[Aug 28, 2024] 100% Real & Accurate NetSuite-Financial-User Questions with Free and Fast Updates
Self-Study Guide for Becoming an NetSuite Financial User Certification Exam Expert
NEW QUESTION # 19
How must a Bank Account be denominated when using the multi-currency feature?
- A. It must be denominated in the Base Currency of the subsidiary.
- B. It must be denominated in the Base Currency of the Root Subsidiary
- C. It may be denominated in multiple currencies.
- D. It may be denominated in any one currency.
Answer: D
NEW QUESTION # 20
Which statement is true about recording customer payments?
- A. Undeposited Funds is not necessary if all your customers pay by credit card.
- B. Customer payments must match paid invoices 1:1
- C. Electronic payments SuiteApp is required to record customer payments by credit card
- D. Accept Customer Payment offsets Accounts Receivable posting
Answer: B
NEW QUESTION # 21
Characteristics of purchase order in NetSuite?
- A. purchase order must be in the primary currency of the vendor
- B. purchase in the currency the of the vendor's primary subsidiary
- C. a purchase requisition is required before creating a purchase order
- D. purchase orders have no accounting/GL impact
Answer: D
NEW QUESTION # 22
Write Check transaction and a Pay Vendor transaction the difference?
- A. only write checks reduces AP
- B. only write checks is from bank account
- C. only pay vendor bill reduces AP
- D. only pay vendor bill post to the general ledger
Answer: B
NEW QUESTION # 23
How does enabling accounting features affect the chart of accounts?
- A. New accounts are automatically added to the chart of accounts when needed
- B. The Administrator may need to create new accounts to use new features.
- C. Statistical accounts should be used for correct posting.
- D. Accounts must be renumbered.
Answer: A
NEW QUESTION # 24
In which two places can Invoices be created based upon Billing Schedules? (Choose two)
- A. In bulk from the Approve Time screen
- B. The billing queue under Bill Orders
- C. Individually from the Sales Order
- D. Individually from the Project record
Answer: B,C
NEW QUESTION # 25
Which report shows the total value of current assets?
- A. General Ledger
- B. Balance Sheet
- C. Cash Flow Statement
- D. Profit and Loss / Income Statement
Answer: B
NEW QUESTION # 26
What is the significance of the Account Type for any given account?
- A. It controls access by users
- B. It determines the default section in financial statements
- C. It determines the exchange rate on posted transactions.
- D. It affects the subsidiary assignment.
Answer: B
NEW QUESTION # 27
which 2 record types can be applied to customer payment (choose 2)
- A. refund
- B. customer deposit
- C. cash sales
- D. credit memo
Answer: B,D
NEW QUESTION # 28
Which two statements are true about setting up expense allocations? (Choose two.)
- A. The source can be multiple accounts
- B. The source must be one account.
- C. The target can be multiple accounts
- D. The target must be one account
Answer: A,C
NEW QUESTION # 29
Which expense allocation use case requires the use of statistical accounts
- A. Division of recruiting based on headcount
- B. Static division of rent based on location
- C. Predefined split of marketing costs among sales channels
- D. Even 50/50 split of receptionist salary based on department
Answer: A
NEW QUESTION # 30
What is the simplest way to post interest accrued while using the Reconcile Bank Statement page?
- A. Use the New Charges subtab
- B. Use the New Deposits subtab
- C. Post a Journal Entry
- D. Post a Write Check transaction
Answer: B
NEW QUESTION # 31
Which statement is true about the Period Close Checklist?
- A. Tasks displayed depend upon features enabled.
- B. Customer-specific steps can be added.
- C. Tasks may be completed in any order.
- D. This is required for Year-End Close.
Answer: A
NEW QUESTION # 32
Which statement is true about expense allocations?
- A. Allocation schedules are assigned to specific purchase transactions
- B. Allocation JEs must zero out the source expense account
- C. Allocation schedules can only be set to a frequency of once per month
- D. Allocation schedules can be assigned to any expense account
Answer: D
NEW QUESTION # 33
which two steps are recommended to track travel expenses by department (choose 2)
- A. share general ledger accounts between departments
- B. make department options
- C. use separate general ledger accounts for each internal department expenses
- D. make department mandatory
Answer: D
NEW QUESTION # 34
What account is used when you want to accumulate all customer payments to make a consolidated deposit at the end of a given day?
Undeposited accounts
Which statement is true about Customer Deposits?
- A. Customer Deposits can be linked to an unapproved Sales Order.
- B. Customer Deposits are recorded as a liability.
- C. Customer Deposits must be created from a Sales Order.
- D. Customer Deposits post to Accounts Receivable.
Answer: B
NEW QUESTION # 35
Which account type is non-posting?
- A. Statistical Account-*Statistical accounts are non-monetary accounts that can be used to maintain statistical information for a variety of metrics. For example, a statistical account could be established to maintain the employee headcount by the department in an organization.
- B. Unbilled Receivable
- C. Other Current Liability
- D. Deferred Expense
Answer: A
NEW QUESTION # 36
Which two statements are true about budgets in NetSuite? (Choose two.)
- A. Budgets set to "Enforce" prevent overspending.
- B. Budgets can use statistical accounts
- C. Local budget amounts may fluctuate when consolidated to parent subsidiary view.
- D. Global budget amounts may fluctuate when viewed in root parent currency.
Answer: B,C
NEW QUESTION # 37
On which financial statement are invoices summarized?
- A. Income Statement
- B. AP Aging
- C. GL
- D. Balance sheet
Answer: D
NEW QUESTION # 38
What are two considerations for managing multiple fiscal calendars? (Choose 2)
- A. Periods are created separately for each fiscal calendar
- B. Periods are shared across fiscal calendars
- C. a subsidiary can have multiple fiscal calendars without multi-book
- D. A fiscal calendar can be used by multiple subsidiaries
Answer: B,D
NEW QUESTION # 39
which statement is true about assigning a billing schedule to an item record?
- A. it requires that all items on the sales order used same billing schedule
- B. it forces all the lines on sales order to have billing schedule
- C. it requires that items on the same sales order have billing schedule of some kind
- D. it ensures that item will always have the billing default in correctly on the sales order
Answer: D
NEW QUESTION # 40
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