Financial User

Financial User practice questions, page 2 of 2, with answer review and explanations.

Question 6

Which transaction transfers the Customer Deposit liability to offset the Invoice Accounts Receivable GL Impact?

  1. Deposit Application
  2. Credit Memo
  3. Journal Entry
  4. Sales Order

Question 7

A Sales Order should be billed when certain key project tasks have been completed. Which type of Billing Schedule should be used?

  1. Fixed Bid Milestone
  2. Standard
  3. Time and Material
  4. Charge Based

Question 8

Which statement is true about assigning a Billing Schedule to an Item record?

  1. It forces all the lines on a Sales Orders to have a Billing Schedule.
  2. It ensures the Item will always have the Billing Schedule default in correctly on the Sales Order.
  3. It requires that all Items on the same Sales Order have a Billing Schedule of some kind.
  4. It requires that all Items on the same Sales Order use the same Billing Schedule.

Question 9

Match each step in the standard Accounts Payable workflow in NetSuite with its step number.