Page 47 - UNANET GOVCON: CLOSING A FISCAL PERIOD

Check Your Understanding

1. What report presents balances of all Asset and Liability, and Equity account types as
of a specific Fiscal Period?
a) Income Statement
b) GL Summary (Trial Balance)
c) Balance Sheet

2. What report presents balances for all Revenue and Expense account types through
a specific Fiscal Period?
a) Income Statement
b) GL Summary (Trial Balance)
c) Balance Sheet

3. What term is used for the current Fiscal Period once all Posting Features are closed?
a) Previous Fiscal Period is open
b) Current Fiscal Period is considered closed
c) Next available Fiscal Period is considered closed

4. Where will all financial transactions be captured after closing all Posting Feature for
the current Fiscal Period?
a) Previous Fiscal Period
b) Current closed Fiscal Period
c) Next open Fiscal Period

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

LESSON 5: GENERATE FINANCIAL STATEMENTS Page 47
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