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NetSuite ERP Consultant Exam Prep correctly answered 2023
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NetSuite ERP Consultant Exam Prep correctly answered 2023
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NetSuite ERP Consultant Exam Prep correctly answered 2023Take the sample exam online here. - correct answer https://www.classroomclipboard.com/876109/Test/99219B4D-BED8-4606-A82A-
5CB05BFE3B98
Access Code: D7THL2E
Revenue Recognition - Revenue Commitment - correct 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 - correct 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 - correct answer Determined the journal entries that need to be generated to record the impact of item sales.
Revenue Recognition - Revenue Recognition Template - correct answer Indicate how revenue from associated items should be posted
Landed Cost - Landed Cost can be by - correct answer Weight, Cost, Quantity, or manual
Item Pricing - Pricing applied according to the quantity included in the line item - correct answer By Line Quantity
Item Pricing - Pricing is applied for all line items for the same item on a transaction - correct answer By Overall Item Quantity
Item Pricing - Pricing is applied for all items in the same hierarchy - correct answer by Overall Parent Quantity
SQL Functions : NULLIF - correct answer To avoid divide by zero errors; if the results is
zero, replace with null
SQL Functions : CASE - correct answer Returns value based on different conditions
SQL Functions : IS NULL - correct answer Display "unassigned" in results if blank SQL Functions : TO_CHAR - correct answer Display date by day of the week
SQL Functions : DECODE - correct answer Compares 2 values, then returns specified parameter if they match
Custom Records - Enable Optimistic Locking - correct answer Causes the system to check for conflicting updates when users attempt to save updates to a custom record instance
Custom Records - Enable Inline Editing - correct answer Allow records to be edited directly when they display as a LIST
Custom Records - Enable System Notes - correct answer Tracks all changes made to a
record
Custom Records - Allow Child Record Editing - correct answer Allow records to be edited directly when they display as a SUBLIST
True or False: A disabled field can display a default value - correct answer TRUE
True or False : A disabled field is not available for transaction line (column) fields - correct answer FALSE
True or False : If a field does not have a default, sourced, or custom information, it will not display on a form - correct 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? - correct 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 - correct answer FALSE
Tax - If subsidiaries share multiple Tax Nexuses, what is the correct order - correct 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 - correct answer International, US, Japan, UK, Canada, Australia Subsidiaries : Contacts associated with 1 sub may be linked to a customer/vendor associated with another sub - correct answer Transactions are never against the contact
Sub-customers associated with 1 sub can be linked to parent customers associated with
another sub - correct answer Only if accept payment thru parent is disabled
Tax - Tax Period - correct 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 editions
Tax - Tax Nexus - correct 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 - correct 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 - correct answer Contain information about tax rates and the types of transactions that the tax codes should be applied to.
Tax - Tax Schedule - correct answer Determine how NetSuite calculates taxes for items
in each nexus.
Tax - Tax Group - correct 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 - correct answer These vendors represent taxing authorities to whom you pay collected taxes.
Year End Manual Close - correct 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 - correct 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
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