Financial User Exam part 2

Which two statements are true about setting up the intercompany expense allocation? (Choose 2)
A. The source may be multiple subsidiaries
B. The target may be multiple subsidiaries
C. The source must be one subsidiary
D. The target can only be one subsidiary

B. The target may be multiple subsidiaries
C. The source must be one subsidiary

Which statement is true about budgets in NetSuite?
A. Budgets must be entered manually
B. Budgets can only be created for income and expense accounts
C. Budgets hold settings for expenses to prevent overspending
D. Multiple budgets can be created for the same year and criteria

D. Multiple budgets can be created for the same year and criteria

Which statement is true about inter-company journal entries?
A. Minimum of four lines
B. Used to log intercompany eliminations
C. Balance within each subsidiary, they need not balance between subsidiaries
D. Maximum of six lines

A. Minimum of four lines

What are two considerations for managing multiple fiscal calendars? (Choose 2)
A. A fiscal calendar can be used by multiple subsidiaries
B. Periods are created separately for each fiscal calendar
C. Periods are shared across fiscal calendars
D. A subsidiary can have multiple fiscal calendars without multi-book

A. A fiscal calendar can be used by multiple subsidiaries
B. Periods are created separately for each fiscal calendar

Which is recommended for setting up new accounting periods?
A. Use one-day year end adjustment period
B. Create accounting periods one at a time
C. Use “Setup Full Year” to generate all periods at once
D. Set up new year and new quarter at the beginning of the fiscal year

C. Use “Setup Full Year” to generate all periods at once

On which financial statements are invoices summarized?
A. Income statement
B. Balance sheet
C. Accounts payable aging
D. General ledger

B. Balance sheet

What two transactions cause a Bill Variance journal entry to be posted? (Choose 2)
A. Item receipt
B. Purchase order
C. Bill payment
D. Purchase requisition
E. Vendor bill

A. Item receipt
E. Vendor bill

Which two boxes must be used to reverse the journal entry next month? (Choose 2)
A. Defer entry
B. Memo
C. Pending approval
D. Reversal date
E. Do not post until

D. Reversal date
E. Do not post until

Bank accounts interact with subsidiaries?
A. Can be linked with no limit to multiple subsidiaries
B. Can be linked with any number of subsidiaries in parent-child relationships
C. Can be linked up to 2 subsidiaries
D. Must be linked with 1 subsidiary

D. Must be linked with 1 subsidiary

Which two criteria can be used to define a custom section in a custom financial statement? (Choose two)
A. Date of Account Created
B. Department
C. Account Balance
D. Name of Account

B. Department
D. Name of Account

What account is used when you want to accumulate all customer payments to make a consolidated deposit at the end of a given day?

A. Undeposited Funds
B. Accounts Receivable
C. Cash Account
D. Customer Deposit Account

A. Undeposited Funds

Which row type in a Financial Report allows display of the same unmodified data from another row?

A. Text Row
B. Echo Row
C. Formula Row
D. Reference Row

D. Reference Row

Which two statements are true about Invoices in NetSuite? (Choose two)
A. Invoices can be created without reference to a Sales Order
B. Multiple Sales Orders can generate one Invoice
C. Invoices can be assigned to Sales Orders after Invoice creation
D. The Electronic Invoicing SuiteApp allows sending of individual or batch invoices

A. Invoices can be created without reference to a Sales Order
D. The Electronic Invoicing SuiteApp allows sending of individual or batch invoices

In which two places can Invoices be created based upon Billing Schedules? (Choose two)

A. Individually from the Sales Order
B. Individually from the Project record
C. In bulk from the Approve Time screen
D. The billing queue under Bill Orders

A. Individually from the Sales Order
D. The billing queue under Bill Orders

What is the correct order of steps for the standard accounts payable process?

Purchase Order > Receive Item > Bill PO > Pay Vendor

Which statement is true about Vendors and multiple currencies?

A. A Vendor Bill must be created in the same currency as the Purchase Order
B. Vendors assigned to only one subsidiary can use only one currency
C. Vendors assigned to more than one subsidiary must use multiple currencies
D. The currency on the purchase order can be changed until a vendor bill is created

A. A Vendor Bill must be created in the same currency as the Purchase Order

Which report shows the total value of current assets?
A. Balance Sheet
B. General Ledger
C. Profit and Loss / Income Statement
D. Cash Flow Statement

A. Balance Sheet

Which two transactions containing inventory items will post to COGS?

A. Item Return
B. Item Fulfillment
C. Standalone invoices
D. Invoices created from Sales Orders

B. Item Fulfillment

C. Standalone invoices

Which statement is true about expense allocations?
A. Allocation schedules can only be set to a frequency of once per month
B. Allocation JEs must zero out the source expense account
C. Allocation schedules can be assigned to any expense account
D. Allocation schedules are assigned to specific purchase transactions

C. Allocation schedules can be assigned to any expense account

What two transactions cause a Bill Variance Journal entry to be posted?
A. Purchase Requisition
B. Item Receipt
C. Bill Payment
D. Vendor Bill
E. Purchase Order

B. Item Receipt
D. Vendor Bill

Which two options should be selected to create a memorized transaction for the electric bill, which varies in amount each month but will continue until cancelled?
A. Action: Reminder
B. Override Transaction Date
C. Action: Automatic
D. Indefinite
E. Number Remaining

A. Action: Reminder
D. Indefinite

What is a characteristic of importing journal entries?

A. The limit of lines for journal entry import is 1,000
B. The limit of lines for journal entry import is 10,000
C. Journal entries can only be imported using web services
D. Journal entries imported unbalanced must be fixed before approval

B. The limit of lines for journal entry import is 10,000

Which two statements are true about budgets in NetSuite?

A. Budgets can use statistical accounts
B. Budgets set to "Enforce" prevent overspending
C. Global budget amounts may fluctuate when viewed in root parent currency
D. Local budget amounts may fluctuate when consolidated to parent subsidiary view

A. Budgets can use statistical accounts

D. Local budget amounts may fluctuate when consolidated to parent subsidiary view

Which statement is true about the Period Close Checklist?
A. This is required for Year-End Close
B. Tasks may be completed in any order
C. Customer-specific steps can be added
D. Tasks displayed depend upon features enabled

D. Tasks displayed depend upon features enabled

Which transaction, that records the expense and the cash spent in one step, can be used to record ad-hoc purchases such as petty cash?
A. Purchase Order
B. Pay single vendor
C. Write check
D. Transfer funds

C. Write check

When entering a journal, which two boxes must be used to reverse the journal entry next month, so that the reversal is not created until then?

A. Do Not Post Until
B. Defer Entry
C. Memo
D. Pending Approval
E. Reversal Date

A. Do Not Post Until
E. Reversal Date