Financial User Free Sample Questions

NetSuite requires all subsidiaries to be manually aligned to a single corporate fiscal calendar before consolidation can occur.

The system uses the parent subsidiary's fiscal calendar and automatically prorates the Australian subsidiary's financial data to fit the December 31st year-end.

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

An elimination subsidiary must be created to manually post adjusting entries that align the Australian subsidiary's data with the parent's fiscal year.

There are open vendor bills dated within the closing period.

The accountant does not have the 'Override Period Restrictions' permission.

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

The 'Create Intercompany Adjustments' task has not been run for the period.

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.

Set the Allocation Mode to 'Dynamic'.

On the Destination tab, enter the fixed weights (50, 30, 20) for each respective department line.

Create a statistical account to hold the square footage for each department.

The allocation schedule was set to a frequency of 'Monthly' instead of 'End of Period'.

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

The 'Use Source/Credit Accounts on Destination Lines' box was not checked on the schedule.

The source IT cost accounts were not fully cleared, indicating a configuration error in the source tab.

A standard billing schedule that bills the entire amount in arrears at the end of the year.

A fixed bid, milestone billing schedule with four milestones, one for each quarter.

A charge-based billing schedule linked to project expenses.

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

The customer has exceeded their credit limit.

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

Time entries have not been approved for the project.

The Sales Order has not been fulfilled.

Create a memorized transaction to post a debit in February.

Manually create and post a reversing journal entry on February 1st.

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

Use the 'Defer Entry' checkbox and schedule the reversal.

Header/Summary Row

Formula Row

Reference Row

Text Row

Navigate to 'Write Checks', create a new check for the fee, then return to the reconciliation page.

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

Create a new journal entry in a separate browser tab and then refresh the reconciliation.

Manually adjust the ending balance of the reconciliation to account for the fee.

Send a company-wide email memo about the new policy.

Customize the roles of all non-IT employees to exclude access to the account.

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

Create a workflow that sends an alert if a non-IT employee uses the account.