MB-310 Self-Study Guide for Becoming an Microsoft Dynamics 365 Finance Functional Consultant Expert
MB-310 Study Guide Realistic Verified MB-310 Dumps
Microsoft MB-310 certification exam is designed for individuals who want to demonstrate their expertise in Microsoft Dynamics 365 Finance. Microsoft Dynamics 365 Finance Functional Consultant certification is aimed at functional consultants who have a strong understanding of financial management processes and can provide solutions to complex business challenges. MB-310 exam tests candidates on their knowledge of finance and accounting processes, financial reporting, budgeting, and cash management.
NEW QUESTION # 74
You need to troubleshoot the reporting issue for User7.
Why are some transactions being excluded?
- A. User7 is running the report in CompanyA.
- B. The report is correctly excluding CustomerZ transactions.
- C. The report is correctly excluding CustomerY transactions.
- D. User7 is running the report in CompanyB.
Answer: C
Explanation:
Explanation/Reference:
Manage and apply common processes
Question Set 1
NEW QUESTION # 75
You need to configure the posting groups for Humongous insurance s subsidiary. Which ledger posting group field should you use?
- A. Sales tax payable
- B. Customer case discount
- C. Use tax expense
- D. Sales tax receivable
- E. Use tax payable
Answer: E
NEW QUESTION # 76
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 creating multiple balanced ledger entries based on transaction types or accounts
- B. when financial dimensions need to default from the vendor record onto an invoice
- C. when only certain dimensions are allowed to post with certain main account combinations
- D. when the system needs to automatically post a transaction to the accounts receivable account on invoice posting
Answer: D
NEW QUESTION # 77
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.
Answer:
Explanation:
Explanation:
NEW QUESTION # 78
You are a Dynamics 365 Finance and Operations functional consultant A legal entity processes and settles vendor payments :on behalf of other legal entities in an organization.
You need to configure the centralized payment flow for the legal entity.
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:
Explanation
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cash-bank-management/set-up-centr
NEW QUESTION # 79
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.
- A. For new employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the employee's first pay date.
- B. For current employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.
- C. For new employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.
- D. For current employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the employee's first pay date.
Answer: B,D
NEW QUESTION # 80
An organization sells monthly service subscriptions. The organization sends invoices to customers on the 15th of every month in the amount of $450.00.
You need to set up, configure, and process recurring free text invoices for the customers.
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:
NEW QUESTION # 81
You need to configure the system to meet the budget preparation requirements.
What should you do? To answer, select the appropriate options in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation
NEW QUESTION # 82
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution. Determine whether the solution meets 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.
A customer uses Dynamics 365 Finance.
The controller notices incorrect postings to the ledger entered via journal.
The system must enforce the following:
* Expense accounts (6000-6998) require department, division, and project with all transactions. Customer dimension is optional.
* Revenue accounts (4000-4999) require department and division and allow project and customer dimensions.
* Liability accounts (2000-2999) should not have any dimensions posted.
* Expense account (6999) requires department, division, project and customer dimensions with all transactions.
You need to configure the account structure to meet the requirements.
Solution:
* Configure one account structure.
* Configure an advanced rule for Liability accounts (2000-2999) not to display any dimensions when selected.
* Configure an advanced rule for Expense account (6999) to require customer.
* Configure the structure with all dimension fields containing quotations.
Does the solution meet the goal?
- A. Yes
- B. No
Answer: B
Explanation:
Explanation
Dimension fields containing quotations means that a blank value is accepted. This does not enforce a value being configured for the dimensions that are 'Required'.
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
NEW QUESTION # 83
You are configuring Dynamics 365 for Finance and Operations.
You need to implement posting definitions for all available transaction types.
For which type of transactions can you implement posting definitions?
- A. Accounts payable, Bank, Budget, Fixed assets, and Payroll
- B. Accounts payable, Accounts receivable, Bank, Budget, Payroll, and Purchasing
- C. Accounts payable, Accounts receivable, Fixed assets, Payroll, and Purchasing
- D. Accounts payable, Accounts receivable, Budget, and Fixed assets
Answer: B
Explanation:
Section: Set up and configure financial management
Explanation
NEW QUESTION # 84
A client is implementing fixed assets in Dynamics 365 Finance.
You need to specify which parameters should be configured to meet the business requirements.
Which parameters meet the requirements? To answer, drag the appropriate parameters to the correct requirements. Each parameter may be used once, more than once, or not at all. You may need to drag the split bar between panes or scroll to view content.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
1 - posting profile
2 - posting profile
3 - asset book
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/fixed-assets/tasks/set-up-fixed-asset-posting-profiles
https://docs.microsoft.com/en-us/dynamics365/finance/fixed-assets/set-up-fixed-assets
NEW QUESTION # 85
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 are3. NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cost-accounting/terms-cost-accounting
NEW QUESTION # 86
You manage fixed assets in Dynamics 365 Finance.
You have the following requirements:
* Purchase a fixed asset on a purchase order by using a procurement category.
* Purchase a fixed asset on a purchase order by using an item number.
* Post specific tax transactions for fixed assets by using a journal.
You need to associate process in the system with the corresponding business requirement.
Which actions should you perform? To answer, select the appropriate configuration in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation:
Graphical user interface, text, application, email Description automatically generated
Reference:
https://www.loganconsulting.com/blog/fixed-asset-determination-rules-in-d365-for-finance-and-operations/
NEW QUESTION # 87
A rental service company hires you to configure their system to implement accrual schemes.
You need to configure the accrual schemes for this company.
Which configuration and transaction options should you use? To answer, select the appropriate options in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
NEW QUESTION # 88
You need to prevent the issue from reoccurring for User5.
What should you do?
- A. Set up the sampling query type for entertainment expenses.
- B. Add more keywords to the audit policy.
- C. Set up the aggregate query type for entertainment expenses.
- D. Use the audit list search query type.
Answer: B
Explanation:
Explanation/Reference:
Manage budgeting and fixed assets
Question Set 1
NEW QUESTION # 89
You are setting up a budget plan to accurately portray the projected budget for a company.
You need to select the appropriate allocation method for data distribution.
Which allocation methods should you use? To answer, select the appropriate configuration in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/budget-planning-data-allo
NEW QUESTION # 90
You are configuring a Dynamics 365 Finance environment for intercompany accounting. You create the following legal entities:
CompanyA
CompanyB
You need to configure intercompany accounting for both legal entities.
Which three actions should you perform in sequence? To answer, move the appropriate actions from the list of actions to the answer area and arrange them in the correct order.
NOTE: More than one order of answer choices is correct. You will receive credit for any of the correct orders you select.
Answer:
Explanation:
1 - In each legal entity, configure an intercompany..
2 - IN each legal entity, configure a journal name and set the Journal type to Daily.
3 - Determine which legal entity will receive the accounting for supporting amounts.
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/intercompany-accounting-setup
NEW QUESTION # 91
You need to setup 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:
Explanation
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/supply-chain/cost-management/prerequisites-s
NEW QUESTION # 92
A client wants to ensure that transactions posted to the General Ledger have the correct combination of account number and dimensions.
The Services Industry P&L Account Structure has the following information:
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:
Explanation:
Explanation
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
NEW QUESTION # 93
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 are3. NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cost-accounting/terms-cost-accounting
NEW QUESTION # 94
Users are posting project transactions and bank transactions incorrectly in the General journal. The client wants to prevent this from happening in the future.
You need to configure Dynamics 365 Finance to limit the account type transactions to only ledger.
What should you do?
- A. Use advanced ledger entries to define the account types that can be used in the General ledger journal.
- B. Create a journal template that has ledger as the account type and offset account type.
- C. Configure the voucher series associated with this journal to allow only ledger account types.
- D. Use journal control to specify which account types are valid for the General ledger journal.
Answer: A
NEW QUESTION # 95
A retail company has outlets in multiple locations. Taxes vary depending on the location.
You need to configure the various components of the tax framework.
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:
1 - Set up main accounts and ledger posting group for sales tax
2 - Set up sales tax authorities and sales tax settlement periods
3 - Set up sales tax codes
4 - Set up sales tax group and item sales tax groups
5 - Set up sales tax parameters on the application parameter pages
NEW QUESTION # 96
A company sells goods to a customer. You enter an invoice for the customer on June 25. The invoice is eligible for a cash discount of two percent if it is paid in five days and a discount of one percent if it is paid in 14 days.
You need to create a payment journal when the invoices are settled on specific dates.
Which setup options should you use? To answer, select the appropriate options in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
NEW QUESTION # 97
You need to determine the root cause for User1's issue.
Which configuration options should you check? To answer, select the appropriate options in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
NEW QUESTION # 98
A company plans to allocate revenue across occurrences by using recognition basis.
Which recognition basis can you use?
- A. First of next month
- B. Monthly by dates
- C. Mid-month split
- D. first of month
Answer: A
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/accounts-receivable/revenue-recognition-setup
NEW QUESTION # 99
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