Page 20 - UNANET GOVCON: CLOSING A FISCAL PERIOD

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

4. When should all financial transactions be entered, validated, and posted for the
fiscal period?
a) Prior to closing the fiscal period
b) After the fiscal period has been closed
c) At the end of the calendar year

5. What transactions can the Accounts Payable department verify have been
processed for the fiscal period?
a) Vendor invoices
b) Vendor payments
c) Both vendor invoices and payments

6. When verifying fiscal period transaction balances, what value should the total on the
Accounts Payable Aging Report match?
a) Accounts Payable beginning balance on the GL Summary (Trial Balance)
b) Accounts Receivable ending balance on the GL Summary (Trial Balance)
c) Accounts Payable ending balance on the GL Summary (Trial Balance)

LESSON 2: SUBLEDGERS Page 20
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