MB-310 Free Questions – Microsoft Dynamics 365 for Finance and Operations, Financials

1. 1.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 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 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?

2. 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.

3. 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?

4. An organization is setting up a cost accounting. You need to set up fiscal calendars for Dynamics 365 for Finance and Operations.

What are three uses for fiscal calendars? Each correct answer presents a complete solution. NOTE: Each correct selection is worth one point.

5. 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.

6. 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?

7. 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.

8. An organization uses Dynamics 365 for Finance and Operations.

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?