Free FINANCIAL-USER sample questions

Correct answer: When running consolidated reports, NetSuite maps the periods from different fiscal calendars together based on their end dates, allowing for a unified view.

NetSuite's OneWorld is designed to handle multiple fiscal calendars across subsidiaries. The system intelligently maps accounting periods together based on period end dates when generating consolidated reports. This allows each subsidiary to operate on its required local fiscal calendar while still enabling seamless global consolidation without manual data manipulation or proration.

Correct answer: There are unapproved customer invoices or credit memos dated within the closing period.

The 'Lock A/R' task specifically checks for transactions that affect the accounts receivable ledger. The system will prevent this task from completing if there are any outstanding A/R transactions, such as unapproved invoices, pending customer payments, or unapproved credit memos, that have a transaction date within the period being closed. These must be resolved before the A/R module can be locked.

Correct answers: On the Source tab, specify the single Rent Expense account.; On the Destination tab, specify the Rent Expense account for each of the three destination departments.; On the Destination tab, enter the fixed weights (50, 30, 20) for each respective department line.

Correct answer: The journal entry for the current month's headcount in the statistical account was not posted before the allocation schedule was run.

Dynamic allocations rely on the balance of a specified statistical account at the time the allocation is run. For the allocation to be correct, the statistical data (in this case, headcount) for the current period must be entered and posted via a statistical journal entry *before* the expense allocation schedule is executed. If the headcount data is outdated, the allocation will be based on the last available figures.

Correct answer: A standard billing schedule with a 'Repeat Every' frequency of 3 months and a recurrence count of 4.

A standard billing schedule is ideal for time-based, recurring billing. By setting the schedule to bill in advance or in arrears with a frequency of every 3 months and a count of 4, the system will automatically generate four equal invoices over the course of the year, matching the quarterly installment requirement.

Correct answer: The project tasks were not specifically linked to the billing milestones on the Sales Order.

For milestone billing to trigger an invoice, there must be a direct link between the project task being completed and the milestone line on the billing schedule of the sales order. Simply completing a task on the project is not sufficient; the system needs to know that this specific task completion satisfies a billable milestone.

Correct answer: Set the Reversal Date to February 1st on the header of the original journal entry.

NetSuite has a dedicated feature for automated reversals. By populating the 'Reversal Date' field on the original journal entry, the user instructs the system to automatically generate and post an exact reversal of that entry on the specified date, ensuring the accrual is correctly nullified in the subsequent period.

Correct answer: Formula Row

A Formula Row is used to perform calculations based on other rows in the financial statement. The analyst would add a Formula Row and define it to subtract the values from the Cost of Goods Sold section from the values in the Revenue section, thereby calculating Gross Profit.

Correct answer: Click 'New Charge', select the appropriate expense account, enter the amount, and save the new transaction.

The bank reconciliation page includes functionality to create new transactions on the fly. For bank charges, interest, or other debits, the 'New Charge' button opens a form to quickly create a journal entry or other transaction type that will be automatically marked as cleared for the current reconciliation.

Correct answer: Edit the 'Computer Equipment' account record, and in the 'Department' field, select the IT Department.

By setting a department (or class/location) directly on an account record, you restrict its use. When this is set, only users and transactions associated with the specified department (IT) can post to this account. It is a direct and system-enforced control.