[Dec 11, 2021] ITCertMagic MB-310 Exam Practice Test Questions (Updated 152 Questions)
Pass Microsoft MB-310 Exam Info and Free Practice Test
Skills measured
- Implement and manage accounts payable and expenses (10-15%)
- Implement accounts receivable, credit, collections, and revenue recognition (20-25%)
- Manage budgeting and fixed assets (10-15%)
- The content of this exam will be updated on August 27, 2021. Please download the exam skills outline below to see what will be changing.
- Set up and configure financial management (50-55%)
Implementing Accounts Receivables, Collections, Credits, and Revenue Recognitions (20-25%):
- Manage collections and credits: this section requires your skills in configuring credit management procedures; configuring collections management procedures; managing delinquent customers; preparing and sending customer account statements; managing customer credit holds and credit limits; setting up and processing interest notes and collection letters;
- Manage and implement account receivable: this subject area comes with the individuals’ competence in setting up customer posting profiles; configuring and processing free text invoices; processing orders, invoices & payments; configuring customer payment setup; configuring account receivable charges;
- Configure the revenue recognition: this module covers competence in implementing revenue schedules; entering and processing revenue recognition transactions; configuring journals & parameters or revenue recognition.
Certification Path
The best certificate to follow after the associate-level path is the Microsoft Certified: Dynamics 365: Finance and Operations Apps Solution Architect Expert, which will require you to nail one exam and which requires the Dynamics 365 Finance Functional Consultant Associate validation as a prerequisite.
NEW QUESTION 37
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 company is preparing to complete yearly budgets.
The company plans to use-pie Budget module in Dynamics 365 for Finance and Operations for budget management You need to create the new budgets.
Solution: Create budget plans to define the revenues for a budget
Does the solution meet the goal?
- A. No
- B. Yes
Answer: A
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/budget-planning-overview
NEW QUESTION 38
A client is implementing Accounts payable. The client wants to establish three-way matching for 100 of their 5,000 stocked items from a specific vendor.
The client requires the ability to have items that require only two-way matching and specific items that require three-way matching.
You need to configure the system in the most efficient manner to achieve these requirements.
What should you do?
- A. Configure a company matching policy of two-way matching and set the matching policy for specific item, and vendor combination level to three-way matching.
- B. Configure a company matching policy of a three-way match.
- C. Configure a company matching policy of two-way matching and specify the vendors that require a three-way match.
- D. Configure a company matching policy of non-required and specify the items that require a three-way match.
- E. Configure a company matching policy of two-way matching and specify the items that require a three-way match.
Answer: A
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/accounts-payable/tasks/set-up-accounts-payable-invoice-matching-validation
NEW QUESTION 39
You are setting up main accounts in Dynamics 365 for Finance and Operations.
You need to configure the main accounts to meet the requirements.
Which options should you use? To answer, select the appropriate configuration in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
NEW QUESTION 40
A rental service company with complex accrual requirements has accrual schemes set up in its implementation. They want to use defined accrual schemes to perform transactions.
You need to use an accrual scheme to create transactions for this company.
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
NEW QUESTION 41
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 client has one legal entity, two departments, and two divisions. The client is implementing Dynamics 365 Finance. The departments and divisions are set up as financial dimensions.
The client has the following requirements:
* Only expense accounts require dimensions posted with the transactions.
* Users must not have the option to select dimensions for a balance sheet account.
You need to configure the ledger to show applicable financial dimensions based on the main account selected in journal entry.
Solution: Configure two account structures: one for expense accounts and include applicable dimensions, and one for balance sheet and exclude financial dimensions.
Does the solution meet the goal?
- A. No
- B. Yes
Answer: B
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/configure-account-structures
NEW QUESTION 42
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 43
You need to configure an Accounts payable charge for freight for a company. The company requires that the system include the freight invoice to be paid to the vendor and record the expense in main account 600120 - Freight In.
Answer:
Explanation:
NEW QUESTION 44
You are setting up the Accounts payable module and vendor invoice policies for an organization.
You need to set up vendor invoice policies that run when vendor invoices are posted in the system.
In which two ways can you set up the policies? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
- A. Configure the vendor invoice workflow to run the policies.
- B. Set up invoice matching validation for vendor invoice policy.
- C. Run the policies when you post a vendor invoice by using the Vendor invoice page and when you open the Vendor invoice policy violations page.
- D. Apply the policies to invoices that were created in the invoice register or invoice journal.
Answer: A,C
Explanation:
Reference:
https://docs.microsoft.com/en-us/dynamicsax-2012/appuser-itpro/key-tasks-vendor-invoice-policies
NEW QUESTION 45
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. Request a new user account for a contact person by using the Provision user action.
- C. Maintain vendor collaboration invoices.
- D. Delete any contact person that they have created.
Answer: C
Explanation:
Note:
There are several versions of this question in the exam. The question has two possible correct answers:
1. View consignment inventory.
2. Maintain vendor collaboration invoices.
Other incorrect answer options you may see on the exam include the following:
1. Add a new or existing contact person to the vendor accounts that they are a contact for.
2. Request a new user account for a contact person by using the Provision user action.
3. Deny or allow a contact person's access to documents on the vendor collaboration interface that are specific to the vendor account.
4. Maintain vendor collaboration invoices.
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/supply-chain/procurement/set-up-maintain-vendor-collaboration
NEW QUESTION 46
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 47
A client uses Dynamics 365 for Finance and Operations for accounts receivable.
You need to configure the method of payment to enforce the accounts receivable clerk to enter the wire number for the received electronic payment.
Which item should you set up as mandatory?
- A. Select payment reference
- B. Select Deposit slip
- C. Select bank transaction type
- D. Select Payment ID
Answer: A
NEW QUESTION 48
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 49
A company has delinquent customers.
You need to configure Dynamics 365 for Finance and Operations to meet the following requirements:
* Send communication to the customers detailing their past-due invoices.
* Use the system to automatically calculate a late charges,
* Create a group of customers for a collection agent to monitor.
* View a list of customers with colored indicators of a customer's payment status.
You need to associate the correct system functionality to manage delinquent customers based on these business requirements.
Answer:
Explanation:
Explanation
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/accounts-receivable/tasks/review-co
NEW QUESTION 50
You need to configure settings to resolve User1's issue.
Which settings should you use? To answer, select the appropriate options in the answer area.
NOTE: Each correct selection is worth one point.
Answer:
Explanation:
Explanation
NEW QUESTION 51
A company plans to use Dynamics 365 Finance.
You need to configure basic budgeting.
Which set of actions must you perform?
* A. Define a budget journal
* Define budgeting parameters and number sequences
* Create budget models
* Define budget codes
* Create budgeting workflows
* B. Define a budget journal
* Define budgeting parameters and number sequences
* Define budgeting dimensions
* Create budget models and codes
* C. Define budget exchange rate types
* Define budgeting parameters and number sequences
* Define budgeting dimensions
* Create budget models
* Define budget codes
* D. Define budget exchange rate types
* Define budgeting parameters and number sequences
* Define financial dimensions
* Create budget models
* Define budget codes
Answer:
Explanation:
B
Explanation/Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/basic-budgeting- overview-configuration
NEW QUESTION 52
A company plans to use Dynamics 365 for Finance and Operations. You need to configure basic budgeting.
Which set of actions must you perform?
Which set of actions must you perform?
- A. Option D
- B. Option B
- C. Option A
- D. Option C
Answer: A
Explanation:
Explanation
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/basic-budgeting-overview
NEW QUESTION 53
You are setting up of the process for an expense report approval in Dynamics 365 for Finance and Operations. You need to assign permission for each participant in the workflow approval process to perform their tasks. Which action can each participant perform? To answer, select the appropriate option 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/fin-and-ops/organization-administration/workflow-actions
NEW QUESTION 54
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: Create a separate company in which you manually create the eliminations. Then, use that company in Financial reporting or in the consolidation process.
Does the solution meet the goal?
- A. No
- B. Yes
Answer: B
Explanation:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/consolidation-elimination-overview
NEW QUESTION 55
You are configuring budgeting components in Dynamics 365 for Finance and Operations.
You need to configure multiple budgets.
What are three budgeting options you can use? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
- A. Workforce budget including Compensation groups and Positions
- B. Project budget, including Items and Fees
- C. Ledger budget, including Revenue and Expense types
- D. Cost management budget, including Production and Resource groups
- E. Sales budget, including Campaigns and Events
Answer: A,B,E
NEW QUESTION 56
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