Page 73 - Unanet GovCon Using Billing Revenue - Participant Guide ebook

c) Amount of Revenue posted via the Billing & Revenue Post and Invoice
Completion processes - This is an incorrect answer because this is
defined as Recognized Revenue

6. In Unanet, what is defined as Draft Revenue?
a) Fixed Price items with a Revenue Recognition Method of “When
Billed” or any Additional Items or Write-offs included on draft
invoices - This is the correct answer because it represents Draft
Revenue
b) Unearned, but billable amounts - This is an incorrect answer because
this is defined as Deferred Revenue
c) Amounts on a non-complete invoice - This is an incorrect answer
because this is defined as Draft Billings

7. In Unanet, what is defined as Recognized 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 an incorrect answer because
this is defined as Deferred Revenue
c) Amount of Revenue posted via the Billing & Revenue Post and/or
Invoice Completion processes - This is the correct answer because
this is defined as Recognized Revenue

8. For the Billing Type TM (Time & Materials), at what STEP of the billing
process is revenue recognized?
a) Billing & Revenue Post - This is the correct answer because revenue
is recognized in B&R Post for TM projects
b) Generate a draft invoice - This is an incorrect answer because this
process is not a post and revenue is not recognized
c) Complete Invoice - This is an incorrect answer because revenue is
recognized when an invoice is completed for FP projects set to When
Billed

9. For the Billing Type CP (Cost Plus), at what STEP of the billing process is
revenue recognized?
a) Billing & Revenue Post - This is the correct answer because revenue
is recognized in B&R Post for CP projects
b) Generate a draft invoice - This is an incorrect answer because this
process is not a post and revenue is not recognized
c) Complete Invoice - This is an incorrect answer because revenue is
recognized when an invoice is completed for FP projects set to When
Billed

APPENDIX A: CHECK YOUR UNDERSTANDING ANSWER KEY
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