Page 54 - Unanet GovCon Using Billing Revenue - Participant Guide ebook

13. How is Deferred Revenue, for the Billing Type CP (Cost Plus) projects,
handled at the end of the year?
a) Deferred Revenue cannot exist for CP (Cost Plus) projects
b) Corrected through a “true-up” invoice or journal entry since Actual
rates are often unknown until after the year end close
c) Not Corrected since Actual rates are often unknown until after the year
end close

14. What drives when a fixed price item is included in the Billing & Revenue
Post?
a) Bill date in the Project level Billing menu
b) When timesheets are in a Lock/Extracted status
c) When expense reports are in a Lock/Extracted status

15. When setting up the Project level Billing for Fixed Price Projects (FP),
what are the Revenue Recognition Method choices available to be used to
determine when Revenue is recognized?
a) Custom Schedule is the only Revenue Recognition Method used for
FP projects
b) Revenue recognition methods are not selected for FP projects
c) Custom Schedule, % Complete, When Billed

Refer to Appendix A for answers to the Check Your Understanding questions

LESSON 4 REVENUE RECOGNITION
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