Page 59 - UNANET GOVCON: CLOSING A FISCAL PERIOD

11. For Customer Payments (CP) in the GL Details report, which accounts are debited
and credited?
a) Debit Asset - AR and Credit Asset - Unbilled - This is an incorrect response
because This entry represents the creation of a customer invoice.
b) Debit Asset - Operating Bank and Credit Asset – AR - This is the correct
response because A customer payment increases your cash in the bank (a
debit) and decreases the amount the customer owes you in Accounts
Receivable (a credit).
c) Debit Asset - Unbilled and Credit Revenue – Revenue - This is an incorrect
response because This entry represents the recognition of revenue from the
B&R Post.

LESSON 2 SUBLEDGERS

1. What represents the amount of money owed by a Company to its creditors (vendors)
which is recorded as a liability on the Company's balance sheet?
a) Accounts Payable - This is the correct response because AP is defined as a
liability balance of vendor invoice to be paid
b) Billings - This is an incorrect response because Billings are customer invoices
c) Accounts Receivable - This is an incorrect response because AR is defined
as an asset balance of customer payments to be received

2. What are the earmarking of funds in a specific Fiscal Period in response to an
accepted purchase order?
a) Accounts Payable - This is an incorrect response because AP is defined as a
liability balance of vendor invoices to be paid
b) Billings - This is an incorrect response because Billings are customer invoices
c) Commitments - This is the correct response because purchase
commitments are funds obligated to a purchase order

3. What represents the amount of money owed to a Company by its debtors
(customers) which is recorded as an asset on the Company's balance sheet?
a) Accounts Payable - This is an incorrect response because AP is defined as a
liability balance of vendor invoices to be paid
b) Accounts Receivable - This is the correct response because AR is defined
as an asset balance of customer payments to be received
c) Billing This is an incorrect response because Billings are customer invoices

APPENDIX A: ANSWER KEY Page 59
©2025 Unanet. All rights reserved.