Page 72 - Unanet GovCon Using Billing Revenue - Participant Guide ebook

Lesson 4: REVENUE RECONITION (15)

1. What are the Project Types in Unanet?
a) Time and Materials (T&M)/Cost Plus (CP)/Fixed Price (FP) - This is an
incorrect answer because these are the Billing Types
b) Direct and Indirect - This is an incorrect answer because these are
Types of Costs
c) Billable and Non-billable - This is the correct answer because these
are the Project Types. This course focuses on the Billable Project
Types

2. In Unanet, what is defined as Unbilled Billings?
a) Amounts on a non-complete invoice - This is an incorrect answer
because this is defined as Draft Billings
b) Billable amounts posted in Billing & Revenue Post, but are not on
an invoice - This is the correct answer because this is defined as
Unbilled
c) Amounts that are on a completed invoice - This is an incorrect answer
because this is defined as Billed

3. In Unanet, what is defined as Draft Billings?
a) Amounts on a non-complete invoice - This is the correct answer
because this is defined as Draft Billings
b) Billable amounts posted in Billing & Revenue Post, but are not on an
invoice - This is an incorrect answer because this is defined as
Unbilled
c) Amounts that are on a completed invoice - This is an incorrect answer
because this is defined as Billed

4. In Unanet, what is defined as Billed Billings?
a) Amounts on a non-complete invoice - This is an incorrect answer
because this is defined as Draft Billings
b) Billable amounts posted in Billing & Revenue Post, but are not on an
invoice - This is an incorrect answer because this is defined as
Unbilled
c) Amounts that are on a completed invoice - This is the correct
answer because this is defined as Billed
5. In Unanet, what is defined as Deferred Revenue?
a) Additional Items or Write-offs included on draft invoices - This is an
incorrect answer because this is defined as Draft Revenue
b) Unearned, but billable amounts - This is the correct answer because
this is defined as Deferred Revenue

APPENDIX A: CHECK YOUR UNDERSTANDING ANSWER KEY
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