown on the income statement.

the accounts shown on the balance sheet.

a list of accounts in the general ledger.

a list of accounts in the general journal.

a list showing account beginning balances.


(TCO 2) The account type for Account No. 3920 (Vernon Firestone) [or your name] capital is:

cash.

equity-gets closed.

equity-doesn’t close.

retained earning.

other current liabilities.


(TCO 3) In Chapter 11, the ______________________________ is completed before recording and posting the end-of-quarter adjusting entries.

adjusted trial balance

cash disbursements journal

unadjusted trial balance

cash receipts journal

post-closing trial balance

:


(TCO 3) The best time to record record-adjusting entries is:

the end of the quarter.

the end of each month.

at six month intervals.

at the end of the year only.

during the month.


(TCO 4) If your journals do not agree with the textbook illustrations, use the following Peachtree feature:

Maintain; defaults, general ledger.

Edit journal transactions.

Tasks; general journal transaction.

Maintain chart of accounts.

Company page; link to restore.


(TCO 4) In Chapter 11, the first step of the computer accounting cycle is to:

set up a business and select a chart of accounts.

journalize entries.

change accounting periods.

print the general ledger trial balance.

post entries to the general ledger.


(TCO 5) To display the account register, do this:

from the Banking page’s Recently used Banking Reports area, select View Account Register.

from the Banking page’s Write Checks icon, select View and Edit Checks.

from the Company page, select Backup.

from the Company page, select Restore.

from the Banking page, view the balance sheet and income statement.


(TCO 5) The account credited on the Receipts window is:

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.


(TCO 5) To record checks, you need to:

select a cash account.

select an accounts payable account.

set discount defaults.

select Maintain; Chart of Accounts.

select Tasks; Receipts.


(TCO 6) To display the Job Profitability Report, make the following menu bar selections:

Reports & Forms; Payroll Reports, Job Profitability Report, Preview.

Reports & Forms; Jobs, Job Profitability Report, Display.

Reports & Forms; Jobs, Job Lists, Preview.

Reports & Forms; Payroll, Jobs Profitability Report, Display.

Tasks; Inventory Adjustments.


(TCO 6) The start date for the Franklin Botanical Gardens job is:

January 3, 2010.

February 3, 2010.

March 3, 2010.

March 4, 2010.

April 3, 2010.

:


(TCO 6) To record a Job ID, you need to make the following selections:

Tasks; Maintain; Employees, New Job.

Customers & Sales; Jobs, New Job.

Vendors & Purchases; Jobs, New Job.

Tasks; Job ID.

Tasks; Maintain, Vendors.

Course Project: Peachtree ProjectNote!Submit your assignment to the Dropbox located on the silver tab at the top of this page.

(See the Syllabus section “Due Dates for Assignments & Exams” for due dates.)

Your Assignment| Grading Rubrics

Your AssignmentBack to TopStudents will be required to complete a project in this class that tests their knowledge & skills in managing the books for a small business using Peachtree Complete Accounting 2010. The assignments that you will be completing during Week 1 – 4 focus on specific Peachtree skills; however, this assignment allows you to use what you have learned

https://devry.equella.ecollege.com/file/8cbe97ec-d7da-43c2-9728-120a43a12652/1/ACCT251_CH_CourseProject.html#top

https://devry.equella.ecollege.com/file/8cbe97ec-d7da-43c2-9728-120a43a12652/1/ACCT251_CH_CourseProject.html#2

https://devry.equella.ecollege.com/file/8cbe97ec-d7da-43c2-9728-120a43a12652/1/ACCT251_CH_CourseProject.html#1

about Peachtree to manage the books for a firm without ‘step-by-step’ guidance, which is typical for assignments you will see in the workplace.

You will complete Project 1 (Susan Watson Accounting), which is located at the end of Chapter 11. As part of this project, you will generate the required reports as listed in the textbook as well as the Check Your Progress worksheet (which you will create in Excel) at the end of the project.

If you fail to submit the “Check Your Progress” worksheet, you will lose 20%. Once you have submitted your project and it has been graded, you cannot resubmit it.

You will need to generate the reports when requested per the project for you cannot assume that every report is generated at the end of the project.

You do not need to submit the reports as listed as “Optional”. All of the instructions for completing the project are listed in the textbook.

When you are done, you will submit one Excel workbook titled “ACCT251PeachProject” that contains an Excel worksheet for each of the reports required, as well as one worksheet that contains the Check Your Progress worksheet.

Failure to submit one workbook that contains everything will result in a penalty of 15%. Once you have completed Peachtree Project, you will post your assignment to the Peachtree Project drop box. If you post it to the wrong drop box, your assignmentwill not be graded.

Hint: Here are the minimum number of reports that you will need to submit for this project:

Checklist of Printouts, Project 1: Mesa Computer Club

1 Chart of Accounts

2 Account Reconciliation

3 Account Register

4 General Ledger Trial Balance (unadjusted)

Checklist of Printouts, Project 1: Mesa Computer Club

5 December 31, 2010 General Journal

6 Cash Disbursement Journal

7 General Ledger Trial Balance (adjusted)

8 General Ledger

9 Balance Sheet

10 Income Statement

11 Statement of Retained Earnings

12 Statement of Cash Flow

13 Statement of Changes in Financial Position

14 Postclosing Trial Balance

Once you have completed this assignment, you will post your assignment to the Course Projectdrop box. If you post it to the wrong drop box, your assignment will not be graded. Inaddition, once the project has been submitted and graded, you cannot resubmit to include missing documents. See Syllabus/”Due Dates for Assignments & Exams” for due dates.

Grading RubricsBack to Top

https://devry.equella.ecollege.com/file/8cbe97ec-d7da-43c2-9728-120a43a12652/1/ACCT251_CH_CourseProject.html#top

CategoryPoints Description

Transactional Processing 70

Your ability to convert a manual accounting system to Peachtree, create the correct beginning balances, record the appropriate accounting transactions, generate the required reports, and close the accounting period.

Analysis 20Your ability to answer a series of analysis questions related to the assignment.

Organization & Cohesiveness 10

Your ability to organize the results from the project as indicated by your instructor.

Total 100 A quality paper will meet or exceed all of the above requirements.

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