NetSuite Financial User

Which statement is true about inter-company journal entries?A . Minimum of four linesB . used to log intercompany eliminationsC . balance within each subsidiary, they need not balance between subsidiariesD . maximum of six linesView AnswerAnswer: C

How does enabling accounting features affect the chart of accounts?A . Accounts must be renumbered.B . Statistical accounts should be used for correct posting.C . The Administrator may need to create new accounts to use new features.D . New accounts are automatically added to the chart of accounts when neededView...

On which financial statements are invoices summarized?A . income statementB . Balance sheetC . account payable agingD . general ledgerView AnswerAnswer: D

which transaction transfers the customer deposit liability to offset the invoice accounts receivable GL impact?A . sales orderB . journal entryC . deposit applicationD . credit memoView AnswerAnswer: C

What is an example of a subsidiary?A . The direct sales divisionB . A clearing accountC . A warehouseD . A wholly owned companyView AnswerAnswer: D

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-bookView AnswerAnswer: A.C

What two transactions cause a Bill Variance journal entry to be posted? A. Item receipt B. purchase order C. bill payment D. purchase requisition E. Vendor billView AnswerAnswer: A.C

Characteristics of purchase order in NetSuite?A . purchase in the currency the of the vendor's primary subsidiaryB . purchase order must be in the primary currency of the vendorC . a purchase requisition is required before creating a purchase orderD . purchase orders have no accounting/GL impactView AnswerAnswer: D

The simplest way to post bank service fees ... reconcile bank statement pages?A . post a write check transactionB . enter on the new deposit subtabC . Enter on the new charge's subtabD . post journal entryView AnswerAnswer: B

Which is recommended for setting up new accounting periods?A . use one-day year end adjustment period for year-end closing journal entries to retained earningsB . create accounting period one at a time to avoid multiple open periodsC . Use set-up full year to generate all periods at once for full...