Page 62 - UNANET GOVCON: CLOSING A FISCAL PERIOD

10. What should be done after all Accounts Receivable transactions have been recorded
and verified for the fiscal period?
a) Close Accounts Payable (Vendor Invoice and Payment) Posting Features -
This is an incorrect response because This is a separate process related to
vendor transactions.
b) Close Accounts Receivable (Customer Payment and Deposit) Posting
Features - This is the correct response because This action locks the AR
subledger and prevents further changes which is the correct step after AR
reconciliation is complete.
c) Close Customer Invoice Posting Features - This is an incorrect response
because this is a separate posting feature under Invoicing & Posting and is
typically closed before AR payments are finalized.

LESSON 3 INVOICING AND POSTING

1. Which posting process is typically in alignment with a company’s pay period?
a) Labor Cost Post - This is the correct response because this post provides a
means to create journal transactions for costs related to timesheet entries and
is typically performed in alignment with a company’s pay period
b) Billing & Revenue Post - This is an incorrect response because this post
gathers all available items to be included on a customer invoice
c) Expense Report Cost Post - This is an incorrect response because this post
recognizes costs associated with expense reports

2. What Document Type filter is used to view the impact to the GL from the Paid in Lieu
Benefit Cost Post?
a) EC - This is an incorrect response because EC represents the Expense
Report Cost Post
b) LC - This is an incorrect response because LC represents the Labor Cost
Post
c) PILOB - This is the correct response because PILOB represent the Paid in
Lieu Benefit Cost Post

3. What states the requirements that an employee receive a minimum hourly value of
health and welfare benefits?
a) GAAP - This is an incorrect response because GAAP stands for Generally
Accepted Accounting Principles

APPENDIX A: ANSWER KEY Page 62
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