Netsuite Financial User UPDATED
ACTUAL Exam Questions and CORRECT
Answers
1) What is the purpose of an elimination subsidiary? - CORRECT ANSWER - Offsetting
intercompany transactions
2) Match each classification with its common use.
A. ___ Classes
B. ___ Locations
C. ___ Subsidiaries
D. ___ Departments
1. Company
2. Types of sales or product lines
3. Internal Teams
4. Warehouses - CORRECT ANSWER - A-2
B-4
C-1
D-3
3) Which three steps are required to prevent someone from accessing some accounts but not
others? - CORRECT ANSWER - Customize the role to restrict access by segment
Designate Department | Class | Location on the account
Tag the Employee record to Department | Class | Location
4) How does enabling Accounting features affect the chart of accounts? - CORRECT
ANSWER - New accounts are automatically added to the chart of accounts when needed.
, 5) Which account type is non-posting? - CORRECT ANSWER - Statistical
6) What is the order of steps for the NetSuite standard accounts receivable process? - CORRECT
ANSWER - Approve Sales Order > Fulfill Sales Order > Bill Sales Order
7) What does the setting "Accept Payment at Top Level Customer" allow for? - CORRECT
ANSWER - Customers may pay the bills of Subcustomers
8) What is true about multi-currency Customers? - CORRECT ANSWER - Customers may
use an unlimited number of currencies.
9) Which two statements are true about Invoices in NetSuite? (Choose two.) - CORRECT
ANSWER - Invoices can be created without reference to a Sales Order.The Electronic
Invoicing SuiteApp allows sending of individual invoices or batches.
10) Which two transactions containing inventory items will post to COGS? (Choose two.) -
CORRECT ANSWER - Item Fulfillment
Standalone invoices
11) Which statement is true about Accept Customer Payment? - CORRECT ANSWER -A
single customer payment can be applied to multiple invoices.
12) Which statement is true about Customer Deposits? - CORRECT ANSWER - Customer
Deposits are recorded as a liability.
13) Which transaction requires a credit memo before a refund? - CORRECT ANSWER -
Invoice
14) In which two places can Invoices be created based upon Billing Schedules? (Choose two.) -
CORRECT ANSWER - Individually from the Sales Order
The billing queue under Bill Orders
ACTUAL Exam Questions and CORRECT
Answers
1) What is the purpose of an elimination subsidiary? - CORRECT ANSWER - Offsetting
intercompany transactions
2) Match each classification with its common use.
A. ___ Classes
B. ___ Locations
C. ___ Subsidiaries
D. ___ Departments
1. Company
2. Types of sales or product lines
3. Internal Teams
4. Warehouses - CORRECT ANSWER - A-2
B-4
C-1
D-3
3) Which three steps are required to prevent someone from accessing some accounts but not
others? - CORRECT ANSWER - Customize the role to restrict access by segment
Designate Department | Class | Location on the account
Tag the Employee record to Department | Class | Location
4) How does enabling Accounting features affect the chart of accounts? - CORRECT
ANSWER - New accounts are automatically added to the chart of accounts when needed.
, 5) Which account type is non-posting? - CORRECT ANSWER - Statistical
6) What is the order of steps for the NetSuite standard accounts receivable process? - CORRECT
ANSWER - Approve Sales Order > Fulfill Sales Order > Bill Sales Order
7) What does the setting "Accept Payment at Top Level Customer" allow for? - CORRECT
ANSWER - Customers may pay the bills of Subcustomers
8) What is true about multi-currency Customers? - CORRECT ANSWER - Customers may
use an unlimited number of currencies.
9) Which two statements are true about Invoices in NetSuite? (Choose two.) - CORRECT
ANSWER - Invoices can be created without reference to a Sales Order.The Electronic
Invoicing SuiteApp allows sending of individual invoices or batches.
10) Which two transactions containing inventory items will post to COGS? (Choose two.) -
CORRECT ANSWER - Item Fulfillment
Standalone invoices
11) Which statement is true about Accept Customer Payment? - CORRECT ANSWER -A
single customer payment can be applied to multiple invoices.
12) Which statement is true about Customer Deposits? - CORRECT ANSWER - Customer
Deposits are recorded as a liability.
13) Which transaction requires a credit memo before a refund? - CORRECT ANSWER -
Invoice
14) In which two places can Invoices be created based upon Billing Schedules? (Choose two.) -
CORRECT ANSWER - Individually from the Sales Order
The billing queue under Bill Orders
