Page 52 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

APPENDIX A: CHECK YOUR UNDERSTANDING

ANSWER KEY

Lesson 1: ANALYZE FINANCIAL REPORTS

1. Which system area needs to be configured prior to any financial transactions
being processed?
a) Budget Profiles - This is an incorrect response because Budget
Profiles are not required
b) Customer Organizations - This is an incorrect response because
Customer Organizations are not not required
c) Fiscal Years (Periods) - This is the correct response because Fiscal
Years (Periods) are the first financial configuration to be established

2. What filter does the GL Details report provide the ability to filter on to view
transactions which affect the General Ledger?
a) Document Type - This is the correct response because the GL Details
report provide the ability to filter on Document Types
b) Person - This is an incorrect response because the GL Details report
does not offer the ability to filter on a person
c) There is no unique filter in the GL Details report - This is an incorrect
response because the GL Details report offers the ability to filter on the
Document Type

3. What report can help analyze the transactions and balances that have posted
and identify omissions of amounts not posted to the General Ledger at a
summarized level and can confirm DEBITS = CREDITS?
a) GL Details - This is an incorrect response because the GL Details
report is presented at a detail level not summary.
b) GL Summary (Trial Balance) - This is the correct response because
the GL Summary presents Debit and Credit transaction data at a
summarized level and proves Debits = Credits
c) Balance Sheet - This is an incorrect response because the Balance
sheet proves Asset = Liabilities + Equity not Debit = Credits

APPENDIX A: CHECK YOUR UNDERSTANDING ANSWER KEY ©2022 Unanet. All rights reserved. 52