NetSuite Exam NetSuite-Financial-User Topic 9 Question 21 Discussion

Actual exam question for NetSuite's NetSuite-Financial-User exam

Question #: 21
Topic #: 9

[All NetSuite-Financial-User Questions]

What is one characteristic of Elimination Journal Entries?

AThey are posted to only one subsidiary.

BThey are the same as Intercompany Journal Entries.

CThey are approved automatically when entered manually.

DThey are used to transfer profit from one subsidiary to another
Alternative Answers:

Show Suggested Answer

Suggested Answer: A

by Arminda at Sep 17, 2024, 10:15 PM

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Kathrine

2 months ago

I love how option C tries to sneak in some corporate nonsense. Like, 'approved automatically when entered manually'? What is this, some kind of Orwellian accounting dystopia?

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Paris

1 months ago

Haha, option C does sound a bit like something out of a dystopian novel.

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Justine

1 months ago

C) They are used to transfer profit from one subsidiary to another

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Jenifer

1 months ago

B) They are the same as Intercompany Journal Entries.

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Carey

1 months ago

A) They are posted to only one subsidiary.

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Gilma

2 months ago

Haha, 'approved automatically when entered manually'? That doesn't even make sense! Option C is just ridiculous. I'm going with B.

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Murray

2 months ago

Elimination journal entries are definitely not the same as intercompany journal entries. Those are two completely different things. I'd go with option A or D.

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Francoise

24 days ago

I would go with option D, as elimination entries are used to transfer profit from one subsidiary to another.

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Mitsue

1 months ago

I think option A makes sense, as they are posted to only one subsidiary.

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Denise

2 months ago

I agree, elimination journal entries are not the same as intercompany journal entries.

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Arthur

2 months ago

Hmm, that's an interesting perspective. I can see how both answers could make sense depending on the context.

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Joesph

2 months ago

I'm pretty sure elimination journal entries are used to remove intercompany transactions from the consolidated financial statements. Option B seems to be the correct answer here.

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Asha

2 months ago

Elimination journal entries are definitely not the same as intercompany journal entries. Option B is the correct answer.

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Gary

2 months ago

Yes, elimination journal entries are specifically used to eliminate intercompany transactions. Option B is the right choice.

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Cecilia

2 months ago

I think you're right, elimination journal entries are used to remove intercompany transactions. Option B is the correct answer.

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Maile

3 months ago

I disagree with that, I believe Elimination Journal Entries are posted to only one subsidiary.

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Arthur

3 months ago

I think the characteristic of Elimination Journal Entries is that they are used to transfer profit from one subsidiary to another.

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