Download Microsoft Dynamics 365 for Finance and Operations, Financials.MB-310.Prep4Sure.2019-08-25.32q.vcex

Vendor: Microsoft
Exam Code: MB-310
Exam Name: Microsoft Dynamics 365 for Finance and Operations, Financials
Date: Aug 25, 2019
File Size: 283 KB
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Demo Questions

Question 1
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution. 
After you answer a question in this section, you will NOT be able to return to it. As a result, these questions will not appear in the review screen. 
You are configuring the year-end setup in Dynamics 365 for Finance and Operations. 
You need to configure the year-end setup to meet the following requirements:
  • The accounting adjustments that are received in the first quarter must be able to be posted in to the previous year’s Period 13. 
  • The fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions. 
  • All dimensions from profit and loss must carry over into the retained earnings. 
  • All future and previous periods must have an On Hold status. 
Solution:
  • Configure General ledger parameters. 
    • Set the Delete close of year transactions option to No. 
    • Set the Create closing transactions during transfer option to No. 
    • Set the Fiscal year status to permanently closed option to No. 
  • Define the Year-end close template. 
    • Designate a retained earnings main account for each legal entity. 
    • Set the Financial dimensions will be used on the Opening transactions option to No. 
    • Set the Transfer profit and loss dimensions’ option to Close All. 
  • Set future Ledger periods to a status of On Hold. 
Does the solution meet the goal?
  1. Yes
  2. No
Correct answer: B
Explanation:
References:https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
Question 2
A company is preparing to complete a year-end close process. 
You need to configure the Dynamics 365 for Finance and Operations General ledger module. 
Which three configurations must you use? Each correct answer presents part of the solution. 
NOTE: Each correct selection is worth one point.
  1. Configure the Fiscal year close parameters
  2. Configure the ledger calendar for the new fiscal year
  3. Configure the transfer balance
  4. Validate the main account type
  5. Create the next fiscal year
Correct answer: ADE
Explanation:
References:https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
Question 3
A client has unique accounting needs that sometimes require posting definitions. 
You need to implement posting definitions. 
In which situation should you implement posting definitions?
  1. when financial dimensions need to default from the vendor record onto an invoice 
  2. when only certain dimensions are allowed to post with certain main account combinations
  3. when creating multiple balanced ledger entries based on transaction types or accounts
  4. when the system needs to automatically post a transaction to the accounts receivable account on invoice posting
Correct answer: D
Question 4
An organization is setting up a cost accounting. 
You need to set up fiscal calendars for Dynamics 365 for Finance and Operations. 
What are three uses for fiscal calendars? Each correct answer presents a complete solution. 
NOTE: Each correct selection is worth one point.
  1. standard work hours
  2. financial transactions
  3. fixed asset depreciation
  4. budget cycles
  5. shift work hours
Correct answer: BCD
Explanation:
References:https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/fiscal-calendars-fiscal-years-periods
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/fiscal-calendars-fiscal-years-periods
Question 5
You are configuring automatic bank reconciliation functionality for a company that has multiple bank accounts. The company wants to import their bank statements. 
You need to import electronic bank statements to reconcile the bank accounts. 
Which three actions can you perform? Each correct answer presents a complete solution. 
NOTE: Each correct selection is worth one point.
  1. Select all the bank accounts for the bank statement files, and then upload all files
  2. Select Account reconciliation on the bank account form
  3. Import bank statements from the Data management workspace
  4. Navigate to Import statement on the Bank Statements page of Cash and Bank Management
  5. Select Import statement for multiple bank accounts in all legal entities, and then upload a zip file
Correct answer: BDE
Explanation:
References:https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cash-bank-management/reconcile-bank-statements-advanced-bank-reconciliation
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cash-bank-management/reconcile-bank-statements-advanced-bank-reconciliation
Question 6
A company plans to create a new allocation rule for electric utilities expenses. 
The allocation rule must meet the following requirements:
  • Distribute overhead utility expense to each department. 
  • Define how and in what proportion the source amounts must be distributed on various destination lines. 
You need to configure the allocation rule. 
Which allocation method should you use?
  1. Fixed percentage
  2. Fixed weight
  3. Equally
  4. Basis
Correct answer: D
Explanation:
References:https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/ledger-allocation-rules
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/ledger-allocation-rules
Question 7
A company provides employee life insurance to all full-time employees. Employee life insurance policies are paid twice a year to the insurance company. 
Transactions for current employees must be recognized in the general ledger twice a month with an employee’s pay. Transactions for new employees must be recognized in the general ledger based upon the employee’s first pay date. 
You need to configure accrual schemes for the new fiscal year. 
Which two configurations should you use? (Choose two). Each correct answer presents part of the solution. 
NOTE: Each correct selection is worth one point.
  1. For new employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.
  2. For current employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the employee’s first pay date.
  3. For new employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the employee’s first pay date.
  4. For current employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.
Correct answer: BD
Question 8
A client plans to use the cost accounting module in Dynamics 365 for Finance and Operations. 
You need to associate the correct definitions to the correct cost accounting concepts. 
Which terms match the definitions? To answer, select the appropriate configuration in the answer area. 
NOTE: Each correct selection is worth one point.
Correct answer: To display the answer, ProfExam Simulator is required.
Explanation:
References:https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cost-accounting/terms-cost-accounting
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cost-accounting/terms-cost-accounting
Question 9
An organization uses Dynamics 365 for Finance and Operations. 
Several posted journal entries contain invalid main account and dimension combinations. This leads to incorrect financial reporting. 
You need to prevent these invalid combinations. 
What should you do?
  1. Configure the account structure to specify which financial dimensions are valid for which main accounts.
  2. Train users to select the Validate button in the current journal configuration so that the correct account and dimension combination is used.
  3. Configure financial dimension sets to limit which financial dimensions are valid for which main accounts.
  4. Associate the correct main accounts to that financial dimension on the financial dimension setup form.
Correct answer: A
Explanation:
References:https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/configure-account-structures
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/configure-account-structures
Question 10
A legal entity has locations and customers in multiple states within the United States. 
You need to ensure that taxable customers are charged sales tax for taxable items in their delivery location. 
Which three settings must you configure? Each correct answer presents part of the solution. 
NOTE: Each correct selection is worth one point.
  1. the Sales tax group on the Customer record 
  2. the Terms of delivery setup
  3. the Item Sales tax group on the Item record
  4. the Sales reporting codes
  5. the Sales tax codes
Correct answer: ABE
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