Microsoft Microsoft Certifications MB-310 Questions & Answers
Question 171:
A company uses Microsoft Dynamics 365 Finance and Dynamics 365 Project Operations.
The company must be able to estimate the costs of a project and create a fixed asset by using the project cost estimate.
You need to ensure that the company can create a fixed asset from a project.
Which project type should you use?
A. Time and material
B. Cost
C. Internal
D. Investment
E. Fixed price
Correct Answer: D
Investment
Investment projects are projects that do not produce immediate earnings. They are typically used for long-term internal projects in which the costs have to be capitalized. The following are also true of investment projects:
Only costs for items, hours, and expenses can be recorded for an investment project.
Costs in an investment project are tracked and controlled by using the Project management and accounting Estimate feature.
Investment projects can be set up with an optional maximum capitalization limit.
As an investment project progresses, you record its costs in WIP accounts, where the costs are held until the project is completed. When the project is eliminated, you transfer the WIP value to a fixed asset, a ledger account, or a new project.
Incorrect:
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Time and material
In Time and material projects, the customer is billed for all costs that are incurred on a project. These include costs for hours, expenses, items, and fees.
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Cost project
Like Investment projects, Cost projects are typically used to track internal projects, and only hours, expenses, and items can be recorded for costs projects. Cost projects are usually of shorter duration than investment projects. Unlike
Investment projects, Cost projects cannot be capitalized to balance sheet accounts.
Instead, their project transactions are posted only to profit and loss accounts.
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Internal
Internal projects are used to track costs on a project that is internal to your organization. This type of project can provide a planning tool to manage resource consumption
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Fixed-price
The invoices in fixed-price projects consist of on-account transactions. These projects are invoiced according to a billing schedule that is based on a project contract. Revenue for a fixed-price project can be calculated and posted throughout
the project by using the completed percentage method, or when the project is finished, by using the completed contract method. Companies can often benefit from using the value of the work in process 5(WIP) to calculate the degree of
You manage fixed assets using Microsoft Dynamics 365 Finance.
You need to define capitalization thresholds.
Which page should you use?
A. Main account
B. Released item
C. Fixed asset posting profile
D. Fixed asset group
Correct Answer: D
Configure fixed assets components.
The Fixed asset group field is the only required field when you create a fixed asset. The value of this field determines the default value of several informational fields for the asset.
The Capitalization threshold field determines the assets that are depreciated. If a purchase line is selected as a fixed asset, but it doesn't meet the specified capitalization threshold, a fixed asset is still created or updated, but the Calculate
prorated depreciation option is set to No. Therefore, the asset won't be automatically depreciated as part of the depreciation proposals.
Note: To manually create an asset record, follow these steps.
1.
Go to Navigation pane > Modules > Fixed assets > Fixed assets > Fixed assets.
2.
On the Action pane, select New.
3.
In the Fixed asset group field, enter or select a value. The Number field will default if you have enabled Autonumber fixed assets functionality in the Fixed assets parameters and the Fixed asset group. If not, you must enter a unique number
A company uses Dynamics 365 Finance to manage billing and expenses for projects. Team members complete expense reports and submit the expense reports to a project manager for approval.
Each expense report must contain expense lines for one project only. Expense reports that are submitted without a project specified must be rejected.
You need to configure an expense report approval workflow.
Which three actions should you take? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
A. Create an expenditure reviewers' group in Expense management.
B. Create a user group for project managers and add all project managers to the group.
C. Create an expense report workflow.
D. Set up a condition to run an approval step only if the expense report has a project specified. Set the workflow assignment to Expenditure reviewers.
E. Set up an automatic action to reject expense report lines that do not have projects specified. Set the workflow assignment to Expenditure reviewers.
Correct Answer: ACD
C: When you have finished entering all lines on the expense report and have attached receipts according to company policy, you must submit the expense report to a workflow.
D: If you are an expense approver, you are notified when an expense requires your attention. Some expense workflows might have conditional decisions, depending on the workflow configuration.
An exchange rate provider has been configured for Dynamics 365 Finance.
Foreign currency transactions using the Euro and the US dollar use a fixed exchange rate for European Central Bank holidays and all days between April 1 and June 30. Foreign currency transactions from March 1 to June 30 fail to post.
You need to reconfigure the system to post transactions for this period.
Which two configuration changes should you make to the ledgers? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
A. Add a key named FloatCurrencies and set the value to True.
B. Set Create necessary currency pairs to True.
C. Set Import as of start date to Apr01.
D. Add a key named BaseCurrency and value of USD.
E. Set Prevent import on national holiday to True.
Correct Answer: CD
Multiple records in different transaction currencies can be aggregated, compared, or analyzed with regard to a single currency, by using an exchange rate. This is known as the base currency. You first define a base currency for the
organization and then define exchange rates to associate the base currency with transaction currencies. The base currency is the currency in which other currencies are quoted. The exchange rate is the value of a transaction currency equal
to one base currency.
Incorrect:
Not E: Prevent import on national holiday- This check box manages the import of the exchange rate for public holiday's date. For example, if you select this check box and use the European Central Bank as the exchange rate provider, the
system will not update the exchange rate on a public holiday that is related to the current legal entity. This option might not be available for some providers.
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution. Determine whether the solution meets 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.
A customer uses Dynamics 365 Finance.
The controller notices incorrect postings to the ledger entered via journal.
The system must enforce the following:
1.
Expense accounts (6000-6998) require department, division, and project with all transactions. Customer dimension is optional.
2.
Revenue accounts (4000-4999) require department and division and allow project and customer dimensions.
3.
Liability accounts (2000-2999) should not have any dimensions posted.
4.
Expense account (6999) requires department, division, project and customer dimensions with all transactions.
You need to configure the account structure to meet the requirements.
Solution:
1.
Configure two account structures.
2.
For Expense Accounts (6000-6998), configure asterisks in department division, and project. Configure an asterisk and quotations in customer dimension.
3.
For Revenue accounts (4000-4999), configure asterisks in department and division. Configure an asterisk and quotations in project and customer dimensions.
4.
For Expense account (6999), configure asterisks in department division, project, and customer dimensions.
5.
Liability accounts (2000-2999) are in the second account structure with no following dimensions.
Does the solution meet the goal?
A. Yes
B. No
Correct Answer: A
Expense accounts (6000-6998) require department, division, and project with all transactions. Customer dimension is optional.
Solution: For Expense Accounts (6000-6998), configure asterisks in department division, and project. Configure an asterisk and quotations in customer dimension
Revenue accounts (4000-4999) require department and division and allow project and customer dimensions.
Solution: or Revenue accounts (4000-4999), configure asterisks in department and division. Configure an asterisk and quotations in project and customer dimensions.
Liability accounts (2000-2999) should not have any dimensions posted.
Solution: Liability accounts (2000-2999) are in the second account structure with no following dimensions.
Expense account (6999) requires department, division, project and customer dimensions with all transactions.
Solution: For Expense account (6999), configure asterisks in department division, project, and customer dimensions.
Also included in the solution: Configure two account structures.
Question 176:
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 managing credit and collections.
You need to set up mandatory credit limits for all customer documents.
Solution: Select the Balance + packing slip credit type in the Accounts receivable parameters form.
Select the Mandatory credit limit check box in the Customers form.
Does the solution meet the goal?
A. Yes
B. No
Correct Answer: B
Instead: Solution: Select the Balance + All credit type in the Accounts receivable parameters form.
Select the Mandatory credit limit check box in the Customers form.
Note:
Select from the following options:
None Do not check credit limits. You can override this option for a specific customer by selecting the Mandatory credit limit check box in the Customers form. If you do this, the credit limit is checked against the customer balance.
Balance The credit limit is checked against the customer balance.
Balance + packing slip or product receipt The credit limit is checked against the customer balance and deliveries.
Balance + All The credit limit is checked against the customer balance, deliveries, and open orders.
Reference:
https://docs.microsoft.com/en
Question 177:
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?
A. a Ledger daily journal workflow that uses the organizational hierarchy for journal posting, associated with the General ledger journal name
B. a saved query in the Voucher inquiries form for the controller to view all general journals posted to the ledger
C. a manual journal approval with the journal assigned to the user group that the employees are assigned to
D. the controller's security rote so that he has approval privileges for General ledger journals
Correct Answer: A
Some organizations require that journals be approved by a user other than the person who entered the journal. To set up an approval process, you can create a workflow.
A workflow represents a business process. It defines how a document flows through the system and indicates who must complete a task or approve a document.
A company signs a four-year contract for an IT support project. The manager wants to know how the revenue amounts will be allocated across the four-year period.
You need to implement a revenue schedule to determine the revenue amounts for each month.
Which setup should you use?
A. 60 months
B. 48 months
C. 4 years
D. 4 months
Correct Answer: B
Revenue schedules A revenue schedule must be created for each occurrence that revenue can be deferred for. For example, if your organization offers support over six-month, 12- month, 18-month, and 24-month periods, you must create a revenue schedule for each period. Reference: https://docs.microsoft.com/en-us/dynamics365/finance/accounts-receivable/revenue-recognition-setup
Question 179:
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 managing credit and collections.
You need to set up mandatory credit limits for all customer documents.
Solution: Define a credit limit for each customer and select the Mandatory credit limit check box on the Customers form.
Does the solution meet the goal?
A. Yes
B. No
Correct Answer: B
Instead: Solution: Select the Balance + All credit type in the Accounts receivable parameters form.
Select the Mandatory credit limit check box in the Customers form.
Note:
Select from the following options:
None Do not check credit limits. You can override this option for a specific customer by selecting the Mandatory credit limit check box in the Customers form. If you do this, the credit limit is checked against the customer balance.
Balance The credit limit is checked against the customer balance.
Balance + packing slip or product receipt The credit limit is checked against the customer balance and deliveries.
Balance + All The credit limit is checked against the customer balance, deliveries, and open orders.
Reference:
https://docs.microsoft.com/en
Question 180:
A client uses Dynamics 365 Finance for accounts receivable.
You need to ensure that accounts receivable clerks add the wire number for electronic payments.
Which item should you set up as mandatory in the method of payment?
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