Financial Management in Microsoft Dynamics 365 for Finance and Operations v1.0 (MB6-895)

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Total 71 questions

Your organization's foreign subsidiaries use Microsoft Dynamics 365 Finance and Operations in their local currencies as their functional currencies.
You need to perform the worldwide consolidation of these subsidiaries to report in US dollars.
In which form do you indicate the currency translation types to use for this purpose?

  • A. Foreign currency revaluation
  • B. Additional consolidation accounts
  • C. Legal entities
  • D. Main accounts


Answer : D

Your company has purchased new computer server equipment for the data center. The controller has asked you to set up fixed asset accounting and use the reducing balance depreciation method for the new equipment.
You must create depreciation profiles for this equipment.
When reducing balance is the selected method, which additional parameter is required that is unique to the selected method?

  • A. depreciation year
  • B. net book value
  • C. period frequency
  • D. percentage


Answer : D

References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/fixed-assets/reduce-balance-depreciation

A company needs to make wire transfers for payments to a foreign customer. The controller also wants to keep track of the wire transfer fees for charge-back to the customer. The controller has set up all of the necessary accounts and facilities at the bank.
The bookkeeper needs to make preparations for these transactions.
What are two actions the bookkeeper should take to properly configure Microsoft Dynamics 365 for Finance and Operations? Each correct answer presents part of the solutions. (Choose two.)

  • A. Create a bank account for wire transfer fees.
  • B. Create a transaction group for wire transfer fees.
  • C. Create a bank transaction type for wire transfer.
  • D. Create a transaction code mapping for each customer.


Answer : BC

You are setting up vendor groups.
You want to assign the same characteristics to vendors by simply selecting a group.
Which two characteristics can be assigned by vendor group? Each correct answer presents a complete solution. (Choose two.)

  • A. price group
  • B. default tax group
  • C. terms of payment
  • D. charges group


Answer : BC

References:
https://technet.microsoft.com/en-us/library/aa550420.aspx

You want to divide your customers into five groups by alphabetical order so that account representatives can work on their accounts aging and you can review it with them on a regular basis.
What should you do?

  • A. Set up customer price groups
  • B. Set up Customer classification groups
  • C. Set up Customer pools
  • D. Run the Customer balance list report


Answer : C

References:
https://technet.microsoft.com/en-us/library/hh227560.aspx

An accountant needs to settle some invoices with foreign currency receipts.
Before performing this task, the accountant wants to import the current exchange rates.
What should the accountant complete before current exchange rates can be imported?

  • A. Define batch transfer rules
  • B. Enable exchange rate providers
  • C. Specify exchange rate types
  • D. Perform the foreign currency revaluation process


Answer : B

References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/import-currency-exchange-rates

A controller has opened multiple accounts at an ABC bank. Additional accounts with the bank will be added in the future.
You want to ensure that the configuration of the bank accounts in Microsoft Dynamics 365 for Finance and Operations is as simple as possible.
What should you configure to enable the creation of bank accounts to share data?

  • A. a bank rule for fee payment
  • B. a transaction code mapping
  • C. a bank account transform
  • D. a bank group


Answer : D

The sales team at your company recently signed a contract with a customer in a new state. Since this is the first customer from that state, the controller has asked the bookkeeper to create a Ledger Posting Group for the state’s sales tax.
The bookkeeper needs to create a main account to record the sales tax payable and sales tax settlements for the state’s customer.
What should the bookkeeper do?

  • A. Select a value for the Balance control field
  • B. Define the Offset account as the sales tax payable account
  • C. Set the Posting type to “Sales taxâ€
  • D. Set the Main account category to “TAXPAYâ€


Answer : D

A matching discrepancy exceeds a tolerance percentage or amount. Match variance icons are displayed in the vendor invoice form.
What are the three types of matching that can be performed in this scenario? Each correct answer presents a complete solution. (Choose three.)

  • A. terms of payment matching
  • B. cash discount matching
  • C. three-way matching
  • D. invoice totals matching
  • E. two-way matching


Answer : CDE

References:
https://technet.microsoft.com/en-gb/library/hh242852.aspx

Your company has purchased 10 new trucks for $20,000 each for the service department. The controller has determined that the trucks will be sold after 10 years with a salvage value of about 10%. The county assessor lists 7 years as the useful life of these trucks. For purposes of financial statement reporting, the company will carry these on the books for 5 years. The controller wants these tracked with other vehicles in the VEH group.
You need information from the controller in order to set up accounting for these fixed assets.
What information will be entered into the books for these trucks?

  • A. a depreciation period of 36 months for tax purposes
  • B. a depreciation period of 120 months for tax purposes
  • C. a depreciation period of 60 months for tax purposes
  • D. a depreciation period of 84 months for tax purposes


Answer : C

Company policy states that when a sales order is entered, the credit limit needs to be checked against the outstanding balance owed plus any sales order that has not been shipped, delivered, or invoiced yet.
How should you configure Microsoft Dynamics 365 for Finance and Operations in this situation?

  • A. In the Customer record, disable the Mandatory credit limit
  • B. In Accounts receivable parameters, set the Credit limit type to Balance
  • C. In Accounts receivable parameters, set the Credit limit type to Balance+All
  • D. In the Customer record, set the outstanding Credit limit to 0


Answer : C

References:
https://technet.microsoft.com/en-gb/library/jj155667.aspx

You need to set up a new Customer group for a new chain of electronic stores that will sell your product. You have been given some details about the group, and now you need to add the group.
Which two pieces of information are used in the Customer group? Each correct answer presents part of the solution. (Choose two.)

  • A. terms of payment
  • B. default tax group
  • C. customer price group
  • D. credit limit


Answer : AB

References:
https://technet.microsoft.com/en-us/library/aa550231.aspx

A vendor sends your company an invoice that is unrelated to any purchase orders in your system.
The basic details of the invoice need to be entered into the system so that the accounts payable manager can review, approve, and code the invoice to the correct main accounts.
What are two possible actions the accounts payable clerk and the accounts payable manager can take to achieve this goal? Each correct answer presents a complete solution.

  • A. The clerk should enter invoice details into the Invoice journal. The manager should select invoices from the journal and enter details into the Invoice approval journal.
  • B. The clerk should enter invoice details into the Vendor invoice and submit the invoice to the workflow for approval. The manager should review and approve the invoice after selecting the appropriate main accounts for posting.
  • C. The clerk should enter invoice details into the Invoice pool. The manager should select invoices from the pool and enter details into the Invoice journal.
  • D. The clerk should enter invoice details into the Invoice register and post the journal. The manager should select invoices from the register and enter details into the Invoice approval journal.


Answer : AD

References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/accounts-payable/vendor-invoices-overview

You need to make adjustments to your ledger balances before year-end close.
Which methods can be used to accomplish this goal? (Choose two.)

  • A. Use typical journal entries and a closing sheet
  • B. Use a costing sheet and a typical journal entry
  • C. Use a trial balance and a typical journal entry
  • D. Use a closing sheet and a trial balance


Answer : AD

You want to transfer main account balances and financial dimensions from a subsidiary to a consolidated company within Microsoft Dynamics 365 for Finance and
Operations using the Consolidate online process.
In which two places you set up the mapping for this purpose? Each correct answer presents part of the solution. (Choose two.)

  • A. in Financial hierarchies and Group dimensions form
  • B. in the Financial dimensions form in the General Ledger
  • C. in the Elimination journal
  • D. in the Consolidate online form


Answer : AB

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Total 71 questions