Page 55 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

Lesson 4: GENERAL LEDGER

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 - This is an incorrect response because AP invoices flow
through the AP process and are posted to the GL in the system
b) GL Journal Entries - This is the correct response because Journal
Entries are used to enter transactions that need to be reflected in the
financial statements
c) AR Payments - This is an incorrect response because AR payments
flow through the AR process and are posted to the GL in the system

2. What is required in order for a Journal entry to be submitted?
a) Attachments - This is an incorrect response because attachments can
be added to a JE at any time
b) Description - This is an incorrect response because they are optional
field for a JE
c) Totals of Debits = Credits - This is the correct response because the
system will not allow a JE to be submitted if Debits do not = 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 - This is the correct response because The
Intercompany (Multi-Entity) Post process will post the revenue,
expenses, and related Due-From and Due-To transactions
b) Fixed Assets Post - This is an incorrect response because Fixed
Assets Post depreciation expense
c) Cost Pool Post - This is an incorrect response because Cost Pool Post
updates the Actual Indirect Rates in the Cost Structure and allocates
any indirect costs if applicable

APPENDIX A: CHECK YOUR UNDERSTANDING ANSWER KEY ©2022 Unanet. All rights reserved. 55