Free Oracle NetSuite Financial User Exam N16599GC10 Exam Practice Test

Which are 2 elements unto to setting up financial sections in NetSuite financial report? (Choose 2)

• custom sections are restricted to one account type
• formula rows calculate from the row immediately above
• Each financial section has its own header and summary row
• Each section can be customized to have multiple account types

Which statement is true about NS budgets?

• Multiple budgets can be created for same year and criteria
• Budgets must be answered manually
• Budgets can only be created for income and expense accounts
• Budget Hold setting for expense accounts will prevent overspending

What is one characteristic of Elimination Journal Entries?

• They are posted to only one subsidiary.
• They are the same as Intercompany Journal Entries.
• They are approved automatically when entered manually.
• They are used to transfer profit from one subsidiary to another Alternative Answers:

which transaction transfers the customer deposit liability to offset the invoice accounts receivable GL impact?

• sales order
• journal entry
• deposit application
• credit memo

What two transactions cause a Bill Variance journal entry to be posted?

• Item receipt
• purchase order
• bill payment
• purchase requisition
• Vendor bill

Which statement is true about setting up NetSuite budgets?

• Copying budgets is not recommended.
• Budgets can be imported into NetSuite using CSV.
• Budgets must be created manually in the NetSuite user interface.
• Budgets can be created for multiple criteria, but only one per parameter.

which statement is true about assigning a billing schedule to an item record?

• it forces all the lines on sales order to have billing schedule
• it requires that items on the same sales order have billing schedule of some kind
• it requires that all items on the sales order used same billing schedule
• it ensures that item will always have the billing default in correctly on the sales order

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

• either the vendor or the customer can be set as "Parent of" the other record to link them
• NetSuite tracks this using the "Other relationship" functions to link the customer and vendor records
• NetSuite uses a single company record to track this combined relationship
• NetSuite uses unrelated customer and vendor records to track these

Which statement is true about expense allocations?

• Allocation schedules can only be set to a frequency of once per month
• Allocation JEs must zero out the source expense account
• Allocation schedules can be assigned to any expense account
• Allocation schedules are assigned to specific purchase transactions

How must a Bank Account be denominated when using the multi-currency feature?

• It may be denominated in any one currency.
• It may be denominated in multiple currencies.
• It must be denominated in the Base Currency of the subsidiary.
• It must be denominated in the Base Currency of the Root Subsidiary