Page 69 - UNANET GOVCON: CLOSING A FISCAL PERIOD

LESSON 6: RECONCILIATIONS

1. What could be a direct result of performing a bank reconciliation?
a) The need to record an adjusting journal entry to record a bank service
fee - This is the correct response because this could be the results of a bank
reconciliation
b) The need to perform the Fixed Asset Post - This is an incorrect response
because the Fixed asset post records depreciation expense
c) The need to perform the Intercompany Post - This is an incorrect response
because Intercompany Post processes the revenue, expenses, and related
Due-From and Due-To transactions

2. For a Bank Reconciliation Report to be considered fully reconciled for the period,
what do the Unreconciled Balances PER BANK and PER GL both need to be?
a) Offset – positive/negative - This is an incorrect response because if the
values were offsetting the account would not be reconciled
b) Negative - This is an incorrect response because if the values were negative
the account would not be reconciled
c) Zero - This is the correct response because when both balances are zero the
account is reconciled

3. The Project Cost Summary (JSR) Report can be used to show a summary of all
costs and revenue of projects for a period of time. What defines the specific data
and rows that are included in the output of the report?
a) Cost Report definition created by the GL Viewer - This is an incorrect
response because the GL Viewer can only view reports; not create Cost
Report definitions
b) Cost Report definition created by the Administrator - This is the correct
response because Cost Report definitions determine what and how project
data is displayed in a JSR
c) There is no report feature that determines the specific data and rows in the
output of the report - This is an incorrect response because Cost Report
definitions determine what and how project data is displayed in a JSR

4. Which role creates Cost Report Definitions to be selected for the Project Cost
Summary (JSR) Report in Unanet?
a) System Administrator - This is the correct response because Creating and
managing system-wide reporting structures like Cost Report Definitions
requires high-level permissions that are assigned to the System Administrator
role.

APPENDIX A: ANSWER KEY Page 69
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