Page 68 - UNANET GOVCON: CLOSING A FISCAL PERIOD

2. What report presents balances for all Revenue and Expense account types through
a specific Fiscal Period?
a) Income Statement - This is the correct 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 an incorrect response because presents balances of
all Asset and Liability, and Equity account types as of a specific Fiscal Period

3. What term is used for the current Fiscal Period once all Posting Features are
closed?
a) Previous Fiscal Period is open - This is an incorrect response because The
status of the previous period does not define the current one.
b) Current Fiscal Period is considered closed - This is the correct response
because The act of closing all Posting Features is the definition of closing a
fiscal period in Unanet. It is a final state for that period.
c) Next available Fiscal Period is considered closed - This is an incorrect
response because The next period must be open to accept future
transactions.

4. Where will all financial transactions be captured after closing all Posting Feature for
the current Fiscal Period?
a) Previous Fiscal Period - This is an incorrect response because The previous
period is also closed and cannot be posted into.
b) Current closed Fiscal Period - This is an incorrect response because A closed
period, by definition, cannot accept new transactions.
c) Next open Fiscal Period - This is the correct response because Once a
fiscal period is closed, the system automatically defaults to posting any new
transactions into the next available open period.

APPENDIX A: ANSWER KEY Page 68
©2025 Unanet. All rights reserved.