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ERP Consultant Exam Prep - Fundamentals

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Information Technology Quiz sobre ERP Consultant Exam Prep - Fundamentals, criado por Hannah Dearman em 16-02-2022.
Hannah Dearman
Quiz por Hannah Dearman, atualizado more than 1 year ago
Hannah Dearman
Criado por Hannah Dearman quase 3 anos atrás
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Resumo de Recurso

Questão 1

Questão
What is the functionality behind the 'Multiple Prices' feature? (Sales and Billing Features)
Responda
  • Allows users to add multiple prices for one item on a transaction
  • Gives the ability to setup a default price level per customer for item
  • Gives users the chance to change an item cost last minute

Questão 2

Questão
Who can confirm the enabling of the sales and billing features? (Sales and Billing Features)
Responda
  • Purchasing Manager
  • Administrator
  • Book keeper of Accounts

Questão 3

Questão
What is the functionality behind the 'Quantity Pricing' feature? (Sales and Billing Features)
Responda
  • With this feature enabled you can add price levels by quantity and offer a discounted rate.
  • You can not add quantity price levels which has been set as a feature by default.
  • Quantity pricing allows costs to be easily added together by staff members.

Questão 4

Questão
Which costing methods are using in NetSuite?
Responda
  • FIFO
  • LIFO
  • Average
  • Standard
  • Group Average
  • Grouping
  • Schedules

Questão 5

Questão
Which item type should be used for items such as Software?
Responda
  • Kit
  • Assembly/Group
  • Inventory Item
  • Non-Inventory Item

Questão 6

Questão
You should plan costing methods prior to creating items as once the item has been setup with a costing method, it can NOT be changed?
Responda
  • True
  • False

Questão 7

Questão
Customers who sell physical inventory should utilize units of measure to provide greater flexibility and accuracy when tracking and selling inventory items?
Responda
  • True
  • False

Questão 8

Questão
What does it mean to define an Item Strategy?
Responda
  • It is the process of ensuring you have selected the correct item record types, pricing strategies and units of measure, usually prior to using the Item Master.
  • It is the process of deciding which items should be Kit or Assembly based on the different item types and pricing strategies.
  • To strategically define items in your own context.

Questão 9

Questão
Item Master - what are the best practices? - 3 answers.
Responda
  • For software or services companies that do not track inventory in NetSuite, always add the fulfillment step, even if you don't need to track fulfillments for reporting purposes.
  • For software or services companies that do not track their Inventory in NetSuite, add the fulfillment step but only when there is a need to track fulfillment for reporting purposes.
  • Set the "Can be Fulfilled / Received" preference for an item whenever tracking fulfillments.
  • While designing the Item Master, create items so that there is minimal need to override the default Billing and Amortization scheduled once the items are added to the transactions.

Questão 10

Questão
What should the Executive Team and Managers consider when defining the item strategy?
Responda
  • G/L Accounts (Income, Deferred Revenue, Expenses.
  • Item types (i.e. assembly, kit or group items)
  • Inventory item types only
  • Item configurations

Questão 11

Questão
Where can I go to setup the default accounts in NetSuite? (Accounting Preferences, Items/Transactions)
Responda
  • Customization -> Setup -> Accounting -> Accounting Preferences
  • Customization -> Enable Features -> Accounting -> Items

Questão 12

Questão
The preference "Centralize Purchasing In A Single Warehouse" found under Accounting Preferences works by consolidating purchasing into one location or multiple locations. If you check the box you WON'T receive all stock in one warehouse.
Responda
  • True
  • False

Questão 13

Questão
In order to set the default Inventory Costing Method, we can go to [blank_start]Setup[blank_end] -> Accounting -> Accounting Preferences -> Cost Accounting -> Inventory Costing Method
Responda
  • Setup
  • Customize
  • Lists -> Inventory -> Inventory List

Questão 14

Questão
An account register lists all the transactions impacting that account, and the total balance, for the reporting period selected?
Responda
  • True
  • False

Questão 15

Questão
Which 3 roles can VIEW Account Registers? (Chart of Accounts)
Responda
  • Bookkeeper
  • Accountant
  • Finance Leader
  • Business Analyst

Questão 16

Questão
Your Chart of Accounts provides a destination for posting transactions and categorizes these transactions for tracking and reporting purposes.
Responda
  • True
  • False

Questão 17

Questão
Which 2 roles can create Financial or Non-Financial (Statistical) accounts? (Chart of Accounts)
Responda
  • Accountant
  • Finance Leader
  • Bookkeeper
  • Business Analyst

Questão 18

Questão
When selecting the Account Type when setting up a Chart of Account, the General Rate Type is auto-populated based on the Account Type choice. Can this be changed?
Responda
  • True
  • False

Questão 19

Questão
For Chart of Accounts: If one or more subsidiaries are selected, then the account can only be selected for records and transactions associated with those subsidiaries. True or false?
Responda
  • True
  • False

Questão 20

Questão
For Chart of Accounts: If a subsidiary is selected, then transactions do NOT post to the account. It is used for reporting purposes only. True or false?
Responda
  • True
  • False

Questão 21

Questão
More than one subsidiary can be selected for the Account Chart of Accounts?
Responda
  • True
  • False

Questão 22

Questão
How do you set up automatic bank reconciliation for Chart of Accounts?
Responda
  • Select the appropriate Standing Order Saved Search
  • Select the 'Automate Bank Reconciliation' field and mark as true
  • Uncheck the 'Automate Bank Reconciliation' field so it is marked false
  • It is done automatically for you.

Questão 23

Questão
If the top-level parent subsidiary is selected and the 'Include Children' checkbox is checked, then all subsidiaries can access the account on the Chart of Accounts?
Responda
  • True
  • False

Questão 24

Questão
How would you make an Account for Chart of Accounts record solely for reporting purposes?
Responda
  • Check the Summary checkbox
  • Check the Eliminate Intercompany Transactions
  • Check the Revalue Open Balance for Foreign Currency Transactions

Questão 25

Questão
For Chart of Accounts - how can we ensure an account is selected for open balance currency revaluation?
Responda
  • Check the Revalue Open Balance for Foreign Currency Transactions box
  • Select a Cash Flow Rate Type option
  • Check the Use Confirm Transaction Matches and Reconcile Account Statement Pages

Questão 26

Questão
Custom Segments can be used for reporting purposes and go beyond reporting for just the main three custom segments in NetSuite - Department, Location and Class).
Responda
  • True
  • False

Questão 27

Questão
In order to create a custom segment you would need to go to: [blank_start]...[blank_end] -> [blank_start]...[blank_end] > [blank_start]...[blank_end] -> [blank_start]...[blank_end]
Responda
  • ...
  • Setup
  • Company
  • ...
  • Enable Features
  • List, Records & Fields
  • Preferences
  • ...
  • Custom Segments
  • Order Management
  • Transactions
  • ...
  • New

Questão 28

Questão
Which of the following seven options are Account types in NetSuite?
Responda
  • Accounts Receivable (Asset/Debit)
  • Accounts Payable (Liability/Credit)
  • Other Non-Current Assest (Asset/Debit)
  • Other Asset (Asset/Debit)
  • Costs of Goods Sold (Expense/Debit)
  • Credit Card (Liability/Credit)
  • Equity (Expense/Debit)
  • Bank Type (Asset/Debit)
  • Unbilled Receivable (Asset/Debit)
  • Other Mutual Assets (Asset/Debit)

Questão 29

Questão
Bank accounts and credit card accounts are NOT restricted to one subsidiary in NetSuite OneWorld?
Responda
  • True
  • False

Questão 30

Questão
Which of the following two are the correct statements?
Responda
  • Accounts Receivable type will reflect in AR Aging reports.
  • Accounts Receivable type will NOT reflect in AR Aging reports.
  • Accounts Payable type will reflect in AP Aging reports.
  • Accounts Payable type will NOT reflect in AP Aging reports.

Questão 31

Questão
Duplicate account names are not allowed in NetSuite?
Responda
  • True
  • False

Questão 32

Questão
Subsidiaries are NOT separate, legal entities for the purposes of taxation and regulation.
Responda
  • True
  • False

Questão 33

Questão
NetSuite Editions are defined on the subsidiary record. Each edition handles country specific taxes (sales and purchases). Which of these are specific to NetSuite United States (US) - choose 3.
Responda
  • Pre-coded tax (State tax imports required)
  • Pre-coded tax (State tax imports NOT required)
  • Separate tax reporting periods
  • No separate tax reporting periods
  • No Foreign trade settling
  • Foreign trade settling

Questão 34

Questão
NetSuite Editions are defined on the subsidiary record. Each edition handles country specific taxes (sales and purchases). Which of these are specific to NetSuite Canada (CA) - choose 3.
Responda
  • Pre-coded tax, State tax imports required
  • Pre-coded tax, GST/PST
  • No separate tax reporting periods
  • Foreign trade settling
  • No Foreign trade settling

Questão 35

Questão
NetSuite Editions are defined on the subsidiary record. Each edition handles country specific taxes (sales and purchases). Which of these are specific to NetSuite United Kingdom (UK) - choose 3.
Responda
  • Pre-coded tax, tax imports required
  • Pre-coded tax, GST/PST
  • Separate tax reporting periods, provides full EU reporting
  • Separate tax reporting periods, does not provide full EU reporting
  • Foreign trade settling

Questão 36

Questão
NetSuite Editions are defined on the subsidiary record. Each edition handles country specific taxes (sales and purchases). Which of these are specific to NetSuite Japan (JP) - choose 2.
Responda
  • Pre-coded tax, consumption tax
  • Pre-coded tax, GST/PST
  • Separate tax reporting periods, foreign trade settling
  • Separate tax reporting periods

Questão 37

Questão
NetSuite Editions are defined on the subsidiary record. Each edition handles country specific taxes (sales and purchases). Which of these are specific to NetSuite Australia (AU) - choose 2.
Responda
  • Pre-coded tax, consumption tax
  • Pre-coded tax, GST only
  • Pre-coded tax, GST/PST
  • Separate tax reporting periods, foreign trade settling

Questão 38

Questão
NetSuite Editions are defined on the subsidiary record. Each edition handles country specific taxes (sales and purchases). Which of these are specific to NetSuite International (XX) - choose 3
Responda
  • No pre-coded tax - install bundle to configure
  • No pre-coded tax - upload CSV for configuration
  • Separate tax reporting periods
  • Foreign trade settling

Questão 39

Questão
How many subsidiary records, in addition to the root subsidiary counting as an extra 1 record, can be created?
Responda
  • 249
  • 248
  • 250
  • 251

Questão 40

Questão
Root company may have many parent and child subsidiaries?
Responda
  • True
  • False

Questão 41

Questão
One Subsidiary is created for each separate reporting legal entity
Responda
  • True
  • False

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