Page 13 - UNANET GOVCON: CLOSING A FISCAL PERIOD

7. In the GL Details report, which Source code (Src) represents posting transactions
from completing an invoice for a Customer?
a) VI
b) JE
c) CI

8. For Vendor Payments (VP) in the GL Details report, which accounts are debited and
credited?
a) Debit Expense - Various Expenses and Credit Asset - AP
b) Debit Asset - AP and Credit Asset - Operating Bank Account
c) Debit Asset - Unbilled and Credit Revenue - Revenue

9. For a Billing & Revenue Post (BR) in the GL Details report, which accounts are
debited and credited?
a) Debit Expense - Various Expenses and Credit Asset - AP
b) Debit Asset - AP and Credit Asset - Operating Bank Account
c) Debit Asset - Unbilled and Credit Revenue - Revenue

10. For Customer Invoices (CI) in the GL Details report, which accounts are debited
and credited?
a) Debit Asset - AR and Credit Asset - Unbilled
b) Debit Asset - Operating Bank and Credit Asset - AR
c) Debit Asset - Unbilled and Credit Revenue – Revenue

11. For Customer Payments (CP) in the GL Details report, which accounts are
debited and credited?
a) Debit Asset - AR and Credit Asset - Unbilled
b) Debit Asset - Operating Bank and Credit Asset – AR
c) Debit Asset - Unbilled and Credit Revenue – Revenue

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

LESSON 1: FISCAL PERIOD CLOSE PROCESS Page 13
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