Page 56 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

Lesson 5: GENERATE FINANCIAL STATEMENTS

1. What report presents balances of all Asset and Liability, and Equity account
types as of a specific Fiscal Period?
a) Income Statement - This is an incorrect response because an Income
Statement presents balances for all Revenue and Expense account
types through a specific Fiscal Period
b) GL Summary (Trial Balance) - This is an incorrect response because
GL Summary presents Debit and Credit transaction data at a
summarized level and proves Debits = Credits
c) Balance Sheet - This is the correct response because a Balance
Sheet presents the balances of all Asset and Liability, and Equity
account types as of a specific Fiscal Period

2. What report presents balances for all Revenue and Expense account types
through a specific Fiscal Period?
a) Income Statement - This is the correct response because an Income
Statement presents balances for all Revenue and Expense account
types through a specific Fiscal Period
b) GL Summary (Trial Balance) - This is an incorrect response because
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 presents
balances of all Asset and Liability, and Equity account types as of a
specific Fiscal Period

APPENDIX A: CHECK YOUR UNDERSTANDING ANSWER KEY ©2022 Unanet. All rights reserved. 56