You are configuring the basic budgeting for a Dynamics 365 Finance environment.You need to configure the types of entries allowed.Which two configurations can you use? Each correct answer presents a complete solution.NOTE: Each correct selection is worth one point.

Budget register entry lines must select only one account structure.

The budget register entries can contain either Expense or Revenue amount types.

The budget register entry journals require both Expense and Revenue amount types.

Budget register entry line needs a main account and amount to be valid.

Budget register entry journals must be allocated across all fiscal periods.

Budget register entry lines must select only one account structure.

The budget register entries can contain either Expense or Revenue amount types.

A company is preparing to complete yearly budgets.The company plans to use the Budget module in Dynamics 365 Finance for budget management.You need to create the new budgets.What should you do?

Create budget plans for multiple scenarios.

Create budget plans to define the revenues for a budget.

Combine previous year budgets into a single budget.

An organization acquires a building.You need to register and record the building as an asset building in Dynamics 365 Finance.What are three possible ways to achieve the goal? Each correct answer presents a complete solution. NOTE: Each correct selection is worth one point.

Select an account type of Fixed Asset and a transaction type of Acquisition with a General Journal

Eliminate the project to a fixed asset

Select an acquisition transaction type within a fixed asset journal

Select an account type of Fixed Asset and a transaction type of Acquisition with a General Journal

Eliminate the project to a fixed asset

Create a sales invoice to record and register the fixed asset

Select an acquisition transaction type within a fixed asset journal

Use the sales order process to acquire the asset

You are the controller for an organization. The company purchased six service trucks. You observe that your accountant set up Fixed assets - vehicles in the wrong fixed asset group.You need to achieve the following:Change the fixed asset group so that the existing fixed asset transactions for the original fixed asset are canceled and regenerated for the new fixed asset.Ensure that 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. Close the old fixed asset number in the old fixed assets group and create a new fixed asset number in the new fixed assets group. Ensure that the historical transactions are transferred to the new fixed asset. Ensure Historical Depreciation expense entries do not change.What should you do?

Change the fixed asset group and keep the same fixed asset number

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 use? Each correct answer presents part of the solution.NOTE: Each correct selection is worth one point.

Configure the Fiscal year close parameters

Configure the ledger calendar for the new fiscal year

Set up the year end close template

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?

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

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

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

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

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

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.

Select Account reconciliation on the bank account form

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

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

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

Select Account reconciliation on the bank account form

Import bank statements from the Data management workspace

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

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

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?

Distribute the source document amount equally

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? Each correct answer presents part of the solution.NOTE: Each correct selection is worth one point.

For current employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the employee's first pay date.

For current employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.

For new employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.

For current employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the employee's first pay date.

For new employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the employee's first pay date.

For current employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.

An organization uses Dynamics 365 Finance.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?

Configure the account structure to specify which financial dimensions are valid for which main accounts.

Train users to select the Validate button in the current journal configuration so that the correct account and dimension combination is used.

Configure financial dimension sets to limit which financial dimensions are valid for which main accounts.

Associate the correct main accounts to that financial dimension on the financial dimension setup form.

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.

the Sales tax group on the Customer record

the Item Sales tax group on the Item record

You are configuring Dynamics 365 Finance.You need to implement posting definitions for all available transaction types.For which type of transactions can you implement posting definitions?

Accounts payable, Accounts receivable, Bank, Budget, Payroll, and Purchasing

Accounts payable, Bank, Budget, Fixed assets, and Payroll

Accounts payable, Accounts receivable, Fixed assets, Payroll, and Purchasing

Accounts payable, Accounts receivable, Budget, and Fixed assets

A public sector company is configuring encumbrance for managing capital budgets.The finance department needs to configure posting definitions for bank transactions.You need to configure Dynamics 365 Finance for cash settlements.What should you do?

Configure combined deposit amounts

Configure budget appropriations

Configure general ledger year-end close

Configure advanced ledger entries

An organization plans to set up intercompany accounting between legal entities within the organization.Automatic transactions between legal entities must meet the following requirements:Provide systemwide integration and streamlining to save time.Minimize errors and create an audit trail with full visibility into business activities and transaction histories within the legal entities.You need to set up intercompany accounting and create pairs of legal entities that can transact with each other, clearly defining the originating company and the destination company.Which three actions should you perform? Each correct answer presents part of the solution.NOTE: Each correct selection is worth one point.

Select intercompany journal names.

Create intercompany main accounts to use for the due to and due from accounting entries.

Define intercompany accounting setup by creating legal entity pairs defining originating and destination companies.

Select intercompany journal names.

Configure intercompany accounting in both the originating entity and destination entity.

Create intercompany main accounts to use for the due to and due from accounting entries.

Define intercompany accounting setup by creating legal entity pairs defining originating and destination companies.

Configure intercompany accounting in the destination entity only.

You are a Dynamics 365 Finance expert for an organization.You need to configure the Financial period close workspace.Which three configuration processes should you use? Each correct answer presents a part of the solution.NOTE: Each correct selection is worth one point.

Create templates that contain the required tasks within the closing process and assign to closing role.

Create task areas and descriptions.

Designate resources and their scope based on closing roles.

Create templates that contain the required tasks within the closing process and assign to closing role.

Create a separate closing schedule for every legal entity.

Assign a ledger calendar to the closing process.

Create task areas and descriptions.

Designate resources and their scope based on closing roles.

You are a Dynamics 365 Finance consultant.You are currently unable to collaborate or track progress toward month-end close across legal entities in the current system.You need to resolve the issue.What should you configure?

Financial period close workspace

You are a Dynamics 365 Finance consultant. You plan to configure the allocation base, cost behavior, and cost distribution.Which three actions do these configurations accomplish? Each correct answer presents a complete solution.NOTE: Each correct selection is worth one point.

Measure and quantify activities, such as machine hours that are used, kilowatt hours that are consumed, or square footage that is occupied.

Spread the balance of the cost from one cost object to one or more other cost objects by applying a relevant allocation base.

Classify costs according to their behavior in relation to changes in key business activities.

Spread costs from one cost object to one or more other cost objects by applying a relevant allocation base.

Measure and quantify activities, such as machine hours that are used, kilowatt hours that are consumed, or square footage that is occupied.

Spread the balance of the cost from one cost object to one or more other cost objects by applying a relevant allocation base.

Control which journals can be used in the costing process.

Classify costs according to their behavior in relation to changes in key business activities.

You are a finance consultant. Your client needs you to configure cash flow forecasting.The client wants specific percentages of main accounts to contribute to different cash flow forecasts for other main accounts.You need to configure Dynamics 365 for Finance to meet the needs of the client.What should you do?

On the Cash flow forecasting setup form, use the Dependent Accounts setup to specify which account and percentage is associated to the main account.

On the Cash flow forecasting setup form, configure the primary main account to assign a percentage to the dependent account.

Configure the parent/child relationship for the main account and subaccounts by using appropriate percentages.

Configure the cash flow forecasting setup for Accounts Payable before you configure vendor posting profiles.

On the Cash flow forecasting setup form, use the Dependent Accounts setup to specify which account and percentage is associated to the main account.

A company plans to use Dynamics 365 Finance to calculate sales tax on sales orders.You need to automatically calculate sales tax when the sales order is created.Which three actions should you perform? Each correct answer presents part of the solution.NOTE: Each correct selection is worth one point.

Assign values to the sales tax codes and assign the sales tax codes to the sales tax group associated to the customer.

Assign all sales tax codes to the item sales tax group associated to the item being sold.

Set up a default sales tax code on the customer used on the sales order and set up a default item sales tax group on the item being sold.

Assign values to the sales tax codes and assign the sales tax codes to the sales tax group associated to the customer.

Assign all sales tax codes to the item sales tax group associated to the item being sold.

Set up a default item sales tax group on the item being sold and set up a default sales tax group on the customer used on the sales order.

Associate the sales tax jurisdictions to the item sales tax group associated to the item being sold.

Set up a default sales tax code on the customer used on the sales order and set up a default item sales tax group on the item being sold.

A customer uses the sales tax functionality in Dynamics 365 Finance.The customer reports that when a sales order is created, sales tax does not calculate on the line.You need to determine why sales tax is not calculated.What are two possible reasons? Each correct answer presents a complete solution.NOTE: Each correct selection is worth one point.

The sales tax group is populated on the line, but the item sales tax group is missing.

The sales tax group and item sales tax group are selected, but the sales tax code is not associated with both groups.

The sales tax group is populated on the line, but the item sales tax group is missing.

The sales tax settlement account is not configured correctly.

The sales tax authority is not set up for the correct jurisdiction.

The sales tax code and item sales tax code are selected, but the sales tax group is not associated to both codes.

The sales tax group and item sales tax group are selected, but the sales tax code is not associated with both groups.

Microsoft MB-310 Practice Test 2 - Free Online Exam Prep & Questions

Question 1 / 40

You are setting up the yearly budget for an organization for the year 2019.

You need to set up the budget register entries.

Which two fields must be set up when creating register entries? Each correct answer presents part of the solution.

NOTE: Each correct selection is worth one point.

Budget cycle

Budget manager

Budget code

Budget model

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