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EXAM 3 - TAXES

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EXAM 3 -TAXES

Pregunta 1 de 21

1

This is referred to as a tax jurisdiction in which you collect and pay taxes. Usually per State.

Selecciona una de las siguientes respuestas posibles:

  • edition

  • nexus

  • tax

  • advanced taxes

Explicación

Pregunta 2 de 21

1

To Enable Taxation Features in OneWorld Accounts and Accounts With Advanced Taxes, navigate to:

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 3 de 21

1

For NetSuite accounts without the Advanced Taxes feature, you must set up the following (choose atleast 3):

Selecciona una o más de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 4 de 21

1

Once you turn on Advanced Taxes, you cannot disable it.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 5 de 21

1

Each subsidiary record is associated with the nexuses in which it must pay taxes.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 6 de 21

1

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.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 7 de 21

1

A subsidiary can have more than one nexus

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 8 de 21

1

Multiple subsidiaries cannot share a single nexus, as well as its related tax items

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 9 de 21

1

This feature provides management of taxes for multiple tax jurisdictions and must be enabled in OneWorld accounts.

Selecciona una de las siguientes respuestas posibles:

  • Advanced Taxes Feature

  • Tax Agency Vendors

  • Tax Control Accounts

  • Tax Types

Explicación

Pregunta 10 de 21

1

These represent taxing authorities to whom you pay collected taxes. The system automatically creates these records when you create a tax nexus.

Selecciona una de las siguientes respuestas posibles:

  • Tax Agency Vendors

  • Tax Agency Customers

  • Tax Groups

  • Tax Schedules

Explicación

Pregunta 11 de 21

1

You cannot share a vendor tax agency with multiple subsidiaries. You CAN, however, share non tax agency vendors with multiple subsidiaries.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 12 de 21

1

These are Other Current Liability Accounts that you can set up in your General Ledger to post and track tax collection and payments.

Selecciona una de las siguientes respuestas posibles:

  • Tax Agency Vendors

  • Tax Control Accounts

  • Tax Types

  • Tax Schedules

Explicación

Pregunta 13 de 21

1

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.

Selecciona una de las siguientes respuestas posibles:

  • Tax Codes and Tax Groups

  • Tax Control Accounts

  • Tax Types

  • Tax Agency Vendors

Explicación

Pregunta 14 de 21

1

Selecciona la opción correcta de los menús desplegables para completar el texto.

A ( Tax code, Tax Groups ) 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 ( Tax groups, Tax Codes ) that combine taxes for all tax jurisdictions relevant to a transaction.

Explicación

Pregunta 15 de 21

1

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.

Selecciona una de las siguientes respuestas posibles:

  • Tax Schedules

  • Tax code

  • Tax Types

  • Tax Control Accounts

Explicación

Pregunta 16 de 21

1

Used to track tax reporting separately from accounting periods.

Selecciona una de las siguientes respuestas posibles:

  • Tax Schedules

  • Tax Codes and Tax Groups

  • Tax Reporting Periods

  • Tax Types

Explicación

Pregunta 17 de 21

1

Tax Codes cannot be imported for each state (nexus) .

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 18 de 21

1

If you want to exempt customers from paying tax, what needs to be done?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 19 de 21

1

Tax on Sales and Transactions: Taxes are done automatically and NetSuite based its tax code/nexus on the ______________________ of the item (from sales invoice).

Selecciona una de las siguientes respuestas posibles:

  • shipping address

  • billing address

  • customer's address

  • customer's default address

Explicación

Pregunta 20 de 21

1

NetSuite receives the tax table updates from:

Selecciona una de las siguientes respuestas posibles:

  • The State

  • Customer

  • Avalara

  • E-Trade

Explicación

Pregunta 21 de 21

1

How can you update sales tax codes for the states in which you charge sales tax?

Selecciona una de las siguientes respuestas posibles:

  • Import

  • Third Party Application

  • NetSuite Tax Integration Feature

  • Manual update

Explicación

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