How can the financial reports be kept separate when tracking finances for two wholly owned but distinct legal entities in one NetSuite account?
A.
use separate fiscal calendars
B.
use classes
C.
use the multi-book accounting feature
D.
use subsidiaries
Answer:
D
User Votes:
A
50%
B
50%
C
50%
D
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Question 2
which two steps are recommended to track travel expenses by department (choose 2)
A.
make department options
B.
use separate general ledger accounts for each internal department expenses
C.
make department mandatory
D.
share general ledger accounts between departments
Answer:
C
User Votes:
A
50%
B
50%
C
50%
D
50%
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Question 3
How does NetSuite set up a company record when you buy from and sell to the same company?
A.
either the vendor or the customer can be set as "Parent of" the other record to link them
B.
NetSuite tracks this using the "Other relationship" functions to link the customer and vendor records
C.
NetSuite uses a single company record to track this combined relationship
D.
NetSuite uses unrelated customer and vendor records to track these
Answer:
B
User Votes:
A
50%
B
50%
C
50%
D
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Question 4
Which 3 statements are true about parent accounts in NetSuite (choose 3)?
A.
child accounts are created by setting the subaccount of field
B.
checking the summary box allows the posting of reversing journal entries to this account
C.
parent accounts can be posting or not posting
D.
parent accounts are created by setting the "parent of" field
E.
checking the summary box on the account record prevents anyone from posting activity to the account
Answer:
A, B, E
User Votes:
A
50%
B
50%
C
50%
D
50%
E
50%
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Question 5
which two settings are needed for billable items to appear on the customer invoice (choose 2)
A.
billable checkbox
B.
customer
C.
invoice number
D.
memo
Answer:
A, D
User Votes:
A
50%
B
50%
C
50%
D
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Question 6
which 2 record types can be applied to customer payment (choose 2)
A.
refund
B.
credit memo
C.
customer deposit
D.
cash sales
Answer:
B, C
User Votes:
A
50%
B
50%
C
50%
D
50%
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Question 7
which transaction transfers the customer deposit liability to offset the invoice accounts receivable GL impact?
A.
sales order
B.
journal entry
C.
deposit application
D.
credit memo
Answer:
C
User Votes:
A
50%
B
50%
C
50%
D
50%
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Question 8
A sales order should be billed when certain key project tasks have been completed
A.
time and material
B.
charge based
C.
fixed bid milestone
D.
standard
Answer:
C
User Votes:
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50%
B
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C
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Question 9
which statement is true about assigning a billing schedule to an item record?
A.
it forces all the lines on sales order to have billing schedule
B.
it requires that items on the same sales order have billing schedule of some kind
C.
it requires that all items on the sales order used same billing schedule
D.
it ensures that item will always have the billing default in correctly on the sales order
Answer:
D
User Votes:
A
50%
B
50%
C
50%
D
50%
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Question 10
Which two statements are true about vendors and multicurrency (choose 2)
A.
vendors can have up to 5 currencies
B.
the currency on the purchase order can be changed at the point when purchase order is billed
C.
the primary currency is used for the credit limit
D.
to remove a currency from a vendor, you must first close any open transactions in that currency
E.
currencies must be added to the Vendor before being used on transaction
Answer:
C, E
User Votes:
A
50%
B
50%
C
50%
D
50%
E
50%
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Question 11
Characteristics of purchase order in NetSuite?
A.
purchase in the currency the of the vendor's primary subsidiary
B.
purchase order must be in the primary currency of the vendor
C.
a purchase requisition is required before creating a purchase order
D.
purchase orders have no accounting/GL impact
Answer:
D
User Votes:
A
50%
B
50%
C
50%
D
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Question 12
Write Check transaction and a Pay Vendor transaction the difference?
A.
only pay vendor bill post to the general ledger
B.
only pay vendor bill reduces AP
C.
only write checks reduces AP
D.
only write checks is from bank account
Answer:
D
User Votes:
A
50%
B
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C
50%
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Question 13
To which account should the customer payments be posted, to consolidate all customer payments recorded through the day into one bank deposit at the end of the day?
A.
customer deposits
B.
Bank account
C.
undeposited funds
D.
accounts receivable
Answer:
C
User Votes:
A
50%
B
50%
C
50%
D
50%
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Question 14
Bank accounts interact with subsidiaries?
A.
can be linked with no limit to multiple subsidiary
B.
can be linked with any number of subsidiaries in parent: child relationship
C.
can be linked up to 2 subsidiaries
D.
Must be linked with 1 subsidiary
Answer:
D
User Votes:
A
50%
B
50%
C
50%
D
50%
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Question 15
The simplest way to post bank service fees ... reconcile bank statement pages?