Page 41 - UNANET GOVCON: CLOSING A FISCAL PERIOD

Check Your Understanding

1. What is used to enter transactions that need to be reflected in the financial
statements but do not flow naturally from other input and posting screens?
a) AP Invoices
b) GL Journal Entries
c) AR Payments

2. What is required in order for a Journal entry to be submitted?
a) Attachments
b) Description
c) Totals of Debits = Credits

3. Which posting process will post the revenue, expenses, and related Due-From and
Due-To transactions from the borrowing and lending of labor and expenses on
projects?
a) Intercompany Post
b) Fixed Assets Post
c) Cost Pool Post

4. Which account should the Total Liability on the People Accrual Summary report be
reconciled to account for changes in employee rates and statuses?
a) Accounts Payable
b) Accrued Leave
c) Accounts Receivable

5. What is the purpose of performing the Fixed Asset Post (FA) in Unanet?
a) To create journal entry transactions for revenue
b) To create journal entry transactions for depreciation expense
c) To create journal entry transactions for timesheets

6. What is the purpose of the Cost Pool Calculation in Unanet?
a) To calculate the Actual Indirect Rates for a fiscal period
b) To calculate the Provisional Indirect Rates for a fiscal period
c) To calculate the Actual Direct Rates for a fiscal period

LESSON 4: GENERAL LEDGER Page 41
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