Page 67 - UNANET GOVCON: CLOSING A FISCAL PERIOD

8. How many times can the Cost Pool Calculation be performed in Unanet during a
fiscal period?
a) Once - This is an incorrect response because This would be too restrictive
and not allow for corrections.
b) Twice - This is an incorrect response because This is an arbitrary limit that
does not exist in the system.
c) Unlimited - This is the correct response because The calculation can be run
multiple times as adjustments are made or new costs are posted. Each time it
is run, it overwrites the previous calculation with updated results, allowing for
iterative refinement before finalizing the period.

9. In Unanet, which feature must be enabled to perform the Revaluation process which
revalues any open balances in a foreign currency at the current rate and calculates
the unrealized gains or losses?
a) Multi-Currency - This is the correct response because The Revaluation
process, which calculates unrealized gains and losses on foreign currency
balances, is a core component of the Multi-Currency feature and is only
available when that feature is enabled.
b) Multi-Legal Entity - This is an incorrect response because This feature is for
managing separate legal entities within one Unanet instance and is unrelated
to currency.
c) Intercompany - This is an incorrect response because This feature manages
transactions between legal entities and does not enable foreign currency
revaluation.

LESSON 5: GENERATE FINANCIAL STATEMENTS

1. What report presents balances of all Asset and Liability, and Equity account types as
of a specific Fiscal Period?
a) Income Statement - This is an incorrect response because an Income
Statement presents balances for all Revenue and Expense account types
through a specific Fiscal Period
b) GL Summary (Trial Balance) - This is an incorrect response because GL
Summary presents Debit and Credit transaction data at a summarized level
and proves Debits = Credits
c) Balance Sheet - This is the correct response because a Balance Sheet
presents the balances of all Asset and Liability, and Equity account types as
of a specific Fiscal Period

APPENDIX A: ANSWER KEY Page 67
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