Pre-assessment Test – Billing And Accounts Receivable

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| By Manelleangeles
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Manelleangeles
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Pre-assessment Test  Billing And Accounts Receivable - Quiz

This pre-test will gauge your basic understanding on Billing and AR module based on the webinars and recordings you listened during the first week of onboarding. The instructor will use this tool to determine which area or topic within the module will spend more time for the 1:1 training.
Note: This is scored exam. You can no longer go back, if you skip a question, it's already considered wrong.


Questions and Answers
  • 1. 

    The information in Billing Master File defaults from ___________________. 

    Explanation
    The information in the Billing Master File defaults from the Contract Master File. This means that the Billing Master File automatically pulls the necessary information from the Contract Master File to populate its own records. The Contract Master File contains all the relevant details about the contracts, such as billing terms, rates, and customer information. By defaulting the information from the Contract Master File, the Billing Master File ensures accuracy and consistency in the billing process.

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  • 2. 

    This is a three-line billing description that will print at the top of the bill. This description includes prime and other contract number, billing address and contract/task name.

    • A.

      Header Information

    • B.

      Contract Information

    • C.

      Budget Information

    Correct Answer
    A. Header Information
    Explanation
    The given correct answer is "Header Information". This is because the question is asking for the three-line billing description that will print at the top of the bill, and "Header Information" is the most appropriate description for this purpose. It encompasses the prime and other contract number, billing address, and contract/task name, which are all essential details that would typically be included in the header section of a bill.

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  • 3. 

    ______________ is initialized if you are required to attach a Certificate of Performance for Labor to your government billings.

    Correct Answer
    Labor Detail Billing file
    Explanation
    The correct answer is the "Labor Detail Billing file." This file is initialized when a Certificate of Performance for Labor needs to be attached to government billings. It is a record or document that contains detailed information about the labor performed, such as the number of hours worked, rates, and any additional charges. This file helps in accurately billing the government for the labor services provided and ensures compliance with regulations and requirements.

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  • 4. 

    This is used to initialize some or all of the year-to-date current year’s billing amounts for CPFF and Fixed Price Contract.

    • A.

      Prior Year's Billable Data

    • B.

      Current Year's Billable Data

    • C.

      Billng Master File

    Correct Answer
    B. Current Year's Billable Data
    Explanation
    The correct answer is "Current Year's Billable Data". This option is used to initialize some or all of the year-to-date current year's billing amounts for CPFF and Fixed Price Contract. It suggests that the current year's billable data is essential for calculating and tracking the billing amounts for these types of contracts. The other options mentioned, "Prior Year's Billable Data" and "Billing Master File," may also be relevant for billing purposes but are not specifically mentioned in the given explanation.

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  • 5. 

    _____________________ is used to review billing amounts and to identify unbilled costs.

    Correct Answer
    Billing Worksheet
    Explanation
    A billing worksheet is used to review billing amounts and to identify unbilled costs. It is a document or spreadsheet that helps in tracking and organizing billing information, such as the services provided, quantities, rates, and any additional costs. By using a billing worksheet, individuals or businesses can ensure accuracy in their billing process, identify any discrepancies or missing charges, and ultimately ensure that all costs are properly accounted for and billed to the appropriate parties.

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  • 6. 

    Where does the address that prints on bills defaults from?

    • A.

      GL Control File

    • B.

      Contract Control File

    • C.

      AR Control File

    Correct Answer
    A. GL Control File
    Explanation
    The address that prints on bills defaults from the GL Control File.

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  • 7. 

    Check which applies if you do not wish the provisional billing rate percentage to appear on the billings for the contract/task.

    • A.

      Suppress none

    • B.

      Suppress provisional billing rates

    • C.

      Suppress all

    Correct Answer
    B. Suppress provisional billing rates
    Explanation
    If you do not wish the provisional billing rate percentage to appear on the billings for the contract/task, you would select "Suppress provisional billing rates." This means that the billing rates that are still being determined or are not yet finalized will not be shown on the billings.

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  • 8. 

    This details the timesheet dates, hours, billed amounts, billing rate and labor category of each employee who has charged to a specific contract within a range of timesheet dates. This is also use as supporting document for T&M billing.

    • A.

      Labor Detail by Category

    • B.

      T&M Supporting Schedule

    • C.

      Certificate of Performance - Labor

    Correct Answer
    B. T&M Supporting Schedule
    Explanation
    The T&M Supporting Schedule provides a detailed breakdown of the timesheet dates, hours, billed amounts, billing rate, and labor category for each employee who has charged to a specific contract. It serves as a supporting document for T&M (Time and Materials) billing, providing the necessary information to validate and justify the billed amounts for labor expenses.

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  • 9. 

    True or False. Billings can be computed as frequently as required.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Billings can be computed as frequently as required because they are typically based on the number of units sold or services provided within a specific time period. Therefore, a company can choose to calculate billings on a daily, weekly, monthly, or any other frequency that suits their business needs. This flexibility allows businesses to track and manage their revenue generation effectively.

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  • 10. 

    What is Aged A/R Report?

  • 11. 

    _______________ is used to generate a list, in receipt number order, of all receipts not posted to the GL.

    Correct Answer
    Cash Receipts Report
    Explanation
    The Cash Receipts Report is used to generate a list of all receipts not posted to the GL, in receipt number order. This report provides a comprehensive view of all cash receipts that have not been recorded in the general ledger, allowing for easy identification and tracking of any outstanding receipts. By generating this report, businesses can ensure that all cash receipts are properly accounted for and posted to the GL, maintaining accurate financial records.

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  • 12. 

    This File is use to enter billing rates and ceilings for each labor category on T&M contracts  and to enter labor hour budgets by category for all types of contract.

    • A.

      T&M Billing Rates File

    • B.

      Labor Category File

    • C.

      Contract Workforce File

    Correct Answer
    A. T&M Billing Rates File
    Explanation
    The T&M Billing Rates File is used to enter billing rates and ceilings for each labor category on T&M contracts. It is also used to enter labor hour budgets by category for all types of contracts. This file helps in managing and tracking the billing rates and budgets associated with different labor categories, ensuring accurate and efficient billing and budgeting processes.

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  • 13. 

    All prior year billing amounts for T&M contracts, including billings in the current year, should be entered in Current Year's Billable Data file.  True or False 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The correct answer is False. All prior year billing amounts for T&M contracts, including billings in the current year, should not be entered in the Current Year's Billable Data file.

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  • 14. 

    __________ are entered for billed receivables such as the suffix 11 account. Once entered, this are kept in an edit file until posted to GL and are used to update the A/R files via the Cash Receipts Journal.

    Correct Answer
    Receipts
  • 15. 

    Select which applies - this Revenue Basis option in Contract Master File, billings must be computed and posted to GL before you compute the revenue.

    • A.

      Normal Method

    • B.

      Based on Billings

    • C.

      Based on GL

    Correct Answer
    B. Based on Billings
    Explanation
    The correct answer is "Based on Billings." This means that when using the Revenue Basis option in the Contract Master File, the billings need to be calculated and recorded in the general ledger (GL) before the revenue can be computed. This suggests that the revenue recognition is tied to the actual billings made to the customer, rather than being based on the GL entries alone.

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 11, 2011
    Quiz Created by
    Manelleangeles
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