[Oct 07, 2023] Latest MB-310 Exam with Accurate Microsoft Dynamics 365 Finance Functional Consultant PDF Questions
Practice To MB-310 - Prep4sureGuide Remarkable Practice On your Microsoft Dynamics 365 Finance Functional Consultant Exam
Passing the MB-310 exam is a great achievement for professionals who want to advance their career in the field of finance and accounting. It demonstrates that the candidate has the necessary skills and knowledge to implement and configure Dynamics 365 Finance solutions, as well as the ability to collaborate with stakeholders and provide effective solutions to business problems. With the MB-310 certification, candidates can enhance their professional credibility and increase their marketability in the job market.
NEW QUESTION # 103
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:
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
NEW QUESTION # 104
You need to configure system functionality for pickle type reporting.
What should you use?
- A. procurement category hierarchies
- B. procurement categories
- C. item model groups
- D. financial dimensions
- E. item groups
Answer: E
Explanation:
Explanation/Reference:
Manage and apply common processes
Question Set 1
NEW QUESTION # 105
You are creating a budget for an organization.
The organization requires that allocations be performed automatically as part of budget planning.
You need to invoke allocations at a specific budget planning stage.
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.
Answer:
Explanation:
NEW QUESTION # 106
You need to configure the system to for existing purchasing contracts.
Which commitment types should you use? To answer, drag the appropriate commitment types to the correct requirements. Each commitment type 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:
Explanation
Reference:
https://docs.microsoft.com/en-us/dynamics365/supply-chain/procurement/tasks/create-purchase-agreement
NEW QUESTION # 107
You need to identify the root cause for the error that User5 is experiencing.
What should you check?
- A. Fixed asset depreciation profiles
- B. Fixed asset posting profiles
- C. Fixed asset books
- D. Fixed asset determination rules
- E. Fixed asset rules
Answer: D
Explanation:
Topic 3, Alpine Ski House
Current environment
Organization and general ledger
Each franchise is set up as a legal entity in Dynamics 365 Finance.
Alpine Ski House Corporate uses financial dimensions for their fully owned resorts.
Each resort is a financial dimension named resort.
Each fully owned resort has two divisions: marketing and operations.
Only Profit and Loss account postings require the division dimension.
Corporate handles the advertising and administration of the fully owned resorts.
Corporate uses Dynamics 365 Project Management and Accounting to manage construction of new resorts.
Budgeting
Organizational budgeting is decentralized but rolls up to one organizational corporate budget.
Each resort manager performs budgeting in Dynamics 365 Finance.
Budget preparation begins this month. All operational resorts will submit their budgets in two weeks.
Sales and tax
Sales tax is configured and used by all resorts that operate in the United States.
You configure one US sales tax vendor account and assign the vendor account to the settlement periods for reporting.
You use accounts receivable charges to track donations.
Existing purchasing contracts
Each franchise resort has an individual contract with a local supplier of their choosing to purchase at least $10,000 worth of suppliers during the calendar year.
The franchise resorts in one US state receive a two percent discount on meat and vegetable purchases in excess of $8,000 per year.
A franchise resort in Utah has agreed to purchase 1,000 units of beef at market price from a local supplier.
Alpine Ski House uses a vendor collaboration portal to track purchase orders and requests for quotes.
Intercompany setup
Requirements
Franchises
Each franchise must pay two percent of monthly sales to Alpine Ski House Corporate.
Each franchise must report their own financials to Alpine Ski House Corporate monthly.
US franchises require a three-way-match on all purchases, with a 1-percent price tolerance.
Canadian franchises require a three-way-match on all purchases except paper products, which have a 10-percent price tolerance.
Corporate
Advertising costs must be balanced across the 10 resorts monthly. These costs must be split across the 12 resorts once construction of the final two resorts is completed.
Administration costs must be split across the 10 resorts proportional to the amount of sales generated.
One percent of all pack and individual ski pass sales must be donated quarterly to an environmental protection organization.
The finance department must be able to see purchasing contracts and discounts for vendors based on volume spend.
Employees
All employee expense reports that contain the word entertainment must be reviewed for the audit purposes. If a journal is posted incorrectly, the entire journal and not just the incorrect line must be fully reversed for audit purposes.
Resorts
All resorts must use Dynamics 365 Finance for budgeting and must first be approved by the regional manager. Purchased fixed assets must automatically be acquired at product receipt.
Issues
User1 reports that irrelevant dimensions display in the drop down when entering a General journal.
User2 reports that dimension 00 is being used for all balance sheet accounts.
User3 tries to generate the quarterly sales tax liability payment for a specific state but does not see any payables available for that state's vendor.
User4 receives a call from a vendor who cannot access the vendor collaboration portal but needs immediate access.
User5 notices a large amount of entertainment expenses being posted without an audit review.
User6 needs to have visibility into the increase in budget that is necessary to staff the two new resorts opening next year.
User7 needs to use Dynamics 365 Finance for situational budgeting planning with the ability to increase and decrease the existing plans by certain percentages.
User8 made a mistake while posting a 1,000-line journal and reverses the entire journal but cannot find the lines that included errors during the reversal.
User9 made a mistake while posting a 55-line journal and reverses the entire journal.
User10 realizes that the purchase of five new computers did not acquire five new fixed assets upon receipt.
NEW QUESTION # 108
A client confirms a safes order in Dynamics 365 for Finance and Operations. You are viewing the confirmed sales order.
Answer:
Explanation:
Explanation
NEW QUESTION # 109
You are configuring vendor collaboration security roles for external vendors. You manually set up a vendor contact.
You need to assign the Vendor (external) role to this vendor.
Which tasks can this vendor perform?
- A. View and modify contact person information, such as the person's title, email address, and telephone number
- B. View consignment inventory
- C. Add a new or existing contact person to the vendor accounts that they are a contact for
- D. Request a new user account for a contact person by using the Provision user action
Answer: B
Explanation:
Section: Topic 3, Implement and manage accounts payable and receivable
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/supply-chain/procurement/set-up-maintain- vendor-collaboration
NEW QUESTION # 110
You need to ensure that User9's purchase is appropriately recorded.
Which three steps should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Set the new fixed asset toggle to yes at the line level.
- B. Enter one purchase order line, enter quantity of 3.
- C. Enter three purchase order lines, enter quantity of 1.
- D. Select a fixed asset group at the line level.
- E. Select a financial dimension at the line level.
Answer: A,C,D
Explanation:
Reference:
https://www.columbusglobal.com/en-us/blog/how-to-purchase-a-fixed-asset-through-a-po-with-dynamics-365 This is a case study. Case studies are not timed separately. You can use as much exam time as you would like to complete each case. However, there may be additional case studies and sections on this exam. You must manage your time to ensure that you are able to complete all questions included on this exam in the time provided.
To answer the questions included in a case study, you will need to reference information that is provided in the case study. Case studies might contain exhibits and other resources that provide more information about the scenario that is described in the case study. Each question is independent of the other questions in this case study.
At the end of this case study, a review screen will appear. This screen allows you to review your answers and to make changes before you move to the next section of the exam. After you begin a new section, you cannot return to this section.
To start the case study
To display the first question in this case study, click the Next button. Use the buttons in the left pane to explore the content of the case study before you answer the questions. Clicking these buttons displays information such as business requirements, existing environment, and problem statements. If the case study has an All Information tab, note that the information displayed is identical to the information displayed on the subsequent tabs. When you are ready to answer a question, click the Question button to return to the question.
Background
Munson's Pickles and Preserves Farm grows and distributes produce, jellies, and jams. The company's corporate headquarters is located in Dallas, TX. Munson's has one operations center and seven regional distribution centers in the United States.
The company has two wholly owned subsidiaries that operate in Canada. The Canadian entity owns an entity in France.
Munson's plans to expand into Latin America by purchasing the last 25 percent of a subsidiary that they own in Costa Rica. This process is expected to complete within the next two years.
The company plans to implement Dynamics 365 Finance and Dynamics 365 Supply Chain to meet their growing business needs.
NEW QUESTION # 111
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?
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- A. Electronic reporting
- B. Financial insights workspace
- C. Financial period close workspace
- D. Financial reporting
Answer: C
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/financial-period-close-workspace
NEW QUESTION # 112
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:
NEW QUESTION # 113
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.
A customer uses Dynamics 365 Finance. The customer creates a purchase order for purchase $20,000 of office furniture.
You need to configure the system to ensure that the funds are reserved when the purchase order is confirmed.
Solution: Configure a posting definition for purchase orders.
Does the solution meet the goal?
- A. No
- B. Yes
Answer: B
Explanation:
Explanation/Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/example-posting-definitions Implement and manage accounts payable and receivable Testlet 2 Case study This is a case study. Case studies are not timed separately. You can use as much exam time as you would like to complete each case. However, there may be additional case studies and sections on this exam. You must manage your time to ensure that you are able to complete all questions included on this exam in the time provided.
To answer the questions included in a case study, you will need to reference information that is provided in the case study. Case studies might contain exhibits and other resources that provide more information about the scenario that is described in the case study. Each question is independent of the other questions in this case study.
At the end of this case study, a review screen will appear. This screen allows you to review your answers and to make changes before you move to the next section of the exam. After you begin a new section, you cannot return to this section.
To start the case study
To display the first question in this case study, click the Next button. Use the buttons in the left pane to explore the content of the case study before you answer the questions. Clicking these buttons displays information such as business requirements, existing environment, and problem statements. If the case study has an All Information tab, note that the information displayed is identical to the information displayed on the subsequent tabs. When you are ready to answer a question, click the Question button to return to the question.
Background
Fourth Coffee is a coffee and supplies manufacturer based in Seattle. The company recently purchased CompanyA, based in the United States, and CompanyB, based in Canada, in order to increase production of their award-winning espresso machine and distribution of their dark roast coffee beans, respectively.
Fourth Coffee has set up CompanyA and CompanyB in their Dynamics 365 Finance and Operations environment to gain better visibility into the companies' profitability. CompanyA and CompanyB will continue to operate as subsidiaries of Fourth Coffee, but all operational companies will be consolidated under Fourth Coffee Holding Company in US dollars (USD) for reporting purposes.
The current organizational chart is shown below:
Current environment
Systemwide setup
* Dynamics 365 Finance in Microsoft Azure is used to manage the supply chain, retail, and financials.
* All companies share a Chart of Accounts.
* Two dimensions are used: Department and Division.
* Budgeting is controlled at the department level.
* Customers and vendors are defined as two groups: Domestic and International.
* Mandatory credit check is set to No.
* Consolidate online is used for the consolidation of all companies.
* International main accounts are subject to foreign currency revaluation.
* The purchasing budget is used to enforce purchasing limits.
General ledger accounts
Fourth Coffee
* The base currency is USD.
* Three item groups are used: coffee, supplies, and nonstock.
* The standard sales tax method is used.
* Acquiring fixed assets requires a purchase order.
* All customer payment journals require a deposit slip.
* CustomerX is a taxable company.
* CustomerY is a tax-exempt company.
* CustomerZ is a taxable company.
* VendorA is a Colombian supplier of coffee beans and belongs to the international vendor group.
* VendorB is a Peruvian supplier of coffee machine filters and belongs to the international vendor group.
* VendorC is a Texas supplier of espresso valves and belongs to the domestic vendor group.
CompanyA
* The base currency is USD.
* It consists of a marketing department and a digital division.
* A 4-5-4 calendar structure is used.
* The standard sales tax method is used.
CompanyB
* The base currency is CAD.
* The conditional sales tax method is used.
Requirements
Reporting
* A consolidated Fourth Coffee financial report is required in USD currency.
* Fourth Coffee and its subsidiaries need to be able to report sales by item type.
* Year-end adjustments need to be reported separately in a different period to view financial reporting inclusive and exclusive of year-end adjustments.
Issues
* User1 observes that a General journal was used in error to post to the Domestic Accounts Receivable trade account.
* User2 has to repeatedly reclassify vendor invoice journals in Fourth Coffee Company that are posted to the marketing department and digital division.
* When User3 posts an Accounts receivable payment journal, a deposit slip is not generated.
* User4 observes an increase in procurement department expenses for supplies.
* User5 observes that sales tax is not calculating on a sales order for CustomerZ.
* User6 observes that sales tax is calculating for CustomerY.
* User7 observes that the sales tax payment report is excluding posted invoice transactions.
* User8 in CompanyA attempts to set up the sales tax receivable account on the sales tax posting form.
* User9 in CompanyA needs to purchase three tablets by using a purchase order and record the devices as fixed assets.
* CustomerX requires a credit check when making a purchase and is currently at their credit limit.
NEW QUESTION # 114
A customer uses Dynamics 365 Finance to manage budgets.
You review a customer's budget funds available calculation and discover that the budget amounts posted two weeks ago are not reflected in the budget control check on a purchase order.
You verify that budget control is set to active.
You need to determine why the budget posted two weeks ago is not reflecting correctly.
What should you do?
- A. Verify whether budget plans are still in draft status.
- B. Compare the budget control active date to the date of the posted register entries to verify that it was active at the time of posting.
- C. Verify that available budget funds are configured appropriately.
- D. Post a budget transfer to add the correct funds.
Answer: B
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/budgeting/budget-control-overview-configuration
NEW QUESTION # 115
You are configuring vendor collaboration security roles for external vendors. You manually set up a vendor contact.
You need to assign the Vendor (external) role to this vendor.
Which tasks can this vendor perform?
- A. View and modify contact person information, such as the person's title, email address, and telephone number
- B. View consignment inventory
- C. Add a new or existing contact person to the vendor accounts that they are a contact for
- D. Request a new user account for a contact person by using the Provision user action
Answer: B
Explanation:
Explanation/Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/supply-chain/procurement/set-up-maintain- vendor-collaboration
NEW QUESTION # 116
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.
- A. Configure the ledger calendar for the new fiscal year
- B. Configure the Fiscal year close parameters
- C. Configure the transfer balance
- D. Validate the main account type
- E. Create the next fiscal year
Answer: B,D,E
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
NEW QUESTION # 117
You are a consultant who is implementing Dynamics 365 Finance in your organization.
You need to set up currencies and exchange rates for a client.
Which three actions should you perform in sequence? To answer, move all actions from the list of actions to the answer area and arrange them in the correct order.
Answer:
Explanation:
1 - Determine the accounting currency used in the ledger
2 - Set up the currency exchange rate
3 - Specify from and to currency
NEW QUESTION # 118
A company manufactures air filtering units few industrial manufacturing plants.
During the acquisition of one of the components that is used in the unit, an agreement is reached that the $25. 000 component mil be paid for in the following schedule:
* The first payment will be $10,000
* The remaining balance will be distributed equally and due on the 15m of the month for the next three months. You need to configure the system for the payment schedule.
What should you do?
- A. Enter $25,000 in the Amount of Transaction Quantity field.
- B. Specify a fixed quantity payment of 5.
- C. Use the Specified allocation method.
- D. Set the Fixed allocation method Rued Amount field lot the monthly amount.
Answer: D
NEW QUESTION # 119
An organization is setting up 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.
- A. budget cycles
- B. standard work hours
- C. shift work hours
- D. fixed asset depreciation
- E. financial transactions
Answer: A,D,E
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/fiscal-calendars-fiscal-years-periods
NEW QUESTION # 120
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