Ultimate Guide to Prepare MB-310 Certification Exam for Microsoft Dynamics 365 in 2024 [Q11-Q31]

Ultimate Guide to Prepare MB-310 Certification Exam for Microsoft Dynamics 365 in 2024 [Q11-Q31]

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Ultimate Guide to Prepare MB-310 Certification Exam for Microsoft Dynamics 365 in 2024

Use Real MB-310 Dumps – Microsoft Correct Answers updated on 2024

The MB-310 certification exam covers a range of topics related to Microsoft Dynamics 365 Finance, including financial management, accounts payable and receivable, budgeting, financial reporting, and more. MB-310 exam is intended to measure a candidate’s knowledge and skills in these areas, as well as their ability to use Microsoft Dynamics 365 Finance to solve real-world business problems.

NO.11 You need to configure the posting groups for Humongous insurance s subsidiary. Which ledger posting group field should you use?

Sales tax receivable

Use tax expense

Use tax payable

Sales tax payable

Customer case discount

NO.12 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.

1 – Create a free taxt invoice template with header…
2 – Assign the template to the customers that you want to invoice.
3 – Process the recurring invoice by specifying the invoice..
4 – Post recurring free text invoices through the periodic posting button
5 – Print recurring free text invoices
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/accounts-receivable/set-up-process-recurring-invoices

NO.13 A client is using Dynamics 365 Finance for sales order processing and accounts receivable. The client has two customer groups and two Accounts receivable trade accounts. Foreign customers in Group 80 are assigned to account 12001. Domestic customers in Group 40 are assigned to account 12000.
You are viewing the client’s current setup of Customer posting profiles.

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.

Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/accounts-receivable/customer-posting-profiles

NO.14 A public sector company is configuring encumbrance for managing capital budgets.
The finance department needs to configure posting definitions for bank transactions.
You need to configure Dynamics 365 for Finance and Operations for cash settlements.
What should you do?

Configure combined deposit amounts

Configure budget appropriations

Configure general ledger year-end close

Configure advanced ledger entries

Section: Topic 1, Set up and configure financial management

NO.15 You are a functional consultant for Contoso Entertainment System USA (USMF).
You need to automate the allocation of a prepaid expense of 2 percent of all product sales. The allocation must be posted to account number 222222.
To complete this task, sign in to the Dynamics 365 portal.

You need to configure a prepayment percentage for all items. The instructions below are for a single item. For this question, you need to select ‘All’ for all items, enter 2 in the percentage field and select account number 222222 in the account field.

To set up prepayment percentages for items, customers, and vendors
For an item, you can set up a default prepayment percentage for all customers, a specific customer, or a customer price group.

2. Select an item, and then choose the Prepayment Percentages action.
3. On the Sales Prepayment Percentages page, fill in the fields as necessary. Hover over a field to read a short description.
Reference:
https://docs.microsoft.com/en-gb/dynamics365/business-central/finance-set-up-prepayments

NO.16 You plan to implement Dynamics 365 Finance.
You need to configure the system to meet the following requirements:
* Post vendor invoices in a journal.
* Create payments to vendors.
* Post headcount transactions.
* Process intercompany transactions.
Which journal types should you use? To answer, select the appropriate configuration in the answer area.
NOTE: Each correct selection is worth one point.

Explanation

Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/ledger-journal-types

NO.17 A cable and interne t company implements Dynamics 365 Finance
The primary line of business for the company is internet services. The company also sells routers and modems to customers for an additional one-time cost.
You need to configure revenue recognition.
What should you configure?

Create the router and modem sates to post to deferred revenue.

Configure the internet service as essential

Configure the internet service router, and modem as essential.

Create a revenue schedule for the internet service, router, and modem

NO.18 A client has Accounts payable invoices in their legg entity in three different currencies. It is month-end, and the client needs to run the foreign currency revaluation process to correctly understand their currency exposure.
You need to set up Dynamics 365 for Finance and Operations to perform foreign currency revaluation, 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.
NOTE: More than one order of answer choices is correct. You will receive credit for any of the correct orders you select.

1 – In the General ledger module, select the periodic task foreign currency revaluation. Then, specify the accounts eligible for revaluation, excluding the Accounts payable account, select the currency, and select preview before posting.
2 – On the main account setup form, set foreign currency revaluation to on for the Accounts payable account. Then, specify the exchange rate type.
3 – In the Accounts payable module, select the periodic task foreign currency revaluation. Then, specify the parameters for revaluation and perform the revaluation.
4 – In the foreign currency revaluation preview form, ensure that the foreign currency proposal is correct. Then post the revaluation.

NO.19 A company implements basic budgeting functionality in Dynamics 36S Finance.
The company wants to allocate budget register entries for payroll expense amounts to each department based on a predetermined percentage.
You need to configure the allocation.
Which functionality should you use?

Budget transfer rule

Budget control

Allocation term

Period allocation key

NO.20 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 are a. NOTE: Each correct selection is worth one point.

Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/fin-and-ops/organization-administration/workflow-actions

NO.21 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 for Finance and Operations to limit the account type transactions to only ledger.
What should you do?

Use advanced ledger entries to define the account types that can be used in the General ledger journal.

Create a journal template that has ledger as the account type and offset account type.

Use journal control to specify which account types, are valid for the General ledger journal.

Configure the voucher series associated with this journal to allow only ledger account types.

Topic 1, Fourth Coffee Case Study
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 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.

NO.22

You are asked to configure the method of payments for vendors.
You are viewing an Accounts payable method of payment.
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.

NO.23 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? (Choose two). Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.

For new employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.

For current employees, use a Credit accrual scheme. In the ledger accrual, set the offset to the employee’s first pay date.

For new employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the employee’s first pay date.

For current employees, use a Debit accrual scheme. In the ledger accrual, set the offset to the first day of the fiscal year.

Section: Set up and configure financial management

NO.24 A company needs to create budget plan templates for its budgeting process.
You need to create the budget plan templates.
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.

NO.25 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.
You are configuring the year-end setup in Dynamics 365 for Finance and Operations.
You need to configure the year-end setup to meet the following requirements:
* The accounting adjustments that are received in the first quarter must be able to be posted in to the previous year’s Period 13.
* The fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions.
* All dimensions from profit and loss must carry over into the retained earnings.
* All future and previous periods must have an On Hold status.
Solution:
* Configure General ledger parameters.
– Set the Delete close of year transactions option to Yes.
– Set the Create closing transactions during transfer option to Yes.
– Set the Fiscal year status to permanently closed option to Yes.
* Define the Year-end close template.
– Designate a retained earnings main account for each legal entity.
– Set the Financial dimensions will be used on the Opening transactions option to Yes.
– Set the Transfer profit and loss dimensions’ option to Close All.
* Set future Ledger periods to a status of On Hold.
Does the solution meet the goal?

Yes

Section: Set up and configure financial management
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close

NO.26 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.

Explanation

References:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/accounts-receivable/tasks/review-co

NO.27 You need to prevent the issue from reoccurring for User5.
What should you do?

Use the audit list search query type.

Set up the aggregate query type for entertainment expenses.

Set up the sampling query type for entertainment expenses.

Add more keywords to the audit policy.

NO.28 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.

1 – Set up main accounts and ledger posting groups for sales tax
2 – Set up sales tax authorities and sales tax sattlement periods
3 – Set up sales tax codes
4 – Set up sales tax groups and item sales tax groups
5 – Set up sales tax parameters on the application parameter pages

NO.29 A customer plans to implement invoice validation policies.
You need to recommend the features needed to meet each of the customer’s requirements.
What should you recommend? To answer, drag the appropriate features to the correct requirements. Each feature 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.

Explanation

Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/accounts-payable/tasks/set-up-accounts-payable-invoice-

NO.30 You need to configure invoice validation for vendors in Dynamics 365 for Finance and Operations. You are viewing the Accounts payable parameter for Invoice validation.

Reference:
https://docs.microsoft.com/en-us/dynamics365/finance/accounts-payable/tasks/set-up-accounts-payable-invoice-matching-validation

NO.31 An organization uses Dynamics 365 for Finance and Operations.
Several posted journal entries contain invalid main account and dimension combinations. This leads to incorrect financial reporting.
You need to prevent these invalid combinations.
What should you do?

Associate the correct main accounts to that financial dimension on the financial dimension setup form.

Configure financial dimension sets to limit which financial dimensions are valid for which main accounts.

Train users to select the Validate button in the current journal configuration so that the correct account and dimension combination is used.

Configure the account structure to specify which financial dimensions are valid for which main accounts.

Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/configure-account-structures

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Microsoft MB-310 exam measures the candidate’s ability to configure and use the core financial management and accounting modules in Microsoft Dynamics 365 Finance. Candidates will be tested on their knowledge of financial management, accounts receivable, accounts payable, budgeting, forecasting, and financial reporting. They will also be assessed on their ability to configure and use the various features available in Microsoft Dynamics 365 Finance to manage financial data, create financial reports, and analyze financial performance.

Microsoft Dynamics 365 -MB-310 Exam-Practice-Dumps: https://www.latestcram.com/MB-310-exam-cram-questions.html

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