NetSuite ERP Consultant Exam Prep Questions with Correct Answers

NetSuite ERP Consultant Exam Prep Questions with Correct Answers Revenue Recognition - Revenue Commitment - Answer-Separates the billing and revenue recognition functions, enabling you to recognize revenue and bill cu ...

NetSuite ERP Consultant Exam Prep Questions with Correct Answers Revenue Recognition - Revenue Commitment - Answer-Separates the billing and revenue recognition functions, enabling you to recognize revenue and bill customers at different times and to recognize revenue in amounts that differ from the amounts billed to customers. A revenue commitment is a non-posting transaction. It serves as the placeholder for the revenue recognition schedule that generates the posting revenue recognition journal entries Revenue Recognition - VSOE - Answer-Vendor-Specific Objective Evidence (VSOE) feature to ensure that your company properly recognizes revenue for products and services sold as part of a bundle. Revenue Recognition - Revenue Recognition Schedule - Answer-Determined the journal entries that need to be generated to record the impact of item sales. Revenue Recognition - Revenue Recognition Template - Answer-Indicate how revenue from associated items should be posted Landed Cost - Landed Cost can be by - Answer-Weight, Cost, Quantity, or manual Item Pricing - Pricing applied according to the quantity included in the line item - Answer-By Line Quantity Item Pricing - Pricing is applied for all line items for the same item on a transaction - Answer-By Overall Item Quantity Item Pricing - Pricing is applied for all items in the same hierarchy - Answer-by Overall Parent Quantity SQL Functions : NULLIF - Answer-To avoid divide by zero errors; if the results is zero, replace with null SQL Functions : CASE - Answer-Returns value based on different conditions SQL Functions : IS NULL - Answer-Display "unassigned" in results if blank SQL Functions : TO_CHAR - Answer-Display date by day of the week SQL Functions : DECODE - Answer-Compares 2 values, then returns specified parameter if they match Custom Records - Enable Optimistic Locking - Answer-Causes the system to check for conflicting updates when users attempt to save updates to a custom record instanceCustom Records - Enable Inline Editing - Answer-Allow records to be edited directly when they display as a LIST Custom Records - Enable System Notes - Answer-Tracks all changes made to a record Custom Records - Allow Child Record Editing - Answer-Allow records to be edited directly when they display as a SUBLIST True or False: A disabled field can display a default value - Answer-TRUE True or False : A disabled field is not available for transaction line (column) fields - Answer-FALSE True or False : If a field does not have a default, sourced, or custom information, it will not display on a form - Answer-FALSE What is the impact of using the "Filter Using" setting when creating a custom Trans Body field, beyond allowing the user to source data onto the transaction? - Answer-This field allows the dynamic filtering of the list/record field by a particular attribute True or False : There is an "in Transit" option for inventory during which time it is not counted as an asset for either subsidiary - Answer-FALSE Tax - If subsidiaries share multiple Tax Nexuses, what is the correct order - Answer-1. International Tax 2. Subsidiary 3. Tax Agency 4. Nexus 5. Tax Codes, groups, schedules, types, periods Tax - What are the 6 tax editions in NetSuite - Answer-International, US, Japan, UK, Canada, Australia Subsidiaries : Contacts associated with 1 sub may be linked to a customer/vendor associated with another sub - Answer-Transactions are never against the contact Sub-customers associated with 1 sub can be linked to parent customers associated with another sub - Answer-Only if accept payment thru parent is disabled Tax - Tax Period - Answer-Defines a period over which your company tracks tax. A tax period can be a month, a quarter, or a year, depending on the frequency of your tax submissions or what your business has agreed with the local tax agency. You can run monthly, quarterly, or annual VAT/GST reports in NetSuite. Available in all non-US & non-Canada editionsTax - Tax Nexus - Answer-A nexus is a tax jurisdiction. Nexuses are part of the NetSuite Advanced Taxes feature, required for NetSuite OneWorld. Each subsidiary must be associated with at least one nexus. The first nexus is automatically assigned to a subsidiary based on the country entered for the subsidiary's address. A subsidiary can have more than one nexus. A nexus and its related tax items can be shared by multiple subsidiaries. Tax - Tax Type - Answer-A tax type determines where the tax paid or collected is tracked on the balance sheet. The balance sheet account to which NetSuite posts the collection or payment of tax is called the tax control account. Tax - Tax Code - Answer-Contain information about tax rates and the types of transactions that the tax codes should be applied to. Tax - Tax Schedule - Answer-Determine how NetSuite calculates taxes for items in each nexus. Tax - Tax Group - Answer-Combines several tax codes that can then be applied to a transaction, even if the taxes are paid to different jurisdictions. Tax - Tax Agency Vendor - Answer-These vendors represent taxing authorities to whom you pay collected taxes. Year End Manual Close - Answer-Manually post the year end journal entry to zero amounts in P&L and post to Retained Earnings Consolidated Exchange Rates vs. Currency Exchange Rates - Answer-Consolidated applies to: consolidated reports, set per accounting period, base currency for one pair of related subsidiaries, manually edited in the Consolidated Exchange Rates Table Currency exchange rate applies to: transactions, "as of" effective date, base currency and one foreign currency, manually add new rows to Currency Exchange Rates