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EXAM 3 - TAXES

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kristinephil558
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EXAM 3 -TAXES

Question 1 of 21

1

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

Select one of the following:

  • edition

  • nexus

  • tax

  • advanced taxes

Explanation

Question 2 of 21

1

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

Select one of the following:

  • 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

Explanation

Question 3 of 21

1

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

Select one or more of the following:

  • 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

Explanation

Question 4 of 21

1

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

Select one of the following:

  • True
  • False

Explanation

Question 5 of 21

1

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

Select one of the following:

  • True
  • False

Explanation

Question 6 of 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.

Select one of the following:

  • True
  • False

Explanation

Question 7 of 21

1

A subsidiary can have more than one nexus

Select one of the following:

  • True
  • False

Explanation

Question 8 of 21

1

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

Select one of the following:

  • True
  • False

Explanation

Question 9 of 21

1

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

Select one of the following:

  • Advanced Taxes Feature

  • Tax Agency Vendors

  • Tax Control Accounts

  • Tax Types

Explanation

Question 10 of 21

1

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

Select one of the following:

  • Tax Agency Vendors

  • Tax Agency Customers

  • Tax Groups

  • Tax Schedules

Explanation

Question 11 of 21

1

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

Select one of the following:

  • True
  • False

Explanation

Question 12 of 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.

Select one of the following:

  • Tax Agency Vendors

  • Tax Control Accounts

  • Tax Types

  • Tax Schedules

Explanation

Question 13 of 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.

Select one of the following:

  • Tax Codes and Tax Groups

  • Tax Control Accounts

  • Tax Types

  • Tax Agency Vendors

Explanation

Question 14 of 21

1

Select from the dropdown lists to complete the text.

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.

Explanation

Question 15 of 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.

Select one of the following:

  • Tax Schedules

  • Tax code

  • Tax Types

  • Tax Control Accounts

Explanation

Question 16 of 21

1

Used to track tax reporting separately from accounting periods.

Select one of the following:

  • Tax Schedules

  • Tax Codes and Tax Groups

  • Tax Reporting Periods

  • Tax Types

Explanation

Question 17 of 21

1

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

Select one of the following:

  • True
  • False

Explanation

Question 18 of 21

1

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

Select one of the following:

  • 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

Explanation

Question 19 of 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).

Select one of the following:

  • shipping address

  • billing address

  • customer's address

  • customer's default address

Explanation

Question 20 of 21

1

NetSuite receives the tax table updates from:

Select one of the following:

  • The State

  • Customer

  • Avalara

  • E-Trade

Explanation

Question 21 of 21

1

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

Select one of the following:

  • Import

  • Third Party Application

  • NetSuite Tax Integration Feature

  • Manual update

Explanation

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