Financial Management in Microsoft Dynamics 365 for Finance and Operations v1.0

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Exam contains 71 questions

You want to import foreign currency exchange rates on a daily basis, rather than having to enter them manually.
Besides the date or dates of the rates to be imported, which two pieces of information are required on the import currency exchange rates from? Each correct answer presents a complete solution. (Choose two.)

  • A. Exchange rate type
  • B. Currency revaluation account
  • C. Currency codes
  • D. Exchange rate provider


Answer : AD

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

You need to configure an allocation on account 606785 for the Utilities expense. The amount must be spread across a variety of departments based on percentage.
What should you do?

  • A. Create a legal entity override on main account 606785 and then define the allocation percentage.
  • B. Create an allocation term and link it to main account 606785.
  • C. Create a financial dimension default template with allocation percentages and link it to main account 606785.
  • D. Create a ledger allocation basis and link it to main account 606785.


Answer : D

You are creating an exception of the Business Unit dimension; you do not want to roll any financial dimensions forward to the Retained Earnings main account for the new year.
What should you do in the Fiscal Year-End Close form to achieve this goal?

  • A. Set "Transfer balance sheet dimensions "to "No"
  • B. Under "Transfer profit and loss dimensions, "set all dimensions to "Close single" except the Business Unit dimension.
  • C. Under "Transfer profit and loss dimensions, "set all dimensions to "Close none".
  • D. Under "Transfer profit and loss dimensions, "set all dimensions to "Close all" except the Business Unit dimension.


Answer : B

You are configuring your year-end close process.
One of the periods in your fiscal year is currency capable of recording accounting transactions.
Which period type is assigned to the period?

  • A. Closing
  • B. On hold
  • C. Operating
  • D. Opening


Answer : C

You need to export balances from Microsoft Dynamics 365 for Finance and Operations to an external system. There is a "Use Consolidation Account" Yes/No parameter in the criteria.
In which two circumstances should you choose "Yes" for this parameter? Each correct answer presents a complete solution. (Choose two).

  • A. You want to export some balances into a different account then the main account of the balances in the subsidiary company
  • B. You want to export all balances into a different account then the main account of the balances in the subsidiary company
  • C. You want to export all balances into the same account as the main account of the balances in the subsidiary company
  • D. You want to export some balances into the same account as the main account of the balances in the subsidiary company


Answer : AB

References:
https://technet.microsoft.com/en-us/library/aa618539.aspx

You need ensure that you have the most current data to manage customer collections.
What should you create first?

  • A. a customer aging snapshot
  • B. a customer pool
  • C. a customer account statement
  • D. a customer balance list


Answer : A

References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/accounts-receivable/collections-credit-accounts-receivable

You are implementing the budget control feature for Contoso, LTD. You need to configure the system based on the requirements you have gathered.
Which three settings can be defined for the Budget control configuration feature? Each correct answer presents a complete solution. (Choose three.)

  • A. the various transactions that will have a budget check performed
  • B. the transactions to be included and excluded in the budget funds available
  • C. the budget planning stages and templates for uploading the budget
  • D. the main accounts and financial dimensions to be validated
  • E. the workflow that is required when a budget is exceeded


Answer : BDE

You create and post a payment journal with a method of payment that is configured with bridging account. The bank notifies you that the payment has cleared the account.
What should you do next?

  • A. Create a general journal, and use the Bridged transactions feature to select and move the payment to a Bank account.
  • B. Create a general journal with an offset account for the correct bank, and use the Settlement feature to select the Bridged transactions to clear.
  • C. Create a general journal, adding lines to debit the bridging account and credit the bank account, then use the Bridged transaction feature to mark the journal lines for settlement.
  • D. Create a general journal, adding lines to debit the bridging account and credit the bank account, then use the bank reconciliation feature to settle the Bridged transaction with the bank transaction.


Answer : D

You use the financial period close workspace.
You need to view the status of your overall closing schedule.
When viewing the status, which three ways are you able to sort? Each correct answer presents a complete solution. (Choose three.)

  • A. Status by company
  • B. Status by store
  • C. Status by person
  • D. Status by area
  • E. Status by product


Answer : ACD

You create a new budget register entry. You later realize that the date for the lines is set to today"™s date.
You need to quickly correct the dates to be the first day of the current month.
What should you do?

  • A. Use the periodic journal feature to save the journal, then create a new journal with the correct date in the dialog.
  • B. Select all the lines on the budget register entry, and then use the allocate across periods feature to update the date.
  • C. Select all the lines on the budget register entry, use the copy feature to duplicate all the lines, and select the correct date.
  • D. Use the open lines in Excel feature, modify the entries to have the correct date, and then publish the spreadsheet.


Answer : D

Your company will be paying out annual bonuses next month. The controller has asked you to set up a special check layout for these bonus checks. The company normally does not use pre-printed checks. These checks will be pre-printed with a special design, using the company"™s corporate headquarters address.
You need to define the special check layout in Microsoft Dynamics 365 for Finance and Operations.
In addition to the standard settings required for all checks, which special parameters will be needed for these special layout checks?

  • A. an MICR line
  • B. a fixed check number format
  • C. an amount limit
  • D. bank information


Answer : B

References:
https://technet.microsoft.com/en-us/library/aa576973.aspx

You have created a new legal entity and marked it as a Consolidation company.
You need to complete the configuration to perform a consolidation into the new legal entity for two existing subsidiary companies.
Before you can perform a consolidation, which two other actions are required? Each correct answer presents part of solution. (Choose two.)

  • A. Create a consolidated account structure.
  • B. Configure basic currency requirements.
  • C. Configure basic ledger requirements.
  • D. Create a consolidated chart of accounts.


Answer : BD

While you are printing checks, one of the checks gets jammed in the printer and must be reprinted.
You need to cancel the damaged check.
Which feature should you use for cancelations?

  • A. Payment reversal
  • B. Undo settlement
  • C. Void the transaction
  • D. Void the payment


Answer : D

References:
https://gfeaxblog.wordpress.com/2016/09/25/void-unposted-checks/

You are responsible for budget and are currently creating a budget.
You need to identify the steps that the budget plan will contain.
Which budget planning feature should you use to identify the steps?

  • A. budget planning stages
  • B. budget planning workflow stages
  • C. budget plan scenarios
  • D. budget plan priorities


Answer : A

References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/budget-planning-overview-configuration

Which two elements are required before you can create a budget plan in Microsoft Dynamic 365 for Finance and Operations? Each correct answer presents part of the solution. (Choose two.)

  • A. budget planning process
  • B. budget cycle time span
  • C. budget plan preparer
  • D. budget plan priorities


Answer : AD

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Exam contains 71 questions

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