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NetSuite ERP Consultant Exam Prep (Study questions & Answers)
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NetSuite ERP Consultant Exam Prep (Study questions & Answers)
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NetSuite ERP Consultant Exam Prep(Study questions & Answers)
Revenue Recognition - Revenue Commitment Correct Ans - 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 Ans - 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 Ans -
Determined the journal entries that need to be generated to record the impact
of item sales.
Revenue Recognition - Revenue Recognition Template Correct Ans -
Indicate how revenue from associated items should be posted
Landed Cost - Landed Cost can be by Correct Ans - Weight, Cost,
Quantity, or manual
Item Pricing - Pricing applied according to the quantity included in the line
item Correct Ans - By Line Quantity
Item Pricing - Pricing is applied for all line items for the same item on a
transaction Correct Ans - By Overall Item Quantity
Item Pricing - Pricing is applied for all items in the same hierarchy Correct
Ans - by Overall Parent Quantity
,SQL Functions : NULLIF Correct Ans - To avoid divide by zero errors; if
the results is zero, replace with null
SQL Functions : CASE Correct Ans - Returns value based on different
conditions
SQL Functions : IS NULL Correct Ans - Display "unassigned" in results
if blank
SQL Functions : TO_CHAR Correct Ans - Display date by day of the
week
SQL Functions : DECODE Correct Ans - Compares 2 values, then
returns specified parameter if they match
Custom Records - Enable Optimistic Locking Correct Ans - 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 Ans - Allow records to
be edited directly when they display as a LIST
Custom Records - Enable System Notes Correct Ans - Tracks all
changes made to a record
Custom Records - Allow Child Record Editing Correct Ans - Allow
records to be edited directly when they display as a SUBLIST
True or False: A disabled field can display a default value Correct Ans -
TRUE
True or False : A disabled field is not available for transaction line (column)
fields Correct Ans - FALSE
True or False : If a field does not have a default, sourced, or custom
information, it will not display on a form Correct Ans - 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 Ans - 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 Ans - FALSE
Tax - If subsidiaries share multiple Tax Nexuses, what is the correct order
Correct Ans - 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 Ans -
International, US, Japan, UK, Canada, Australia
Subsidiaries : Contacts associated with 1 sub may be linked to a
customer/vendor associated with another sub Correct Ans -
Transactions are never against the contact
Sub-customers associated with 1 sub can be linked to parent customers
associated with another sub Correct Ans - Only if accept payment thru
parent is disabled
Tax - Tax Period Correct Ans - 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 Ans - 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 Ans - 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 Ans - Contain information about tax rates and
the types of transactions that the tax codes should be applied to.
Tax - Tax Schedule Correct Ans - Determine how NetSuite calculates
taxes for items in each nexus.
Tax - Tax Group Correct Ans - 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 Ans - These vendors represent taxing
authorities to whom you pay collected taxes.
Year End Manual Close Correct Ans - 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 Ans -
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
You can change the primary currency on a customer or vendor record, resets
the default for transactions, credit limits, and aggregate balance Correct
Ans - If primary currency is changed you must re-enter the credit limit,
cannot remove any currencies which have transactions against them
Advanced Inventory Management Correct Ans - Calculate reorder
based on historical data;
Assumes demand is mostly constant;
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