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ERP Consultant Exam Prep - Fundamentals

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Information Technology Quiz on ERP Consultant Exam Prep - Fundamentals, created by Hannah Dearman on 16/02/2022.
Hannah Dearman
Quiz by Hannah Dearman, updated more than 1 year ago
Hannah Dearman
Created by Hannah Dearman about 2 years ago
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Resource summary

Question 1

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

Question 2

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

Question 3

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

Question 4

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

Question 5

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

Question 6

Question
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?
Answer
  • True
  • False

Question 7

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

Question 8

Question
What does it mean to define an Item Strategy?
Answer
  • 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.

Question 9

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

Question 10

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

Question 11

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

Question 12

Question
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.
Answer
  • True
  • False

Question 13

Question
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
Answer
  • Setup
  • Customize
  • Lists -> Inventory -> Inventory List

Question 14

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

Question 15

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

Question 16

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

Question 17

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

Question 18

Question
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?
Answer
  • True
  • False

Question 19

Question
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?
Answer
  • True
  • False

Question 20

Question
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?
Answer
  • True
  • False

Question 21

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

Question 22

Question
How do you set up automatic bank reconciliation for Chart of Accounts?
Answer
  • 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.

Question 23

Question
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?
Answer
  • True
  • False

Question 24

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

Question 25

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

Question 26

Question
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).
Answer
  • True
  • False

Question 27

Question
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]
Answer
  • ...
  • Setup
  • Company
  • ...
  • Enable Features
  • List, Records & Fields
  • Preferences
  • ...
  • Custom Segments
  • Order Management
  • Transactions
  • ...
  • New

Question 28

Question
Which of the following seven options are Account types in NetSuite?
Answer
  • 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)

Question 29

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

Question 30

Question
Which of the following two are the correct statements?
Answer
  • 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.

Question 31

Question
Duplicate account names are not allowed in NetSuite?
Answer
  • True
  • False

Question 32

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

Question 33

Question
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.
Answer
  • 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

Question 34

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

Question 35

Question
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.
Answer
  • 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

Question 36

Question
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.
Answer
  • Pre-coded tax, consumption tax
  • Pre-coded tax, GST/PST
  • Separate tax reporting periods, foreign trade settling
  • Separate tax reporting periods

Question 37

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

Question 38

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

Question 39

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

Question 40

Question
Root company may have many parent and child subsidiaries?
Answer
  • True
  • False

Question 41

Question
One Subsidiary is created for each separate reporting legal entity
Answer
  • True
  • False
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