FINANCIAL-USER sample questions

Question 1

A project manager has marked several project tasks as complete. These tasks are associated with a 'Fixed Bid, Milestone' billing schedule on the related Sales Order. However, when the billing clerk goes to 'Bill Sales Orders', the order does not appear in the billing queue. What is the most likely reason?

Accepted Answer

The project tasks were not specifically linked to the billing milestones on the Sales Order.

Answer

The customer has exceeded their credit limit.

Answer

Time entries have not been approved for the project.

Answer

The Sales Order has not been fulfilled.

Question 2

The controller needs to post an accrual for professional fees at the end of January. This entry must be automatically reversed on February 1st to avoid overstating expenses in the next period. Which action should the user take when creating the initial journal entry?

Accepted Answer

Set the Reversal Date to February 1st on the header of the original journal entry.

Answer

Create a memorized transaction to post a debit in February.

Answer

Manually create and post a reversing journal entry on February 1st.

Answer

Use the 'Defer Entry' checkbox and schedule the reversal.

Question 3

A financial analyst is preparing a custom Income Statement using the Financial Report Builder. They need to display a subtotal for Gross Profit, which is calculated as Revenue minus Cost of Goods Sold. Which row type should be used to create the 'Gross Profit' line?

Accepted Answer

Formula Row

Answer

Header/Summary Row

Answer

Reference Row

Answer

Text Row

Question 4

An accountant is reconciling the company's main checking account. They notice a $50 bank service charge on the bank statement that has not been recorded in NetSuite. What is the most efficient method to record this expense directly from the 'Reconcile Bank Statement' page?

Accepted Answer

Click 'New Charge', select the appropriate expense account, enter the amount, and save the new transaction.

Answer

Navigate to 'Write Checks', create a new check for the fee, then return to the reconciliation page.

Answer

Create a new journal entry in a separate browser tab and then refresh the reconciliation.

Answer

Manually adjust the ending balance of the reconciliation to account for the fee.

Question 5

A new 'Computer Equipment' fixed asset account has been created. The CIO wants to ensure that only employees in the IT Department can post transactions to this account. What is the most direct and enforceable method to achieve this in NetSuite?

Accepted Answer

Edit the 'Computer Equipment' account record, and in the 'Department' field, select the IT Department.

Answer

Send a company-wide email memo about the new policy.

Answer

Customize the roles of all non-IT employees to exclude access to the account.

Answer

Create a workflow that sends an alert if a non-IT employee uses the account.

Question 6

True or False: Once an accounting period has been closed using the Period Close Checklist, a user with the 'Re-open Period' permission can unlock it, but all actions taken while the period is re-opened are logged in the System Notes.

Accepted Answer

True

Answer

False

Question 7

A budget is created and imported for the Sales department's expense accounts. The controller then runs a Budget vs. Actual Income Statement, filtering for the Sales department, but the budget columns are entirely blank. The actuals are displayed correctly. What is the most likely configuration error?

Accepted Answer

The budget was created for a specific 'Category' that was not selected in the report footer.

Answer

The budget was imported using account numbers instead of account names.

Answer

The report's column filter was set to 'Class' instead of 'Department'.

Answer

The user running the report does not have permission to view budget information.

Question 8

A vendor bill for $1,000 has been entered, approved, and paid. Later, the accounting manager discovers the bill should have been for only $900. What is the correct sequence of steps to rectify this overpayment and reflect the accurate liability and cash position?

Accepted Answer

Create a Vendor Credit for $100 from the original bill, then create a Vendor Refund for $100 to record the cash receipt from the vendor.

Answer

Delete the bill payment and the vendor bill, then re-enter the bill correctly for $900.

Answer

Create a standalone Vendor Credit for $100 and apply it to the next bill from this vendor.

Answer

Edit the original vendor bill to $900, which will automatically create a $100 vendor credit.

Question 9

A user is processing a customer payment. The customer has one open invoice for $500 and an open credit memo for $50. The customer has sent a check for $450. How can the user correctly close out both the invoice and the credit memo in a single 'Customer Payment' transaction?

Accepted Answer

On the Customer Payment screen, check the 'Apply' box for both the invoice and the credit memo.

Answer

First, apply the credit memo to the invoice, save, and then create a new payment for the remaining $450.

Answer

This is not possible; the transactions must be handled separately.

Answer

Enter the payment amount as $500 and use the 'Discount' field to enter the $50 credit.

Question 10

A company sells professional services. For what purpose would they set up a budget using a statistical account that tracks 'Billable Hours'?

Accepted Answer

To enable the creation of financial reports that show non-monetary, operational KPIs alongside financial data.

Answer

To directly calculate payroll expenses in the budget.

Answer

To automatically generate customer invoices based on the budgeted hours.

Answer

To restrict time entry for projects that have exceeded their budgeted hours.

FINANCIAL-USER Sample Questions & Answers

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