Pre-assessment Test - Contracts Setup

12 Questions | Total Attempts: 25

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Assessment Quizzes & Trivia

In order to gauge you understanding on the basic set up of contracts, answer the following questions. Have fun!


Questions and Answers
  • 1. 
    The ________  task is stored in the General Ledger as the ZZZ record and is automatically added whenever you set up a contract.
  • 2. 
    JSR uses the ALL record for the header information when reports are run under the combine all tasks option.
    • A. 

      True

    • B. 

      False

  • 3. 
    Name the four account types that can be initialized in Contract Master File.
  • 4. 
    If the division is changed in the Contract Master File, the General Ledger will automatically be updated.
    • A. 

      True

    • B. 

      False

  • 5. 
    There are three major government contract types that can be set up in GCS – Fixed Price, Cost Plus Fixed Fee and Time & Materials.  The _____________ determines the manner in which revenue and billings will be calculated and treated.
  • 6. 
    If the contract being initialized is of commercial in nature, mark the “Commercial” checkbox in Contract Master File.  What does this option do?
  • 7. 
    This option in Contract Master File ensures that only authorized employees can charge to the contract.
  • 8. 
    A contract is inactive in Contract Master File.  The General Ledger remains active.  Journal entries can still be made unless _________________________________.
  • 9. 
    The _______________________ determines the level or task at which the revenue is to be recognized and posted and the levels at which billings will be computed as stored.
  • 10. 
    If the Task Revenue Requirement is not selected, revenue will be credited to the ___________ task.
    • A. 

      ALL task level

    • B. 

      000 task level

    • C. 

      Individual task level

  • 11. 
    The _________________________ determines how the invoice will be posted.  This cannot be set a lower level than revenue.
  • 12. 
    If Task AR Requirements is not selected in the Contract Master file, a separate invoice will be posted for each task and invoice for each task will be displayed separately on the aging.
    • A. 

      True

    • B. 

      False