The a+ advanTage: ace 2026/2027 neTa
level ii examinaTion wiTh This sTudy
guide comprehensive q & a
◉ Can elimination journals be generated automatically? Answer:
Yes. Elimination journal entries can be generated automatically if
you enable the Automated Intercompany Management feature
◉ Can an elimination subsidiary be selected on bank account record
or a credit card account record? Answer: No. An elimination
subsidiary cannot be selected on a bank account record or a credit
card account record.
◉ Can an elimination subsidiary be selected on item records?
Answer: No. An elimination subsidiary cannot be selected on item
records.
◉ What are interCompany Journal Entries? Answer: Specialized type
of journal available specifically for OneWorld. The journal entry
records debits and credits to be posted to ledger accounts for
transactions between two subsidiaries. The journal entries adjust
the value of any set of accounts without entering transactions such
as invoices or bills.
,◉ What are General Journal Entries? Answer: Records debits and
credits to be posted to ledger accounts. Adjust the value of any set of
accounts without entering transactions such as invoices or bills.
◉ What are Elimination Journal Entries? Answer: Regular journal
entries, except that they are associated with elimination
subsidiaries.
◉ What are OneWorld Capabilities? Answer: With OneWorld, you
can manage inter-related business processes across multiple
subsidiaries. Some of the capabilities that OneWorld provides
include:
- Accounting and Financial Consolidation
- Tax and Regulatory Compliance
- Customer Relationship Management
- Shared or Unique Web Stores
- SuiteCloud
- Reporting and Search
◉ What are OneWorld's Accounting and Financial Consolidation
Abilities? Answer: Each subsidiary completes transactions in its own
base currency. Subsidiaries share inventory items and have unique
items. Using a single chart of accounts as well as subsidiary-specific
accounts you prepare consolidated and subsidiary financial
,statements in the appropriate currencies. You can also enter
intercompany journal entries and eliminate profits for transactions
among subsidiaries.
◉ What are OneWorld's Tax and Regulatory Compliance Abilities?
Answer: Each subsidiary has one or more locations unique to that
subsidiary, enabling you to administer location-based tax and
regulatory requirements.
◉ What are OneWorld's Customer Relationship Management
Abilities? Answer: With OneWorld you can manage your sales
organization and customer relationships. Sales quotas and forecasts
span subsidiaries and sales organizations. Sales people can sell and
be commissioned across subsidiaries. Marketing campaigns and the
leads obtained could be shared by one or more subsidiaries.
◉ What are OneWorld's Shared or Unique Web Stores Abilities?
Answer: Subsidiaries can have dedicated or shared Web stores with
unique items.
◉ What are OneWorld's SuiteCloud Abilities? Answer: SuiteCloud
supports OneWorld with SuiteTalk (Web Services), SuiteScript,
SuiteBuilder (customization), and SuiteAnalytics Connect.
◉ What are OneWorld's Reporting and Search Abilities? Answer:
OneWorld supports reporting in the base currency of each
, subsidiary, its parent subsidiary, and the top-level, root-parent
subsidiary. Financial statements, dashboards, and Key Performance
Indicators Overview can display consolidated roll-ups and side-
byside comparisons of subsidiaries.
◉ Who should use OneWorld? Answer: OneWorld provides the most
value to organizations with the following characteristics:
- Subsidiaries exist as separate legal entities, particularly foreign
subsidiaries.
- The top-level, or root-parent subsidiary, owns 100% of all
subsidiaries. Affiliates, franchisees, joint ventures, and similar
shared-ownership entities require more specialized accounting
treatment.
- All subsidiaries have similar business processes. For example, a
wholesale distribution company with similar operations in multiple
countries can take advantage of company-level preferences.
- All subsidiaries generally use the same chart of accounts and
fiscal periods. However, a company could set up country-specific
accounts to meet statutory or internal reporting requirements.
◉ What are Accounts? Answer: A category of transactions related to
a specific type of asset, liability, equity, income, or expense. They are
listed in your chart of accounts. You can customize your chart of
accounts to make it more useful.
level ii examinaTion wiTh This sTudy
guide comprehensive q & a
◉ Can elimination journals be generated automatically? Answer:
Yes. Elimination journal entries can be generated automatically if
you enable the Automated Intercompany Management feature
◉ Can an elimination subsidiary be selected on bank account record
or a credit card account record? Answer: No. An elimination
subsidiary cannot be selected on a bank account record or a credit
card account record.
◉ Can an elimination subsidiary be selected on item records?
Answer: No. An elimination subsidiary cannot be selected on item
records.
◉ What are interCompany Journal Entries? Answer: Specialized type
of journal available specifically for OneWorld. The journal entry
records debits and credits to be posted to ledger accounts for
transactions between two subsidiaries. The journal entries adjust
the value of any set of accounts without entering transactions such
as invoices or bills.
,◉ What are General Journal Entries? Answer: Records debits and
credits to be posted to ledger accounts. Adjust the value of any set of
accounts without entering transactions such as invoices or bills.
◉ What are Elimination Journal Entries? Answer: Regular journal
entries, except that they are associated with elimination
subsidiaries.
◉ What are OneWorld Capabilities? Answer: With OneWorld, you
can manage inter-related business processes across multiple
subsidiaries. Some of the capabilities that OneWorld provides
include:
- Accounting and Financial Consolidation
- Tax and Regulatory Compliance
- Customer Relationship Management
- Shared or Unique Web Stores
- SuiteCloud
- Reporting and Search
◉ What are OneWorld's Accounting and Financial Consolidation
Abilities? Answer: Each subsidiary completes transactions in its own
base currency. Subsidiaries share inventory items and have unique
items. Using a single chart of accounts as well as subsidiary-specific
accounts you prepare consolidated and subsidiary financial
,statements in the appropriate currencies. You can also enter
intercompany journal entries and eliminate profits for transactions
among subsidiaries.
◉ What are OneWorld's Tax and Regulatory Compliance Abilities?
Answer: Each subsidiary has one or more locations unique to that
subsidiary, enabling you to administer location-based tax and
regulatory requirements.
◉ What are OneWorld's Customer Relationship Management
Abilities? Answer: With OneWorld you can manage your sales
organization and customer relationships. Sales quotas and forecasts
span subsidiaries and sales organizations. Sales people can sell and
be commissioned across subsidiaries. Marketing campaigns and the
leads obtained could be shared by one or more subsidiaries.
◉ What are OneWorld's Shared or Unique Web Stores Abilities?
Answer: Subsidiaries can have dedicated or shared Web stores with
unique items.
◉ What are OneWorld's SuiteCloud Abilities? Answer: SuiteCloud
supports OneWorld with SuiteTalk (Web Services), SuiteScript,
SuiteBuilder (customization), and SuiteAnalytics Connect.
◉ What are OneWorld's Reporting and Search Abilities? Answer:
OneWorld supports reporting in the base currency of each
, subsidiary, its parent subsidiary, and the top-level, root-parent
subsidiary. Financial statements, dashboards, and Key Performance
Indicators Overview can display consolidated roll-ups and side-
byside comparisons of subsidiaries.
◉ Who should use OneWorld? Answer: OneWorld provides the most
value to organizations with the following characteristics:
- Subsidiaries exist as separate legal entities, particularly foreign
subsidiaries.
- The top-level, or root-parent subsidiary, owns 100% of all
subsidiaries. Affiliates, franchisees, joint ventures, and similar
shared-ownership entities require more specialized accounting
treatment.
- All subsidiaries have similar business processes. For example, a
wholesale distribution company with similar operations in multiple
countries can take advantage of company-level preferences.
- All subsidiaries generally use the same chart of accounts and
fiscal periods. However, a company could set up country-specific
accounts to meet statutory or internal reporting requirements.
◉ What are Accounts? Answer: A category of transactions related to
a specific type of asset, liability, equity, income, or expense. They are
listed in your chart of accounts. You can customize your chart of
accounts to make it more useful.
