EXAM 3 -TAXES

Beschreibung

EXAM 3 - TAXES
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Zusammenfassung der Ressource

Frage 1

Frage
This is referred to as a tax jurisdiction in which you collect and pay taxes. Usually per State.
Antworten
  • edition
  • nexus
  • tax
  • advanced taxes

Frage 2

Frage
To Enable Taxation Features in OneWorld Accounts and Accounts With Advanced Taxes, navigate to:
Antworten
  • Setup > Company > Enable Features > Accounting > Advance Features > Advanced Taxes
  • Setup > Company > Accounting > Accounting Preference > Advance Features > Advanced Taxes
  • Setup > Company > Enable Features > Tax > Advanced Taxes
  • Setup > Company > Company Information > Tax > Advanced Taxes

Frage 3

Frage
For NetSuite accounts without the Advanced Taxes feature, you must set up the following (choose atleast 3):
Antworten
  • Tax Agency Vendors
  • Tax Control Accounts
  • Tax Types
  • Sales Tax Tables (for US only)
  • Tax Periods (for all except US and Canada)
  • Tax Codes
  • Tax Groups
  • Tax preferences on Setup > Accounting > Taxes > Set Up Taxes

Frage 4

Frage
Once you turn on Advanced Taxes, you cannot disable it.
Antworten
  • True
  • False

Frage 5

Frage
Each subsidiary record is associated with the nexuses in which it must pay taxes.
Antworten
  • True
  • False

Frage 6

Frage
When Advanced Taxes is enabled, the system creates tax schedules for each tax code, and links tax control accounts to a nexus so you can more effectively manage tax postings in your ledger. Advanced Taxes is not enabled by default for OneWorld.
Antworten
  • True
  • False

Frage 7

Frage
A subsidiary can have more than one nexus
Antworten
  • True
  • False

Frage 8

Frage
Multiple subsidiaries cannot share a single nexus, as well as its related tax items
Antworten
  • True
  • False

Frage 9

Frage
This feature provides management of taxes for multiple tax jurisdictions and must be enabled in OneWorld accounts.
Antworten
  • Advanced Taxes Feature
  • Tax Agency Vendors
  • Tax Control Accounts
  • Tax Types

Frage 10

Frage
These represent taxing authorities to whom you pay collected taxes. The system automatically creates these records when you create a tax nexus.
Antworten
  • Tax Agency Vendors
  • Tax Agency Customers
  • Tax Groups
  • Tax Schedules

Frage 11

Frage
You cannot share a vendor tax agency with multiple subsidiaries. You CAN, however, share non tax agency vendors with multiple subsidiaries.
Antworten
  • True
  • False

Frage 12

Frage
These are Other Current Liability Accounts that you can set up in your General Ledger to post and track tax collection and payments.
Antworten
  • Tax Agency Vendors
  • Tax Control Accounts
  • Tax Types
  • Tax Schedules

Frage 13

Frage
These types provide categories used to link each tax code or tax group to a tax control account. They depend upon the country selected for the tax code.
Antworten
  • Tax Codes and Tax Groups
  • Tax Control Accounts
  • Tax Types
  • Tax Agency Vendors

Frage 14

Frage
A [blank_start]tax code[blank_end] represents a tax collected from customers in a specific geographic area and paid on their behalf to a taxing authority, based on a specific percentage rate. You can create [blank_start]tax groups[blank_end] that combine taxes for all tax jurisdictions relevant to a transaction.
Antworten
  • Tax code
  • Tax Groups
  • Tax groups
  • Tax Codes

Frage 15

Frage
Allow different calculations of taxes on items, for different nexuses. When you enable the Advanced Taxes feature, the system creates these records for each tax code. These records are linked to items; Tax rates are applied according to the schedule when the item is sold in appropriate nexus.
Antworten
  • Tax Schedules
  • Tax code
  • Tax Types
  • Tax Control Accounts

Frage 16

Frage
Used to track tax reporting separately from accounting periods.
Antworten
  • Tax Schedules
  • Tax Codes and Tax Groups
  • Tax Reporting Periods
  • Tax Types

Frage 17

Frage
Tax Codes cannot be imported for each state (nexus) .
Antworten
  • True
  • False

Frage 18

Frage
If you want to exempt customers from paying tax, what needs to be done?
Antworten
  • Clear 'Taxable' checkbox in Customer Record
  • Clear 'Taxable' checkbox on Transaction lines
  • On Tax schedule, Clear 'Taxable' checkbox of the Nexus where Customer is included.
  • Not possible

Frage 19

Frage
Tax on Sales and Transactions: Taxes are done automatically and NetSuite based its tax code/nexus on the ______________________ of the item (from sales invoice).
Antworten
  • shipping address
  • billing address
  • customer's address
  • customer's default address

Frage 20

Frage
NetSuite receives the tax table updates from:
Antworten
  • The State
  • Customer
  • Avalara
  • E-Trade

Frage 21

Frage
How can you update sales tax codes for the states in which you charge sales tax?
Antworten
  • Import
  • Third Party Application
  • NetSuite Tax Integration Feature
  • Manual update
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