Financial User

Review 49 FINANCIAL-USER practice questions with answer explanations and community insights.

Question 1

Which three statements are true about using Parent Accounts in NetSuite? (Choose three.)

  1. Checking the Summary box on the account record prevents anyone from posting activity to the account.
  2. Parent accounts can be posting or non-posting.
  3. Checking the Summary box allows the posting of reversing journal entries to this account.
  4. Parent accounts are created by setting the "Parent of" field.
  5. Child accounts are created by setting the ''Subaccount of'' field.

Question 2

Which account feature determines in which financial report section an account appears by default?

  1. Department | Class | Location classification
  2. Account type
  3. Account number
  4. Currency

Question 3

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

  1. NetSuite uses a single Company record to track this combined relationship.
  2. NetSuite uses unrelated Customer and Vendor records to track these.
  3. Either the Vendor or the Customer can be set as "Parent of" the other record to link them
  4. NetSuite tracks this using the "Other Relationships" function to link the Customer and Vendor records.

Question 4

Which two settings are needed for billable items to appear on the Customer Invoice? (Choose two.)

  1. Billable checkbox
  2. Memo
  3. Invoice Number
  4. Customer

Question 5

Which two record types can be applied to a customer payment? (Choose two.)

  1. Refund
  2. Cash Sale
  3. Customer Deposit
  4. Credit Memo
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