Financial User Exam Prep | Comprehensive
Study Guide | 2026/2027
How can the financial reports be kept separate when tracking finances for two
wholly owned but distinct legal entities in one NetSuite Account? - correct
answer-a) use separate fiscal calendars
b) use classes
c) use the multi-book accounting feature
d) use subsidiaries **
Which two steps are recommended to track travel expense by department?
(choose 2) - correct answer-a) make departments options
b) use separate general ledger accounts for each internal department's expenses
*
c) make department mandatory **
d) share general ledger accounts between departments *
What is the AR Process? - correct answer-1. create Sales order
2. Pick, Pack, Ship items (Item Fulfillment)
3. Bill Customer
,4. Receive Payment
A customer returns goods from sales order that is fulfilled and billed. What are
the steps? - correct answer-(in order)
1.Return Authorization
2. Receive Return
3. Credit Memo
4. Customer Refund
Which account feature can tell in which section an account appears by default? -
correct answer-Account Type
How does NetSuite set up a company record when you buy from and sell to the
same company? - correct answer-a) either the vendor or the customer can be set
as "Parent of" the other record to link them
b) NetSuite tracks this using the "Other relationship" functions to link the
customer and vendor records **
c) NetSuite uses a single company record to track this combined relationship
d) NetSuite uses unrelated customer and vendor records to track theses
** Which 3 statements are true about parent accounts in NetSuite? (choose 3) -
correct answer-a) child accounts are created by setting the subaccount of the
field **
b) checking the summary box allows the posting reversing journal entries to this
account
c) parent accounts can be posting or not posting **
d) parents accounts are created by setting the "parent of" field
, e) checking the summary box on the account record prevents anyone from
posting activity to the account **
Which two setting are needed for billable time to appear on the customer
invoice? (choose 2) - correct answer-a) billable checkbox **
b) customer **
c) invoice number
d) memo
Which 2 record types can be applied to customer payment? (choose 2) - correct
answer-a) refund
b) credit memo **
c) customer deposit **
d) cash sale
which transaction transfers the customer deposit liability to offset the invoice
accounts receivable GL impact? - correct answer-a) sales order
b) journal entry
c) deposit application **
d) credit memo
** A sales order should be billed when certain key project tasks have been
completed - - correct answer-a) time and materials
b) charge based
c) fixed bid milestone **
d) standard
Study Guide | 2026/2027
How can the financial reports be kept separate when tracking finances for two
wholly owned but distinct legal entities in one NetSuite Account? - correct
answer-a) use separate fiscal calendars
b) use classes
c) use the multi-book accounting feature
d) use subsidiaries **
Which two steps are recommended to track travel expense by department?
(choose 2) - correct answer-a) make departments options
b) use separate general ledger accounts for each internal department's expenses
*
c) make department mandatory **
d) share general ledger accounts between departments *
What is the AR Process? - correct answer-1. create Sales order
2. Pick, Pack, Ship items (Item Fulfillment)
3. Bill Customer
,4. Receive Payment
A customer returns goods from sales order that is fulfilled and billed. What are
the steps? - correct answer-(in order)
1.Return Authorization
2. Receive Return
3. Credit Memo
4. Customer Refund
Which account feature can tell in which section an account appears by default? -
correct answer-Account Type
How does NetSuite set up a company record when you buy from and sell to the
same company? - correct answer-a) either the vendor or the customer can be set
as "Parent of" the other record to link them
b) NetSuite tracks this using the "Other relationship" functions to link the
customer and vendor records **
c) NetSuite uses a single company record to track this combined relationship
d) NetSuite uses unrelated customer and vendor records to track theses
** Which 3 statements are true about parent accounts in NetSuite? (choose 3) -
correct answer-a) child accounts are created by setting the subaccount of the
field **
b) checking the summary box allows the posting reversing journal entries to this
account
c) parent accounts can be posting or not posting **
d) parents accounts are created by setting the "parent of" field
, e) checking the summary box on the account record prevents anyone from
posting activity to the account **
Which two setting are needed for billable time to appear on the customer
invoice? (choose 2) - correct answer-a) billable checkbox **
b) customer **
c) invoice number
d) memo
Which 2 record types can be applied to customer payment? (choose 2) - correct
answer-a) refund
b) credit memo **
c) customer deposit **
d) cash sale
which transaction transfers the customer deposit liability to offset the invoice
accounts receivable GL impact? - correct answer-a) sales order
b) journal entry
c) deposit application **
d) credit memo
** A sales order should be billed when certain key project tasks have been
completed - - correct answer-a) time and materials
b) charge based
c) fixed bid milestone **
d) standard
