Page 53 - Unanet GovCon Using Billing Revenue - Participant Guide ebook

8. For the Billing Type TM (Time & Materials), at what STEP of the billing
process is revenue recognized?
a) Billing & Revenue Post
b) Generate a draft invoice
c) Complete Invoice

9. For the Billing Type CP (Cost Plus), at what STEP of the billing process is
revenue recognized?
a) Billing & Revenue Post
b) Generate a draft invoice
c) Complete Invoice

10. For the Billing Type FP (Fixed Price), with a revenue recognition method
of When Billed, at what STEP of the billing process is revenue
recognized?
a) Billing & Revenue Post
b) Generate a draft invoice
c) Complete Invoice

11. Indirect Costs are calculated based on the Indirect Cost Formula and
Indirect Rates in the Cost Structure. The System Admin Posting Option
Setup defines which Indirect Rate (Actual, Provisional, or Target) is to be
used to calculate the Billing & Revenue Recognition amounts for which
type of contract?
a) Fixed Price (FP)
b) Cost Plus (CP)
c) Time & Materials (TM)

12. Cost Plus type contracts are typically billed at the Provisional rates, which
is the estimated rate submitted to an external agency such as Defense
Contract Management Agency (DCMA). What is the reason why this may
result in a difference between Billings and Revenue at the end of the
year?
a) Due to the different indirect rates used, as define by the System Admin
Posting Option Setup, between the Provisional rates for Billings and
Actual rates used to calculate Revenue Recognition amounts
b) Due to the same indirect rate used for Billings and Revenue
Recognition amounts as define by the System Admin Posting Option
c) Due to the Bill date on the billing schedule

LESSON 4 REVENUE RECOGNITION
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