Page 19 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

Check Your Understanding

1. What represents the amount of money owed by a Company to its creditors
(vendors) which is recorded as a liability on the Company's balance sheet?
a) Accounts Payable
b) Billings
c) Accounts Receivable

2. What are the earmarking of funds in a specific Fiscal Period in response to an
accepted purchase order?
a) Accounts Payable
b) Billings
c) Commitments

3. What represents the amount of money owed to a Company by its debtors
(customers) which is recorded as an asset on the Company's balance sheet?
a) Accounts Payable
b) Accounts Receivable
c) Billings

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

LESSON 2: SUBLEDGERS
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