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...
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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
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 Answer: 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 Answer: Calculate reorder based on
historical data;
Assumes demand is mostly constant;
Reordering based on reorder point may create excess inventory
Demand planning Correct Answer: Ordering based on the expected demand.
Demand can be calculated based on:
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