Question 1

How can the financial reports be kept separate when tracking finances for two wholly owned but distinct legal entities in one NetSuite account?

Options :

A : use separate fiscal calendars

B : use classes

C : use the multi-book accounting feature

D : use subsidiaries

Answer: D

Question 2

Which report shows the total value of current assets?

Options :

A : Balance Sheet

B : General Ledger

C : Profit and Loss / Income Statement

D : Cash Flow Statement

Answer: A

Question 3

Which two statements are true about budgets in NetSuite? (Choose two.)

Options :

A : Budgets can use statistical accounts

B : Budgets set to "Enforce" prevent overspending.

C : Global budget amounts may fluctuate when viewed in root parent currency.

D : Local budget amounts may fluctuate when consolidated to parent subsidiary view.

Answer: A,D

Question 4

How does NetSuite set up a company record when you buy from and sell to the same company?

Options :

A : NetSuite uses a single Company record to track this combined relationship.

B : NetSuite uses unrelated Customer and Vendor records to track these

C : Either the Vendor or the Customer can be set as "Parent of" the other record to link them

D : NetSuite tracks this using the "Other Relationships" function to link the Customer and Vendor records

Answer: A

Question 5

What is a characteristic of importing journal entries?

Options :

A : The limit of lines for journal entry import is 1,000

B : The limit of lines for journal entry import is 10,000.

C : Journal entries can only be imported using web services.

D : Journal entries imported unbalanced must be fixed before approval.

Answer: B