netsuite netsuite financial user practice test

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

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

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

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

The simplest way to post bank service fees ... reconcile bank statement pages?

• A. post a write check transaction
• B. enter on the new deposit subtab
• C. Enter on the new charge's subtab
• D. post journal entry

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

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 bill

On which financial statements are invoices summarized?

• A. income statement
• B. Balance sheet
• C. account payable aging
• D. general ledger

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 earnings
• B. create accounting period one at a time to avoid multiple open periods
• C. Use set-up full year to generate all periods at once for full year
• D. set up new year and new quarter at the beginning of the fiscal year

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