Icebreaker!

Which part of the accounting equation will contain the loan if you pay 10% of the cost in cash and take out a loan for the remaining 90%?

• Liabilities

• Equity

• Assets

• Revenue

Which group of items contains only Assets?

• Cash, Wages, Land, Trucks

• Amount of money that a company earns as a profit

• Equity, Cash, Land, Equipment

• Cash, Land, Trucks, Equipment

What are Retained Earnings?

• Profits that are distributed to the shareholders as dividends

• Profits that are put back into the company

• Revenue that is used to pay taxes

• Statement of Cash Flows

Which financial report consists of a list of assets and liabilities?

• Statement of Cash Flows

• Balance Sheet

• Income Statement

• Profit and Loss Statement

Which of the following accounting elements are on the Income Statement?

• Equity

• Liabilities

• Revenue

• Assets

What is the most difficult expense to estimate when performing product costing?

• Overhead

• Employee Wages

• Direct Labor

• Direct Materials

What is the default value for the Password Policy in NetSuite?

• Atleast 6 characters

• Medium

• Strong

• Weak

Answer explanation

All NetSuite accounts are set to a Strong policy by default.

What does enabling 'Show Internal IDS' do in NetSuite?

• Internal ID's shows the reference number for an item.

• Internal ID's are used to identify a record's previous transaction.

• Internal ID’s are used to uniquely identify objects in NetSuite Application.

• Internal ID's shows the date of a record in NetSuite.

Answer explanation

You can view the internal ID for a field by clicking on that field’s label to open the field level help popup window. The internal ID is displayed in the lower right corner of this window. You can view the internal ID for a record or a custom field in an Internal ID column that displays on a list or search results page for that type of record or custom field.

How many Reminder portlets can we display for each dashboard in NetSuite?

• 3

• 2

• 4

• 1

What is the difference between a Company and Individual type Customer in NetSuite?

• Address

• First Name

• Status

• Company Name

Answer explanation

If a Customer record is  registered as an Individual — it will show the first and the last name of the Customer. However, if the Customer record is registered as a Company — it will primarily show the Company name, not the name of the person on the record.