Updated: Sep 05, 2025
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1. To which account should the customer payments be posted, to consolidate all customer payments recorded through the day into one bank deposit at the end of the day?
A) Bank account
B) accounts receivable
C) undeposited funds
D) customer deposits
2. What is the purpose of an elimination subsidiary?
A) Offsetting expenses between departments
B) Entering non-posting transactions
C) Offsetting intercompany transactions
D) Posting non-auditable transactions
3. What is one characteristic of Elimination Journal Entries?
A) They are used to transfer profit from one subsidiary to another Alternative Answers:
B) They are posted to only one subsidiary.
C) They are the same as Intercompany Journal Entries.
D) They are approved automatically when entered manually.
4. What account is used when you want to accumulate all customer payments to make a consolidated deposit at the end of a given day?
Undeposited accounts
Which statement is true about Customer Deposits?
A) Customer Deposits can be linked to an unapproved Sales Order.
B) Customer Deposits are recorded as a liability.
C) Customer Deposits post to Accounts Receivable.
D) Customer Deposits must be created from a Sales Order.
5. Which statement is true about NetSuite Accounts Payable transactions?
A) Purchase Orders must have a preceding Purchase Requisition.
B) Vendor Bills must be created from a Purchase Order.
C) Bill Purchase Orders page will allow you to generate bills from multiple vendors at once.
D) Paying an Unapproved Bill will cause both Bill and Payment to post to the general ledger.
Solutions:
Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: C |
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