Page 57 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

Lesson 6: RECONCILIATIONS

1. What could be a direct result of performing a bank reconciliation?
a) The need to record an adjusting journal entry to record a bank
service fees - This is the correct response because this could be the
results of a bank reconciliation
b) The need to perform the Fixed Asset Post - This is an incorrect
response because the Fixed asset post records depreciation expense
c) The need to perform the Intercompany Post - This is an incorrect
response because Intercompany Post processes the revenue,
expenses, and related Due-From and Due-To transactions

2. For a Bank Reconciliation Report to be considered fully reconciled for the
period, what do the Unreconciled Balances PER BANK and PER GL both
need to be?
a) Offset – positive/negative - This is an incorrect response because if the
values were offsetting the account would not be reconciled
b) Negative - This is an incorrect response because if the values were
negative the account would not be reconciled
c) Zero - This is the correct response because when both balances are
zero the account is reconciled

3. The Project Cost Summary (JSR) Report can be used to show a summary of
all costs and revenue of projects for a period of time. What defines the
specific data and rows that are included in the output of the report?
a) Cost Report definition created by the GL Viewer - This is an incorrect
response because the GL Viewer can only view reports; not create
Cost Report definitions
b) Cost Report definition created by the Administrator - This is the
correct response because Cost Report definitions determine what and
how project data is displayed in a JSR
c) There is no report feature that determines the specific data and rows in
the output of the report - This is an incorrect response because Cost
Report definitions determine what and how project data is displayed in
a JSR

APPENDIX A: CHECK YOUR UNDERSTANDING ANSWER KEY ©2022 Unanet. All rights reserved. 57