Microsoft Microsoft Certifications MB-310 Questions & Answers

• Question 141:

  A client is implementing accounts receivable in Dynamics 365 Finance.

  You need to determine which requirements can be met by configuring the customer posting profile.

  Which three requirements can be met? Each correct answer presents a complete solution.

  NOTE: Each correct selection is worth one point.

  A. Specifying a receivable account for certain customers

  B. Setting an interest code for a group of customers

  C. Specifying a revenue account for sales orders transactions

  D. Setting terms of payment for a group of customers

  E. Setting the liquidity ledger account used for cash flow forecast

  Correct Answer: ABE

  Explanation:

  Customer posting profiles

  Customer posting profiles let you assign general ledger accounts and document settings to all customers, a group of customers, or a single customer. These settings will be used when you create sales orders invoices, free text invoices,

  project invoices, payment journals, collection letters, and interest notes.

  Specify the following values to set up your posting profile.

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  (A) Summary account - Select the main account that will be used as the Accounts receivable trade account for the customers who are associated with the posting profile. This account is the account for the Customer balance posting type.

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  (B) Interest code - Select the interest code to use for the calculation of interest for customers to whom the posting profile is assigned.

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  (E) Liquidity account for payments - Select the liquidity ledger account that is used for cash flow forecasts. This field will appear only if cash flow forecasts are enabled.

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  Etc.

  Reference: https://learn.microsoft.com/en-us/dynamics365/finance/accounts-receivable/customer-posting-profiles

• Question 142:

  A company uses Microsoft Dynamics 365 Finance.

  You need to reclassify a fixed asset.

  Which three actions does the system perform when an asset is reclassified? Each correct answer presents part of the solution.

  NOTE: Each correct selection is worth one point.

  A. The system will generate reclassification journals.

  B. The new books of the new fixed asset contain the date of the reclassification in the Acquisition date field.

  C. All books for the existing fixed asset are created for the new fixed asset.

  D. The existing fixed asset transactions for the original fixed asset are canceled and regenerated for the new fixed asset.

  E. The new fixed asset only cancels out possible depreciations because the reclassification date is filled in in the Acquisition date field.

  Correct Answer: BCD

  Explanation:

  When a fixed asset is reclassified:

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  (B) The new books for the new fixed asset contain the date of the reclassification in the Acquisition date field. The date in the Depreciation run date field is copied from the original asset information. If the depreciation has already started, the Date when depreciation was last run field displays the date of the reclassification.

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  (C) All books for the existing fixed asset are created for the new fixed asset. Any information that was set up for the original fixed asset is copied to the new fixed asset. The status of the books for the original fixed asset is Closed.

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  (D) The existing fixed asset transactions for the original fixed asset are canceled and regenerated for the new fixed asset.

  Reference: https://learn.microsoft.com/en-us/dynamics365/finance/fixed-assets/tasks/reclassify-fixed-assets

• Question 143:

  You need to ensure the budget only reflects a single annual cost of living increase for Humongous Insurance employees.

  What should you do? Each correct answer presents a complete solution.

  NOTE: Each correct selection is worth one point.

  A. Align the calendar year to a single budget cycle.

  B. Align a calendar year to multiple budget cycles.

  C. Align the fiscal year to a single budget cycle.

  D. Align the fiscal year to multiple budget cycles.

  Correct Answer: AB

  Explanation:

  Generating increases

  Annual increases (one per calendar year) can be created automatically for forecast positions that have a step-based compensation group assigned. Click Generate increases to add an earnings budget cost element at the next highest step.

  The start date of the new earnings budget cost element is the scheduled increase date that is shown on the forecast position. This date is set from the compensation group in one of two ways. If the compensation group's increase schedule is

  set to Common date, the date of increase is specified on the compensation group. If the increase schedule is set to Anniversary date, the anniversary date field on the forecast position is used, and the budget cycle supplies the year. If there

  are multiple calendar years in a budget cycle, multiple increases are added.

  The end date of the current earnings budget cost element is updated with the day before the increase date. The recalculation process is automatically used when increases are generated. Therefore, you don't have to recalculate manually.

  If you click Generate increases a second time, the process is run again but doesn't add more records. Only one increase per calendar year is created.

  Reference:

  https://learn.microsoft.com/en-us/dynamics365/finance/budgeting/position-forecasting

• Question 144:

  You create a parent budget for the next fiscal year of a parent company. The parent company is configured as its own legal entity.

  Franchises are configured as separate legal entities. The parent company sets the budget for each franchise based on the past year's performance.

  Ledger allocation rules, periods allocation keys, and budget allocation terms have not been created. Budget line items must be allocated to the budget for each franchise.

  You need to ensure the franchise budgets are allocated.

  What should you do?

  A. Create ledger allocation rules. Set the allocation method to use ledger allocation rules.

  B. Create period allocation keys. Set the allocation method to allocate across periods.

  C. Set the allocation method to distribute.

  D. Set the allocation method to aggregate.

  E. Create budget allocation terms. Set the allocation method to allocate to dimensions.

  Correct Answer: C

  Reference: https://learn.microsoft.com/en-us/dynamics365/finance/budgeting/budget-planning-data-allocation

• Question 145:

  A company implements basic budgeting functionality in Dynamics 365 Finance.

  Budget managers must be notified of a budget register posting task after a finance director approves an entry.

  You need to configure the system.

  Which workflow element should you use?

  A. Commitment approval

  B. Update budget balances budget register

  C. Budget planning stage allocation

  D. Approve budget account entry

  Correct Answer: B

• Question 146:

  A company implements basic budgeting functionality in Dynamics 365 Finance in multiple departments that belong to the same legal entity.

  Managers must be able to identify and track budgets by department.

  You need to configure the system.

  What should you configure?

  A. Budget model with sub-models

  B. Budget transfer rules

  C. Budget codes and budget types

  D. Budget entries workflows

  Correct Answer: A

  Explanation:

  A budget model can contain many submodels, which you attach to the budget model on the Submodel FastTab. For example, you could create a budget that has submodels that represent the various departments of the legal entity.

  Incorrect:

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  Budget transfer rules

  You can optionally set up budget transfer rules. To use budget transfer rules, select Use rules for budget transfers on the Budget parameters page. When budget transfer rules are used, if a user creates a document by using a budget code of

  the Transfer type, budget balances won't be updated if the budget transfer rules are violated. For example, you can allow budget transfer documents where the expense budget is transferred between the main accounts for the Sales and

  Marketing department, but can prohibit budget from being transferred from or to that department unless workflow approval has been granted for that type of budget account entry.

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  Budget codes and budget types

  Create budget codes that identify the type of budget transactions to record and any related workflow. Budget codes can support the following budget types:

  Original budget

  Transfer

  Revision

  Encumbrance

  Pre-encumbrance

  Carry-forward budget

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  Budget entries workflows

  Some organizations require that Budgeting documents, such as budget register entries and general budget reservations, be approved by a user other than the person who entered them. To set up an approval process, you can create a

  Budgeting workflow. You can also set up other processes to update budget balances without user intervention or to have a user review the information in a Budgeting document.

  Reference:

  https://learn.microsoft.com/en-us/dynamicsax-2012/appuser-itpro/create-budget-models

  https://learn.microsoft.com/en-us/dynamics365/finance/budgeting/basic-budgeting-overview-configuration

• Question 147:

  A company uses expense management in Dynamics 365 Finance. The company has two legal entities.

  CompanyA reimburses employees for travel-related expenses. CompanyB plans to reimburse remote employees monthly for travel-related expenses. All employees are required to complete expense reports.

  You need to configure the expense type that can be used for both companies.

  Which expense type category should you use?

  A. Case

  B. Shared

  C. Project

  D. Procurement

  Correct Answer: B

• Question 148:

  A company implements Dynamics 365 Finance. The company uses a third party to provide support services.

  You need to configure a payment method to allow the company to reimburse any expenses reported by the third-party service provider.

  Which two methods should you use? Each correct answer presents a complete solution.

  NOTE: Each correct selection is worth one point.

  A. Vendor

  B. Bank

  C. Worker

  D. Ledger

  Correct Answer: AD

  Explanation:

  A: To assign a payment method to a customer or vendor

  1.

  Choose Search. icon, enter Customer or Vendor, and then choose the related link.

  2.

  In the Payment Method Code field, choose the method to use by default for the customer or vendor.

  Reference: https://learn.microsoft.com/en-us/dynamics365/business-central/finance-payment-methods

• Question 149:

  A customer implements Dynamics 365 Finance and wants to use the recurring invoice feature for accounts receivable.

  The recurring invoice template includes the start date and frequency. However, when the Generate recurring invoices job processes, invoices are not created despite the criteria being met.

  You need to ensure that invoices are generated.

  What should you do?

  A. Assign an invoice template to a customer on the invoice tab of the customer record.

  B. Set the maximum billing amount on the recurring invoke template.

  C. Associate a customer to the invoice template on the invoice template form.

  D. Assign an invoice template to the customer posting profile.

  Correct Answer: A

  Explanation:

  Create a recurring free text invoice template

  To invoice customers for the same services on a regular basis, you must define a free text invoice template that can be reused to create the invoices.

  Assign a free text invoice template to a customer and enter recurrence details

  After the template is created, you must assign the template to the customers that you want to invoice. Additionally, you must specify when and how often the invoice will be used. You can assign the templates on the Invoice tab of the

  Customers page. Add the template to the list, and update the following information:

  The start date and, optionally, the end date for the recurring billing

  The frequency of the recurring billing (for example, every day or once a month)

  The maximum billing amount (if this information is required)

  A customer can have multiple templates that have different frequencies.

  Reference:

  https://learn.microsoft.com/en-us/dynamics365/finance/accounts-receivable/set-up-process-recurring-invoices

• Question 150:

  A company manufactures and installs air filtering units for industrial manufacturing plants.

  The air filtering units are manufactured to order. The company realized the value of the sales in the following manner:

  25 percent at the time of the sale 50 percent when the unit is shipped 25 percent when the unit is installed

  Additionally, a three-year warranty is sold with each unit. Revenue for the warranty is recognized equally in each year the warranty covers.

  You need to configure revenue recognition.

  What should you do?

  A. Create one revenue schedule with milestones.

  B. Create a new revenue schedule for each unit.

  C. Create a reallocation posting for the warranty revenue.

  D. Create the revenue schedule so that it uses the contract terms.

  Correct Answer: D