EXAM 3 -TAXES

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Quiz by kristinephil558, updated more than 1 year ago More Less
kristinephil558
Created by kristinephil558 over 5 years ago
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EXAM 3 - TAXES

Resource summary

Question 1

Question
This is referred to as a tax jurisdiction in which you collect and pay taxes. Usually per State.
Answer
  • edition
  • nexus
  • tax
  • advanced taxes

Question 2

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

Question 3

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

Question 4

Question
Once you turn on Advanced Taxes, you cannot disable it.
Answer
  • True
  • False

Question 5

Question
Each subsidiary record is associated with the nexuses in which it must pay taxes.
Answer
  • True
  • False

Question 6

Question
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.
Answer
  • True
  • False

Question 7

Question
A subsidiary can have more than one nexus
Answer
  • True
  • False

Question 8

Question
Multiple subsidiaries cannot share a single nexus, as well as its related tax items
Answer
  • True
  • False

Question 9

Question
This feature provides management of taxes for multiple tax jurisdictions and must be enabled in OneWorld accounts.
Answer
  • Advanced Taxes Feature
  • Tax Agency Vendors
  • Tax Control Accounts
  • Tax Types

Question 10

Question
These represent taxing authorities to whom you pay collected taxes. The system automatically creates these records when you create a tax nexus.
Answer
  • Tax Agency Vendors
  • Tax Agency Customers
  • Tax Groups
  • Tax Schedules

Question 11

Question
You cannot share a vendor tax agency with multiple subsidiaries. You CAN, however, share non tax agency vendors with multiple subsidiaries.
Answer
  • True
  • False

Question 12

Question
These are Other Current Liability Accounts that you can set up in your General Ledger to post and track tax collection and payments.
Answer
  • Tax Agency Vendors
  • Tax Control Accounts
  • Tax Types
  • Tax Schedules

Question 13

Question
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.
Answer
  • Tax Codes and Tax Groups
  • Tax Control Accounts
  • Tax Types
  • Tax Agency Vendors

Question 14

Question
A [blank_start]tax code[blank_end] 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 [blank_start]tax groups[blank_end] that combine taxes for all tax jurisdictions relevant to a transaction.
Answer
  • Tax code
  • Tax Groups
  • Tax groups
  • Tax Codes

Question 15

Question
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.
Answer
  • Tax Schedules
  • Tax code
  • Tax Types
  • Tax Control Accounts

Question 16

Question
Used to track tax reporting separately from accounting periods.
Answer
  • Tax Schedules
  • Tax Codes and Tax Groups
  • Tax Reporting Periods
  • Tax Types

Question 17

Question
Tax Codes cannot be imported for each state (nexus) .
Answer
  • True
  • False

Question 18

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

Question 19

Question
Tax on Sales and Transactions: Taxes are done automatically and NetSuite based its tax code/nexus on the ______________________ of the item (from sales invoice).
Answer
  • shipping address
  • billing address
  • customer's address
  • customer's default address

Question 20

Question
NetSuite receives the tax table updates from:
Answer
  • The State
  • Customer
  • Avalara
  • E-Trade

Question 21

Question
How can you update sales tax codes for the states in which you charge sales tax?
Answer
  • Import
  • Third Party Application
  • NetSuite Tax Integration Feature
  • Manual update
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