Page 65 - UNANET GOVCON: CLOSING A FISCAL PERIOD

LESSON 4: GENERAL LEDGER

1. What is used to enter transactions that need to be reflected in the financial
statements but do not flow naturally from other input and posting screens?
a) AP Invoices - This is an incorrect response because AP invoices flow through
the AP process and are posted to the GL in the system
b) GL Journal Entries - This is the correct response because Journal Entries
are used to enter transactions that need to be reflected in the financial
statements
c) AR Payments - This is an incorrect response because AR payments flow
through the AR process and are posted to the GL in the system

2. What is required in order for a Journal entry to be submitted?
a) Attachments - This is an incorrect response because attachments can be
added to a JE at any time
b) Description - This is an incorrect response because they are optional field for
a JE
c) Totals of Debits = Credits - This is the correct response because the system
will not allow a JE to be submitted if Debits do not = Credits

3. Which posting process will post the revenue, expenses, and related Due-From and
Due-To transactions from the borrowing and lending of labor and expenses on
projects?
a) Intercompany Post - This is the correct response because The
Intercompany (Multi-Entity) Post process will post the revenue, expenses, and
related Due-From and Due-To transactions
b) Fixed Assets Post - This is an incorrect response because Fixed Assets Post
depreciation expense
c) Cost Pool Post - This is an incorrect response because Cost Pool Post
updates the Actual Indirect Rates in the Cost Structure and allocates any
indirect costs if applicable

4. Which account should the Total Liability on the People Accrual Summary report be
reconciled to account for changes in employee rates and statuses?
a) Accounts Payable - This is an incorrect response because This account
tracks money owed to vendors.
b) Accrued Leave - This is the correct response because The People Accrual
Summary report calculates the value of earned but unused leave. This total
represents a liability to the company and should reconcile to the Accrued
Leave liability account on the balance sheet.

APPENDIX A: ANSWER KEY Page 65
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