Page 54 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

Lesson 3: INVOICING AND POSTING

1. Which posting process is typically in alignment with a company’s pay period?
a) Labor Cost Post - This is the correct response because this post
provides a means to create journal transactions for costs related to
timesheet entries and is typically performed in alignment with a
company’s pay period
b) Billing & Revenue Post - This is an incorrect response because this
post gathers all available items to be included on a customer invoice
c) Expense Report Cost Post - This is an incorrect response because
this post recognizes costs associated with expense reports

2. What Document Type filter is used to view the impact to the GL from the Paid
in Lieu Benefit Cost Post?
a) EC - This is an incorrect response because EC represents the
Expense Report Cost Post
b) LC - This is an incorrect response because LC represents the Labor
Cost Post
c) PILOB - This is the correct response because PILOB represent the
Paid in Lieu Benefit Cost Post

3. What states the requirements that an employee receive a minimum hourly
value of health and welfare benefits?
a) GAAP - This is an incorrect response because GAAP stands for
Generally Accepted Accounting Principles
b) SCA - The McNamara-O’Hara Service Contract Act (SCA) - This is
the correct response because it states the requirements that an
employee receive a minimum hourly value of health and welfare
benefits. If the employer does not provide any health and welfare
benefits, or the provided benefits do not meet the minimum value, the
employer is obligated to provide pay in lieu of benefits
c) FAR - This is an incorrect response because FAR stands for Federal
Acquisition Regulations

APPENDIX A: CHECK YOUR UNDERSTANDING ANSWER KEY ©2022 Unanet. All rights reserved. 54