ERP Consultant Exam Prep - Fundamentals

Question 1 of 41

1

What is the functionality behind the 'Multiple Prices' feature?

(Sales and Billing Features)

Select one of the following:

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

Explanation

Question 2 of 41

1

Who can confirm the enabling of the sales and billing features?

(Sales and Billing Features)

Select one of the following:

Purchasing Manager
Administrator
Book keeper of Accounts

Explanation

Question 3 of 41

1

What is the functionality behind the 'Quantity Pricing' feature?

(Sales and Billing Features)

Select one of the following:

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.

Explanation

Question 4 of 41

1

Which costing methods are using in NetSuite?

Select one or more of the following:

FIFO
LIFO
Average
Standard
Group Average
Grouping
Schedules

Explanation

Question 5 of 41

1

Which item type should be used for items such as Software?

Select one of the following:

Kit
Assembly/Group
Inventory Item
Non-Inventory Item

Explanation

Question 6 of 41

1

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?

Select one of the following:

True
False

Explanation

Question 7 of 41

1

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

Select one of the following:

True
False

Explanation

Question 8 of 41

1

What does it mean to define an Item Strategy?

Select one or more of the following:

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.

Explanation

Question 9 of 41

1

Item Master - what are the best practices? - 3 answers.

Select one or more of the following:

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.

Explanation

Question 10 of 41

1

What should the Executive Team and Managers consider when defining the item strategy?

Select one or more of the following:

G/L Accounts (Income, Deferred Revenue, Expenses.
Item types (i.e. assembly, kit or group items)
Inventory item types only
Item configurations

Explanation

Question 11 of 41

1

Where can I go to setup the default accounts in NetSuite?

(Accounting Preferences, Items/Transactions)

Select one of the following:

Customization -> Setup -> Accounting -> Accounting Preferences
Customization -> Enable Features -> Accounting -> Items

Explanation

Question 12 of 41

1

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.

Select one of the following:

True
False

Explanation

Question 13 of 41

1

Select from the dropdown list to complete the text.

In order to set the default Inventory Costing Method, we can go to ( Setup, Customize, Lists -> Inventory -> Inventory List ) -> Accounting -> Accounting Preferences -> Cost Accounting -> Inventory Costing Method

Explanation

Question 14 of 41

1

An account register lists all the transactions impacting that account, and the total balance, for the reporting period selected?

Select one of the following:

True
False

Explanation

Question 15 of 41

1

Which 3 roles can VIEW Account Registers?

(Chart of Accounts)

Select one or more of the following:

Bookkeeper
Accountant
Finance Leader
Business Analyst

Explanation

Question 16 of 41

1

Your Chart of Accounts provides a destination for posting transactions and categorizes these transactions for tracking and reporting purposes.

Select one of the following:

True
False

Explanation

Question 17 of 41

1

Which 2 roles can create Financial or Non-Financial (Statistical) accounts?

(Chart of Accounts)

Select one or more of the following:

Accountant
Finance Leader
Bookkeeper
Business Analyst

Explanation

Question 18 of 41

1

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?

Select one of the following:

True
False

Explanation

Question 19 of 41

1

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?

Select one of the following:

True
False

Explanation

Question 20 of 41

1

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?

Select one of the following:

True
False

Explanation

Question 21 of 41

1

More than one subsidiary can be selected for the Account Chart of Accounts?

Select one of the following:

True
False

Explanation

Question 22 of 41

1

How do you set up automatic bank reconciliation for Chart of Accounts?

Select one of the following:

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.

Explanation

Question 23 of 41

1

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?

Select one of the following:

True
False

Explanation

Question 24 of 41

1

How would you make an Account for Chart of Accounts record solely for reporting purposes?

Select one of the following:

Check the Summary checkbox
Check the Eliminate Intercompany Transactions
Check the Revalue Open Balance for Foreign Currency Transactions

Explanation

Question 25 of 41

1

For Chart of Accounts - how can we ensure an account is selected for open balance currency revaluation?

Select one or more of the following:

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

Explanation

Question 26 of 41

1

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).

Select one of the following:

True
False

Explanation

Question 27 of 41

1

Select from the dropdown lists to complete the text.

In order to create a custom segment you would need to go to:

( ..., Setup, Company ) -> ( ..., Enable Features, List, Records & Fields, Preferences ) > ( ..., Custom Segments, Order Management, Transactions ) -> ( ..., New )

Explanation

Question 28 of 41

1

Which of the following seven options are Account types in NetSuite?

Select one or more of the following:

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)

Explanation

Question 29 of 41

1

Bank accounts and credit card accounts are NOT restricted to one subsidiary in NetSuite OneWorld?

Select one of the following:

True
False

Explanation

Question 30 of 41

1

Which of the following two are the correct statements?

Select one or more of the following:

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.

Explanation

Question 31 of 41

1

Duplicate account names are not allowed in NetSuite?

Select one of the following:

True
False

Explanation

Question 32 of 41

1

Subsidiaries are NOT separate, legal entities for the purposes of taxation and regulation.

Select one of the following:

True
False

Explanation

Question 33 of 41

1

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.

Select one or more of the following:

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

Explanation

Question 34 of 41

1

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.

Select one or more of the following:

Pre-coded tax, State tax imports required
Pre-coded tax, GST/PST
No separate tax reporting periods
Foreign trade settling
No Foreign trade settling

Explanation

Question 35 of 41

1

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.

Select one or more of the following:

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

Explanation

Question 36 of 41

1

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.

Select one or more of the following:

Pre-coded tax, consumption tax
Pre-coded tax, GST/PST
Separate tax reporting periods, foreign trade settling
Separate tax reporting periods

Explanation

Question 37 of 41

1

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.

Select one or more of the following:

Pre-coded tax, consumption tax
Pre-coded tax, GST only
Pre-coded tax, GST/PST
Separate tax reporting periods, foreign trade settling

Explanation

Question 38 of 41

1

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

Select one or more of the following:

No pre-coded tax - install bundle to configure
No pre-coded tax - upload CSV for configuration
Separate tax reporting periods
Foreign trade settling

Explanation

Question 39 of 41

1

	Created by Hannah Dearman about 2 years ago

Information Technology Quiz on ERP Consultant Exam Prep - Fundamentals, created by Hannah Dearman on 16/02/2022.

ERP Consultant Exam Prep - Fundamentals

Question 1 of 41

What is the functionality behind the 'Multiple Prices' feature? (Sales and Billing Features)

Select one of the following:

Explanation

Question 2 of 41

Who can confirm the enabling of the sales and billing features? (Sales and Billing Features)

Select one of the following:

Explanation

Question 3 of 41

What is the functionality behind the 'Quantity Pricing' feature? (Sales and Billing Features)

Select one of the following:

Explanation

Question 4 of 41

Which costing methods are using in NetSuite?

Select one or more of the following:

Explanation

Question 5 of 41

Which item type should be used for items such as Software?

Select one of the following:

Explanation

Question 6 of 41

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?

Select one of the following:

Explanation

Question 7 of 41

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

Select one of the following:

Explanation

Question 8 of 41

What does it mean to define an Item Strategy?

Select one or more of the following:

Explanation

Question 9 of 41

Item Master - what are the best practices? - 3 answers.

Select one or more of the following:

Explanation

Question 10 of 41

What should the Executive Team and Managers consider when defining the item strategy?

Select one or more of the following:

Explanation

Question 11 of 41

Where can I go to setup the default accounts in NetSuite? (Accounting Preferences, Items/Transactions)

Select one of the following:

Explanation

Question 12 of 41

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.

Select one of the following:

Explanation

Question 13 of 41

Select from the dropdown list to complete the text.

In order to set the default Inventory Costing Method, we can go to Setup Customize Lists -> Inventory -> Inventory List( Setup, Customize, Lists -> Inventory -> Inventory List ) -> Accounting -> Accounting Preferences -> Cost Accounting -> Inventory Costing Method

Explanation

Question 14 of 41

An account register lists all the transactions impacting that account, and the total balance, for the reporting period selected?

Select one of the following:

Explanation

Question 15 of 41

Which 3 roles can VIEW Account Registers? (Chart of Accounts)

Select one or more of the following:

Explanation

Question 16 of 41

Your Chart of Accounts provides a destination for posting transactions and categorizes these transactions for tracking and reporting purposes.

Select one of the following:

Explanation

Question 17 of 41

Which 2 roles can create Financial or Non-Financial (Statistical) accounts? (Chart of Accounts)

Select one or more of the following:

Explanation

Question 18 of 41

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?

Select one of the following:

Explanation

Question 19 of 41

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?

Select one of the following:

Explanation

Question 20 of 41

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?

What is the functionality behind the 'Multiple Prices' feature?

(Sales and Billing Features)

Who can confirm the enabling of the sales and billing features?

(Sales and Billing Features)

What is the functionality behind the 'Quantity Pricing' feature?

(Sales and Billing Features)

Where can I go to setup the default accounts in NetSuite?

(Accounting Preferences, Items/Transactions)

In order to set the default Inventory Costing Method, we can go to ( Setup, Customize, Lists -> Inventory -> Inventory List ) -> Accounting -> Accounting Preferences -> Cost Accounting -> Inventory Costing Method

Which 3 roles can VIEW Account Registers?

(Chart of Accounts)

Which 2 roles can create Financial or Non-Financial (Statistical) accounts?

(Chart of Accounts)

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.

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.

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.

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.

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.