Microsoft Microsoft Certifications MB-310 Questions & Answers

• Question 331:

  A company is preparing to complete a year-end close process.

  You need to configure the Dynamics 365 Finance General ledger module.

  Which three configurations must you useEach correct answer presents part of the solution.

  NOTE: Each correct selection is worth one point.

  A. Configure the Fiscal year close parameters

  B. Configure the ledger calendar for the new fiscal year

  C. Set up the year end close template

  D. Validate the main account type

  E. Create the next fiscal year

  Correct Answer: ACE

  The question is not asking properly

  D - is one step of process before running YEC, but you can run it without it.

  But for processing YEC, you must setup parameters, next FY and template.

  References:

  https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close

• Question 332:

  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?

  A. when financial dimensions need to default from the vendor record onto an invoice

  B. when only certain dimensions are allowed to post with certain main account combinations

  C. when creating multiple balanced ledger entries based on transaction types or accounts

  D. when the system needs to automatically post a transaction to the accounts receivable account on invoice posting

  Correct Answer: C

  You might want to use posting definitions in the following circumstances:

  -

  You have to generate multiple, balanced ledger entries based on attributes such as transaction types and accounts. Use posting profiles if you need only one offset ledger entry.

  -

  You have to support encumbrance accounting for purchase orders and pre-encumbrance accounting for purchase requisitions. Posting profiles cannot be used for encumbrance and pre-encumbrance accounting. So the correct is C

• Question 333:

  An organization is setting up a cost accounting.

  You need to set up fiscal calendars for Dynamics 365 Finance.

  What are three uses for fiscal calendarsEach correct answer presents a complete solution.

  NOTE: Each correct selection is worth one point.

  A. standard work hours

  B. financial transactions

  C. fixed asset depreciation

  D. budget cycles

  E. shift work hours

  Correct Answer: BCD

  Reference: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/fiscal-calendars-fiscal-years-periods

• Question 334:

  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 performEach correct answer presents a complete solution.

  NOTE: Each correct selection is worth one point.

  A. Select all the bank accounts for the bank statement files, and then upload all files

  B. Select Account reconciliation on the bank account form

  C. Import bank statements from the Data management workspace

  D. Navigate to Import statement on the Bank Statements page of Cash and Bank Management

  E. Select Import statement for multiple bank accounts in all legal entities, and then upload a zip file

  Correct Answer: CDE

  There is no way to import a statement from "B". You can however do it from "C"(data Management Framework" if you don't want to upload it automatically from bank statement

  Reference: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cash-bank-management/reconcile-bank-statements-advanced-bank-reconciliation

• Question 335:

  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 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 to Close All. Set all prior and future Ledger periods to a status of On Hold.

  Does the solution meet the goal?

  A. Yes

  B. No

  Correct Answer: B

  The fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions.

  Reference: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close

• Question 336:

  You need to ensure Trey Research meets the compliance requirement.

  Which budget technology should you implementEach correct answer presents a complete solution.

  NOTE: Each correct selection is worth one point

  A. the Excel budget template

  B. budget codes

  C. budgeting workflows

  D. set-based budget processing

  Correct Answer: BC

  Compliance and compensation

  Trey Research must be able to audit any modifications to its budget.

  Humongous Insurance employees must receive raises four times per budget cycle.

  Use the Budget codes form to set up budget codes for budget register entries. You can use budget codes to categorize budget types.

  Budget codes let you have an audit trail of approved budget modifications throughout the course of the budget cycle.

  If a workflow is associated with a budget code, the workflow will be enabled for all budget register entries that use that budget code, and workflow steps must be completed before the budget register entry can reach the Completed stage.

  Note: C: Budget planning workflows ג

• Question 337:

  You need to ensure the promotional gifts are posted to the correct account.

  What should you use?

  A. Classification groups

  B. Item groups

  C. Field groups

  D. Customer credit groups

  E. Bank groups

  Correct Answer: B

• Question 338:

  You need to configure the posting groups for Humongous insurance s subsidiary.

  Which ledger posting group field should you use?

  A. Sales tax receivable

  B. Use tax expense

  C. Use tax payable

  D. Sales tax payable

  E. Customer case discount

  Correct Answer: D

  Set up Ledger posting groups for sales tax

  In the Sales tax payable field, select the main account for outgoing sales taxes that are payable to the tax authority. Sales taxes are collected on behalf of the tax authority when you sell taxable goods and services.

  Incorrect:

  *

  In the Sales tax receivable field, select the main account for incoming taxes that are received from the tax authority. Vendors collect taxes on behalf of the tax authority when you buy taxable goods and services. This field is not available if

  the Apply sales tax taxation rules option is selected in the General ledger parameters page. Instead, sales taxes that are paid to vendors are debited to the same account as the purchase.

  *

  In the Use tax expense field, select the main account for posting deductible Use taxes that are not claimed or reported to the tax authority by vendors as part of

  EU reverse charge GST/HST. The Use tax option must be selected for the Sales tax code in the Sales tax group that is used in the transaction. This field won't be available if the Apply sales tax taxation rules option is selected on the General

  ledger parameters page.

  *

  In the Use tax payable field, select the main account for posting incoming Use taxes that are payable to tax authorities. The Use tax option must be selected in the Sales tax code in the Sales tax group to post Use tax. If Apply sales tax

  taxation rules option is selected in General ledger parameters page, the offset is posted to the transaction's expense account.

  Note:

  Requirements, Ledger

  One of Humongous Insurance's companies provides insurance to government clients and must separate that particular company into its own subsidiary.

  The Humongous subsidiary will operate in China, which requires a fiscal year from February 1 to January 31.

  Transactions must be posted in the business of record.

  Humongous Insurance's subsidiary requires accounting entries to be posted from the subledger to the general ledger by 5:00 PM each day.

  Taxes

  As part of the spinoff to a subsidiary, Humongous Insurance's subsidiaries taxes must be changed from US government rates to Chinese government rates.

  Humongous Insurance's subsidiary must track use taxes that are not claimed or reported to the Chinese tax agency.

  Reference:

  https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/tasks/set-up-ledger-posting-groups-sales-tax

• Question 339:

  You need to reconfigure the taxing jurisdiction for Humongous insurance's subsidiary

  What should you do?

  A. Configure sales tax groups for transactions that occur in China.

  B. Configure dual currency support for sales fax

  C. Change the reporting currency.

  D. Change the sales tax settlement period authority

  Correct Answer: D

  Sales tax authorities are entities to which collected sales tax needs to be reported and paid. You can pay sales taxes to the authority directly or through a vendor account that you create for the sales tax authority. If you do this, the company

  can use its usual payment routines to pay the sales tax authority on time. If you do not set up the tax authority as a vendor, someone must prepare a manual payment to the tax authority on the appropriate due date.

  Note: Taxes

  As part of the spinoff to a subsidiary, Humongous Insurance's subsidiaries taxes must be changed from US government rates to Chinese government rates.

  Humongous Insurance's subsidiary must track use taxes that are not claimed or reported to the Chinese tax agency.

  Reference:

  https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/tasks/set-up-sales-tax-authorities

• Question 340:

  You need to configure the system to meet the fiscal year requirements. What should you do?

  A. Add an additional period to ledger calendars.

  B. Add an additional fiscal years

  C. Divide the twelfth period.

  D. Create a new fiscal calendar

  E. Create a closing period

  Correct Answer: D

  Create fiscal calendars, fiscal years, and periods You can create and delete fiscal calendars, fiscal years, and periods on the Fiscal calendars page. You can also divide existing periods and create closing periods that can be used to close a fiscal year. A closing period is used to separate general ledger transactions that are generated when a fiscal year is closed. When the closing transactions are in one fiscal period, it is easier to create financial statements that either include or exclude different types of closing entries. If a fiscal year is divided into 12 fiscal periods, the closing period is usually the 13th period. Note: Configuring calendars for the ledger Another component of the ledger is the fiscal calendar. A fiscal calendar must be selected for each legal entity. You can use the same fiscal calendar in more than one legal entity. When you select a fiscal calendar for the ledger, a copy is made. This copy is referred to as the ledger calendar. The ledger calendar lets you select the status of the periods and the modules in each period.

  Reference: https://docs.microsoft.com/en-us/dynamics365/finance/budgeting/fiscal-calendars-fiscal-years-periods