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NEW QUESTION # 21
Which statement is true about Accept Customer Payment?
- A. Customer Payments post to Undeposited Funds when payment is questionable.
- B. Customer Payment and Customer Deposit are different terms for the same transaction.
- C. Customer Payments and Cash Sales have the same GL Impact.
- D. A single customer payment can be applied to multiple invoices.
Answer: D
NEW QUESTION # 22
which statement is true about assigning a billing schedule to an item record?
- A. it ensures that item will always have the billing default in correctly on the sales order
- 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 requires that all items on the sales order used same billing schedule
Answer: A
NEW QUESTION # 23
What are two characteristics of setting up Bank Accounts? (Choose 2)
- A. A bank account can be held in multiple currencies
- B. A bank account can be shared by multiple subsidiaries
- C. A bank account must belong to only one subsidiary
- D. A bank account must be held in one currency only
Answer: C,D
NEW QUESTION # 24
How are fiscal calendars used by subsidiaries?
- A. Each subsidiary may use its own fiscal calendar.
- B. Each period must be locked in each subsidiary separately.
- C. Parent-Child subsidiaries must use the same fiscal calendar
- D. Each period may be closed separately in each subsidiary.
Answer: A
NEW QUESTION # 25
Which three statements are true about using Parent Accounts in NetSuite? (Choose Three)
- A. Child accounts are created by setting the "Subaccount of" field
- B. Parent accounts are created by setting the "Parent of" field
- C. Parent accounts can be posting or non-posting.Child accounts are created by setting the "Subaccount of" field
- D. Checking the Summary box allows the posting of reversing journal entries to this account.
- E. Checking the Summary box on the account record prevents anyone from posting activity to the account
Answer: C,E
NEW QUESTION # 26
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 Project record
- D. Individually from the Sales Order
Answer: B,D
NEW QUESTION # 27
Which statement is true about NS budgets?
- A. Budget Hold setting for expense accounts will prevent overspending
- B. Multiple budgets can be created for same year and criteria
- C. Budgets can only be created for income and expense accounts
- D. Budgets must be answered manually
Answer: B
NEW QUESTION # 28
Which account type is non-posting?
- A. Unbilled Receivable
- B. 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.
- C. Deferred Expense
- D. Other Current Liability
Answer: B
NEW QUESTION # 29
How can the financial reports be kept separate when tracking finances for two wholly owned but distinct legal entities in one NetSuite account?
- A. use the multi-book accounting feature
- B. use classes
- C. use separate fiscal calendars
- D. use subsidiaries
Answer: D
NEW QUESTION # 30
which transaction transfers the customer deposit liability to offset the invoice accounts receivable GL impact?
- A. sales order
- B. journal entry
- C. credit memo
- D. deposit application
Answer: D
NEW QUESTION # 31
What is the purpose of an elimination subsidiary?
- A. Entering non-posting transactions
- B. Offsetting intercompany transactions
- C. Offsetting expenses between departments
- D. Posting non-auditable transactions
Answer: B
NEW QUESTION # 32
What are two differences between fixed and dynamic allocation schedules? (Choose two.)
- A. Fixed allocation schedules must have predefined weighting that does not change
- B. Fixed allocation requires zeroing out the source account.
- C. Dynamic allocation schedules must use statistical accounts.
- D. Dynamic allocation requires zeroing out the source account.
Answer: A,C
NEW QUESTION # 33
Which account in a general ledger is being cleared when Make Deposits transaction is used?
- A. Accounts Payable
- B. Customer Deposits
- C. Accounts Receivable
- D. Undeposited Funds
Answer: D
NEW QUESTION # 34
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 canceled?
- A. Override Transaction Date
- B. Action: Automatic
- C. Action: Reminder
- D. Indefinite
- E. Number Remaining
Answer: C,D
NEW QUESTION # 35
What is the significance of the Account Type for any given account?
- A. It determines the exchange rate on posted transactions.
- B. It affects the subsidiary assignment.
- C. It determines the default section in financial statements
- D. It controls access by users
Answer: C
NEW QUESTION # 36
Which two account types can be used to Pay Vendor Bills? (Choose two)
- A. Bank
- B. Non-Posting
- C. Asset
- D. Expense
- E. Credit Card
Answer: A,E
NEW QUESTION # 37
What is the order of steps for the NetSuite standard accounts receivable process?
- A. Approve Sales Order > Bill Sales Order > Fulfill Sales Order
- B. Approve Sales Order > Fulfill Sales Order > Bill Sales Order
- C. Fulfill Sales Order > Approve Sales Order > Bill Sales Order
- D. Bill Sales Order > Approve Sales Order > Fulfill Sales Order
Answer: B
NEW QUESTION # 38
Which expense allocation use case requires the use of statistical accounts
- A. Static division of rent based on location
- B. Even 50/50 split of receptionist salary based on department
- C. Predefined split of marketing costs among sales channels
- D. Division of recruiting based on headcount
Answer: D
NEW QUESTION # 39
Where can invoices that have already been generated be seen from the sales order screen?
- A. Next to each line item
- B. Under related records
- C. Under the billing tab, on the billing schedule
- D. Click the bill remaining button
Answer: B
NEW QUESTION # 40
What is an example of a subsidiary?
- A. A clearing account
- B. A wholly owned company
- C. A warehouse
- D. The direct sales division
Answer: B
NEW QUESTION # 41
Which two statement are true about setting up the intercompany expense allocation (choose 2)
- A. The source must be one subsidiary
- B. the target can only be one subsidiary
- C. the source may be multiple subsidiary
- D. The target may be multiple subsidiaries
Answer: C,D
NEW QUESTION # 42
A sales order should be billed when certain key project tasks have been completed
- A. charge based
- B. time and material
- C. fixed bid milestone
- D. standard
Answer: C
NEW QUESTION # 43
What is a characteristic of Intercompany JEs?
- A. An elimination subsidiary must be one of the included subsidiaries
- B. They require a minimum of 2 lines
- C. The exchange rate can be set manually
- D. If they are unbalanced between subsidiaries, they must balance within each subsidiary
Answer: D
NEW QUESTION # 44
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