Latest PDF of MB-310: Microsoft Dynamics 365 for Finance and Operations, Financials (2024)

Microsoft Dynamics 365 for Finance and Operations, Financials (2024) Practice Test

MB-310 test Format | Course Contents | Course Outline | test Syllabus | test Objectives

Set up and configure financial management (35-40%)
Manage and apply common processes (20-25%)
Implement and manage accounts payable and receivable (20-25%)
Manage budgeting and fixed assets (15-20%)

Set up and configure financial management (35-40%)
Implement and configure financial modules
• configure and apply accrual schemes
• configure cash flow reports
• configure the letter of credit and letter of ensure templates
• set up intercompany accounting
• create and configure account structures
• configure other modules including cash and bank management and budgeting, credit and collections, audit workbench, and consolidations
• implement posting definitions
Implement and test cost and allocation policies
• implement cost accounting processes
• implement inventory costing versions
• implement item groups
• create and process Ledger allocation rules
• demonstrate use of cost accounting terminology
• construct fiscal calendars, years, and periods
Perform periodic processes
• configure financial period close
• define and demonstrate periodic closing processes and end-of-year processes
• demonstrate regional tax reporting capabilities
• perform bank reconciliation
• perform financial consolidation
• create a cost accounting report by using the cost accounting Report Wizard
• allocate funds by using Accounting distributions
Configure, collect, and report taxes
• configure tax components
• implement and test end-of-year tax reporting
• prepare periodic filings

Manage and apply common processes (20-25%)
Define and configure the account structure
• demonstrate the advanced ledger entries functionality
• set up derived financial hierarchies
• demonstrate financial consolidation and elimination processes
• set up funds
• define and configure the main account
• define and configure the financial dimensions and dimension sets
• perform financial statements
• perform tracking of posted transactions
Implement regulatory and localization features and manage currencies
• set up legal entity currencies and conversions
• configure currency exchange rate providers
• implement foreign currency revaluation processes
• determine which regulatory and localization features to apply to a given scenario
Implement and manage journals
• identify the different types of journals available and their setup
• set up journal controls
• configure the journal posting restriction rules
• configure approval processes by using workflows
• create voucher templates
• perform daily procedures using journals

Implement and manage accounts payable and receivable (20-25%)
Implement and manage Accounts receivable
• set up customer posting profiles
• manage delinquent customers
• configure billing codes for free text invoices, process orders, invoices, and payments
• configure and process credit and collection
• configure customer payment setup
• prepare and send customer account statements
• configure accounts receivable charges
Implement and manage Accounts payable
• configure invoice validation policies
• set up vendor posting profile, process orders, invoices, and payments
• configure the Vendor collaboration module
• configure vendor payments
• configure accounts payable charges

Manage budgeting and fixed assets (15-20%)
Configure and manage Budgeting processes
• configure budgeting components
• create a budget plan template
• create a budget plan by using the budget plan wizard
• perform the budget planning process
• configure budget controls
• create and demonstrate registry entries
• implement budget workflows
Implement and manage fixed assets
• create fixed assets and fixed assets groups
• configure fixed asset parameters
• identify when to enable integration with purchasing and sales module
• perform acquisition, depreciation, and disposal of fixed assets

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Microsoft
MB-310
Microsoft Dynamics 365 for Finance and Operations,
Financials (2023)
https://killexams.com/pass4sure/exam-detail/MB-310
Question: 397
HOTSPOT
A client plans to use the cost accounting module in Dynamics 365 for Finance and Operations.
You need to associate the correct definitions to the correct cost accounting concepts.
Which terms match the definitions? To answer, select the appropriate configuration in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cost-accounting/terms-costaccounting
Question: 398
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?
Fixed percentage
Fixed weight
Equally
Basis
Answer: D
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/ledgerallocation-rules
Question: 399
HOTSPOT
You are implementing a Dynamics 365 for Finance and Operations General ledger module for a client that has multiple
legal entities. The client has the following requirements:
� Post journal entries for all companies from one legal entity.
� Configure automatic creation of due to/due from transactions based on when LegalEntityA transacts with
LegalEntityB.
� Automatically split the dollar amount in half between DimensionA and DimensionB when the journal is posted.
� Set up fixed or variable allocations, and then review the allocations in a journal before posting.
� Automatically post year-end results to account 30016 during year-end close. You need to configure the system.
Which system capability should you configure? To answer, select the appropriate configuration in the
answer area. NOTE: Each correct selection is worth one point.
Answer:
Question: 400
A company is preparing to complete a year-end close process. You need to configure the Dynamics 365 for Finance
and Operations 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.
A . Configure the Fiscal year close parameters
B . Configure the ledger calendar for the new fiscal year
C . Configure the transfer balance
D . Validate the main account type
E . Create the next fiscal year
Answer: ADE
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
Question: 401
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 main account onto an invoice
B . when using encumbrance accounting for purchase orders
C . when the system needs to automatically post a transaction to the accounts receivable account on invoice posting
D . when creating one offset ledger entry based on transaction type
Answer: B
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/postingdefinitions
Question: 402
Note: This question is part of a series of questions that present the same scenario. Each questionin the series contains a
unique solution that might meet the stated goals. Some question setsmight 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, thesequestions will not
appear in the review screen.
You are configuring the year-end setup in Dynamics 365 for Finance and Operations.
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 in to 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 Yes.
* 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 Yes.
� Set the Transfer profit and loss dimensions� option to Close All.
* Set future Ledger periods to a status of On Hold.
Does the solution meet the goal?
A . Yes
B . No
Answer: B
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
Question: 403
Note: This question is part of a series of questions that present the same scenario. Each questionin the series contains a
unique solution that might meet the stated goals. Some question setsmight 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, thesequestions will not
appear in the review screen.
You are configuring the year-end setup in Dynamics 365 for Finance and Operations.
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 in to 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� option to Close All.
* Set future Ledger periods to a status of On Hold.
Does the solution meet the goal?
A . Yes
B . No
Answer: B
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
Question: 404
Note: This question is part of a series of questions that present the same scenario. Each questionin the series contains a
unique solution that might meet the stated goals. Some question setsmight 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, thesequestions will not
appear in the review screen.
A client has multiple legal entities set up in Dynamics 365 for Finance and Operations. All companies and
data reside in Finance and Operations. The client currently uses a separate reporting tool to perform their financial
consolidation and eliminations. They want to use Finance and Operations instead.
You need to configure the system and correctly perform eliminations.
Solution: Select Consolidate online in Finance and Operations. Include eliminations during the process or as a
proposal. Set up the transactions to post in the legal entity configured for consolidations. Does the solution meet the
goal?
A . Yes
B . No
Answer: A
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/consolidationelimination-
overview
Question: 405
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.
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
Answer: BDE
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cash-bank-management/ reconcile-bank-
statements-advanced-bank-reconciliation
Question: 406
HOTSPOT
A client plans to use Dynamics 365 for Finance and Operations for year-end 1099 reporting in the United States.
You are viewing a vendor master data record on the 1099 FastTab.
Use the drop-down menus to select the answer choice that answers each question based on the information presented
in the graphic. NOTE: Each correct selection is worth one point.
Answer:
Question: 407
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? (Choose two). Each correct answer presents part of the solution. NOTE:
Each correct selection is worth one point.
A . For new employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal
year.
B . For current employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the employee�s first pay
date.
C . For new employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the employee�s first pay
date.
D . For current employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal
year.
Answer: BD
Question: 408
DRAG DROP
You need to set up a process of tracking, recording, and analyzing costs associated with the products or activities of a
nonmanufacturing organization. You need to configure the prerequisite setup for the standard costing version for the
current period.
In which order should you perform the actions? To answer, move all actions from the list of actions to the answer area
and arrange them in the correct order.
Answer:
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/supply-chain/cost-management/ prerequisites-
standard-costs

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Microsoft Dynamics 365 for Finance and Operations, Financials (2024) Practice Test

MB-310 test Format | Course Contents | Course Outline | test Syllabus | test Objectives

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