Financial User v1.0
Question 1
What is the significance of the Account Type for any given account?
- A. It affects the subsidiary assignment
- B. It controls access by users
- C. It determines the default section in financial statements.
- D. It determines the exchange rate on posted transactions
Answer : C
Question 2
HOTSPOT
-
Match each transaction to its GL impact.
Answer options may be used more than once or not at all.
Answer : 
Question 3
HOTSPOT
-
Match each originating sales transaction with the corresponding credit or refund transaction.
Answer options may be used more than once or not at all.
Answer : 
Question 4
Which setting requires separate review of a Sales Order?
- A. Pending Billing status
- B. Credit Limit
- C. Pending Approval status
- D. Pending Fulfillment status
Answer : C
Question 5
Which two options are possible to set in NetSuite? (Choose two.)
- A. Allow Sales Orders for Customers over their Credit Limit, but show a warning to the person entering the Order
- B. Prevent fulfillment of a Sales Order for Customers over their Credit Limit
- C. Allow Estimate/Quote for Customers over their Credit Limit, but show a warning to the person entering the Order
- D. Prevent Sales Orders being entered for Customers over their Credit Limit
Answer : AB
Question 6
Which statement is true about recording customer payments?
- A. Accept Customer Payment offsets Accounts Receivable posting.
- B. Customer payments must match paid Invoices 1:1
- C. Electronic Payments SuiteApp is required to record customer payments by credit card
- D. Undeposited funds is not necessary if all your customers pay by credit card
Answer : A
Question 7
Where can Invoices that have already been generated be seen from the Sales Order screen?
- A. Click the Bill Remaining button
- B. Next to each Line Item
- C. Under Related Records
- D. Under the Billing Tab, on the Billing Schedule
Answer : C
Question 8
What is the correct order of steps for the standard accounts payable process?
- A. Purchase Order > Bill Purchase Order > Receive Item > Pay Vendor
- B. Purchase Order > Receive Item > Pay Vendor > Bill Purchase Order
- C. Purchase Order > Receive Item > Bill Purchase Order > Pay Vendor
- D. Purchase Order > Bill Purchase Order > Pay Vendor > Receive Item
Answer : C
Question 9
Which statement is true about Vendors and multiple currencies?
- A. The currency on the Purchase Order can be changed until a Vendor Bill is created.
- B. Vendors assigned to more than one subsidiary must use multiple currencies.
- C. A Vendor Bill must be created in the same currency as the Purchase Order.
- D. Vendors assigned to only one subsidiary can use only one currency.
Answer : C
Question 10
Which statement is true about billing a purchase order in NetSuite?
- A. All bills must be created from a purchase order
- B. Only approved vendor bills post to the general ledger
- C. Standalone bills containing inventory line items have no inventory account impact
- D. Vendor bills post the general ledger, whether approved or not
Answer : B
Question 11
When Vendor credits auto-apply, which vendor bills are they applied to?
- A. The vendor bills with a matching balance
- B. The oldest vendor bills
- C. The vendor bills with the smallest balance
- D. The newest vendor bills
Answer : B
Question 12
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. Pay Single Vendor
- B. Write Check
- C. Purchase Order
- D. Transfer Funds
Answer : B
Question 13
What are two characteristics of setting up Bank Accounts? (Choose two.)
- A. A bank account can be shared by multiple subsidiaries.
- B. A bank account must be held in one currency only.
- C. A bank account must belong to only one subsidiary.
- D. A bank account can be held in multiple currencies.
Answer : BC
Question 14
Which two account types can you reconcile using the Match Bank Data page? (Choose two.)
- A. Bank
- B. Credit Card
- C. Fixed Asset
- D. Sales Tax Liability
Answer : AB
Question 15
What is a characteristic of intercompany journal entries?
- A. They require a minimum of 2 lines.
- B. An Elimination Subsidiary must be one of the included subsidiaries.
- C. The exchange rate can be set manually.
- D. If they are unbalanced between subsidiaries, they must balance within each subsidiary.
Answer : D