Page 60 - UNANET GOVCON: CLOSING A FISCAL PERIOD

4. When should all financial transactions be entered, validated, and posted for the
fiscal period?
a) Prior to closing the fiscal period - This is the correct response because All
activity must be recorded and finalized before the period is closed to ensure
the financial statements for that period are complete and accurate.
b) After the fiscal period has been closed - This is an incorrect response
because Posting is not possible in a closed period.
c) At the end of the calendar year - This is an incorrect response because This
is too infrequent for proper financial management. Transactions should be
managed for each fiscal period within the year.

5. What transactions can the Accounts Payable department verify have been
processed for the fiscal period?
a) Vendor invoices - This is an incorrect response because This is only one part
of the AP process; verifying payments is also critical.
b) Vendor payments - This is an incorrect response because This is only one
part of the AP process; verifying invoices is also critical.
c) Both vendor invoices and payments - This is the correct response because
The AP department's responsibility covers the full cycle of vendor
management, from receiving and validating invoices to processing payments.

6. When verifying fiscal period transaction balances, what value should the total on the
Accounts Payable Aging Report match?
a) Accounts Payable beginning balance on the GL Summary (Trial Balance) -
This is an incorrect response because This reflects the balance from the start
of the period, not the end.
b) Accounts Receivable ending balance on the GL Summary (Trial Balance) -
This is an incorrect response because Accounts Receivable is unrelated to
Accounts Payable.
c) Accounts Payable ending balance on the GL Summary (Trial Balance) -
This is the correct response because The AP Aging report is a subledger
report that provides detail for the Accounts Payable account on the general
ledger. The totals must match to ensure the subledger and general ledger are
in agreement.

APPENDIX A: ANSWER KEY Page 60
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