Page 38 - Participant Guide ebook - Unanet GovCon Using General Ledger

Lesson 4: FIXED ASSETS

1. Fixed Assets usually fall under which balance sheet reporting umbrella?
a) Noncurrent section such as PPE, i.e., property, plant, and
equipment. This is the correct answer because their useful lives
extend beyond one year and therefore are noncurrent
b) Current Asset This is an incorrect answer because their useful lives
extend beyond one year therefore are not current
c) Long-term Liability This is an incorrect answer because they are
assets not liabilities

2. Which Unanet role(s) can view the Fixed Asset Alerts page by menu
navigation or clicking on the alert banner at the top of the Fixed Assets
Dashboard?
a) GL Admin This is an incorrect answer because this role cannot view
FA Alerts in Unanet
b) GL Users and GL Posters This is the correct answer because both
roles can view FA Alerts in Unanet
c) GL Viewer This is an incorrect answer because this role cannot
view FA Alerts in Unanet

3. Which financial statement presents the balances of Asset, Liability, and
Equity account types as of a specific Fiscal Period?
a) GL Summary (Trial Balance) - This is an incorrect answer because
a Trial Balance shows the posted Debit and Credit transactions
b) Balance Sheet - This is the correct answer because a Balance
Sheet presents the balances of Asset, Liability, and Equity
c) Income Statement - This is an incorrect answer because an Income
Statement presents the balances of Revenue and Expenses

APPENDIX A: CHECK YOUR UNDERSTANDING ANSWER KEY
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