MB-310 practice test

1. Question 1 · 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 Finance. 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 into 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 Yes. - Set the Create closing transactions during transfer option to Yes. - 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 all prior and future Ledger periods to a status of On Hold. Does the solution meet the goal?

   Choose one answer.

   • Yes
   • No

2. Question 2 · 1

   You are implementing Dynamics 365 Finance. Subledger entries must transfer automatically to the general ledger. You need to configure a batch transfer rule. Which two options should you select? Each correct answer presents a complete solution. NOTE: Each correct selection is worth one point

   Choose all answers that apply.

   • Asynchronous
   • Scheduled batch
   • Batch jobs
   • Scheduler job

3. Question 3 · 1

   A customer uses bank reconciliation functionality in Dynamics 365 Finance. The customer finds a transaction in a closed fiscal period that must be corrected. You need to correct the transaction. How should you make this correction?

   Choose one answer.

   • Use the Correction amount field.
   • Open the fiscal pend.
   • Create a new line for the transaction in the closed period.
   • Create a new line for the transaction in an open period.

4. Question 4 · 1

   You are implementing Dynamics 365 Finance. You commonly complete the sale of goods across international borders. You need to configure the system. What should you use?

   Choose one answer.

   • bank statements
   • purchase agreement
   • letters of credit
   • promissory note

5. Question 5 · 1

   The controller at a company has multiple employees who enter standard General ledger journals. The controller wants to review these journal entries before they are posted. Currently, journals entries are posted without review. You need to configure Dynamics 365 Finance to help set up a system led review process to meet the controller s needs. Which functionality should you configure?

   Choose one answer.

   • an Advanced ledger entry workflow that uses the organizational hierarchy for journal posting, associated with the Advanced ledger journal name
   • an alert that is sent to the controller when a journal name is created
   • a manual journal approval with the journal assigned to the controller’s user group
   • the controller’s security role so that he has approval privileges for General ledger journals

6. Question 6 · 1

   You are implementing Dynamics 365 Finance. Sales tax should be calculated when the sales orders are entered. During testing, you find the sales tax is not calculating as expected. You need to validate sales tax has been set up correctly. Which two actions should you do? Each correct answer presents part of the solution. NOTE: Each correct selection is worth one pint.

   Choose all answers that apply.

   • Validate the default item sales tax group setup for the item being sold.
   • Associate the sales tax jurisdiction to the item sales tax group associated to the item being sold.
   • Validate a default sales tax code has been set up on the customer from the sales order.
   • Validate the sales tax group setting on the customer from the sales order.
   • Validate a default item sales tax code has been set up on the item being sold.

7. Question 7 · 1

   A company uses Dynamics 365 Finance to include multiple business units as a financial dimension. All customer payment journals must be posted to the headquarters’ business unit financial dimension. You need to configure the accounts receivable journal name. What should you configure?

   Choose one answer.

   • Journal control
   • Posting restriction
   • Default financial dimension
   • Journal approval

8. Question 8 · 1

   A company has implemented Dynamics 365 Finance. The company has three different banks where they hold funds. Each bank holds three separate accounts, totaling nine accounts for the company. The system must use default the bank information when a new account is created. All bank balances for a single bank account must be updated simultaneously. You need to configure the system. Which two entities should you use? Each correct answer presents part of the solution. NOTE: Each correct selection is worth one point.

   Choose all answers that apply.

   • bank account
   • bank reasons
   • bank reconciliation
   • bank group

9. Question 9 · 1

   A company has implemented Dynamics 365 Finance. The company requires better visibility into their cash flow and wants to reconcile bank accounts daily with a timely view of check deposits. You need to configure the bank accounts for more accurate timing of cash flow. What should you configure?

   Choose one answer.

   • Pending balance
   • Account posting type
   • Bridging accounts
   • Advanced bank reconciliation

10. Question 10 · 1

    A company uses Microsoft Dynamics 365 Finance. You are evaluating delinquent customers. You examine aging balances and determine that a customer's balance must be written off. You need to use journal lines to perform the write-off process. Which two journal line types will be created? Each correct answer presents part of the solution. NOTE: Each correct selectin is worth one point.

    Choose all answers that apply.

    • General ledger entry
    • Not sufficient funds (NSF) payment entry
    • Customer entry
    • Item transaction entry

11. Question 11 · 1

    A company has implemented Dynamics 365 Finance. The company pays taxes quarterly to the states of Florida, Nebraska, and Washington. These states have been set up as tax authorities within Dynamics 365 Finance. You need to configure the system to remit tax payments. What should you do?

    Choose one answer.

    • Associate the vendor record to the tax authority.
    • Set up a customer record for the tax authority.
    • Associate the vendor record to the settlement period.
    • Set up the jurisdiction and associate the jurisdiction to the tax authority.

12. Question 12 · 1

    HOTSPOT - A rental service company hires you to configure their system to implement accrual schemes. You need to configure the accrual schemes for the company for both rentals and associated expenses. Which configuration and transaction options should you use? To answer, select the appropriate options in the answer area. NOTE: Each correct selection is worth one point. Hot Area:

    Choose an option for each prompt.

    

    Applicable function area

    • • Apply the scheme to revenue only
    • • Apply the scheme to costs only
    • • Apply the scheme to both revenue and costs

    Accrual setup

    • • Specify the frequency of the accruals
    • • Specify the journal type for the accruals
    • • Specify whether the accruals are reversible

13. Question 13 · 1

    You are configuring taxes in Dynamics 365 Finance for a client. Vendor invoices require a five percent sales tax calculation. Per government rules, the client can recover only 60 percent of this five percent sales tax amount against certain commodities. The remaining 40 percent is non-recoverable. You need to configure the sales taxes to post to the expense account. Where should you configure the sales tax percentage?

    Choose one answer.

    • Sales tax group
    • Ledger posting groups
    • Tax code
    • Item sales tax group

14. Question 14 · 1

    You have implemented Dynamics 365 Finance. You must update the fiscal year to a 4-4-5 quarterly configuration. You need to configure the fiscal year. What should you do?

    Choose one answer.

    • Set up the length of the period to 1 year and divide the period according to the quarterly configuration.
    • Configure the period length to 12 months and adjust the ending date of each period.
    • Configure the period length to 1 year and adjust the ending date of each period.
    • Set up the length of the period to 13 months.

15. Question 15 · 1

    The controller at a company has multiple employees who enter standard General ledger journals. The controller wants to review these journal entries before they are posted. Currently, journals entries are posted without review. You need to configure Dynamics 365 Finance to help set up a system led review process to meet the controller s needs. Which functionality should you configure?

    Choose one answer.

    • an Advanced ledger entry workflow that uses the organizational hierarchy for journal posting, associated with the Advanced ledger journal name
    • an alert that is sent to the controller when a journal name is created
    • a Ledger daily journal workflow that uses the organizational hierarchy for journal posting, associated with the General ledger journal name
    • signing limit policies with the controller when a journal name is created

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