MB-310 Exam Practice ACTUAL UPDATED QUESTIONS AND CORRECT ANSWERS
Yes 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 Finance.
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 into 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 No.
✑ 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
No.
- Set the Transfer profit and loss dimensions option to Close All.
✑ Set all prior and future Ledger periods to a status of On Hold.
Does the solution meet the goal?
,No 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 Finance.
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 into 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 to Close All.
✑ Set all prior and future Ledger periods to a status of On Hold.
Does the solution meet the goal?
No 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 Finance.
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 into 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 No.
- Set the Create closing transactions during transfer option to No.
- Set the Fiscal year status to permanently closed option to No.
✑ 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
No.
- Set the Transfer profit and loss dimensions to Close All.
✑ Set all prior and future Ledger periods to a status of On Hold.
Does the solution meet the goal?
, Intercompany Journal You must configure automatic creation of due to/due from transactions based on
when LegalEntityA transacts with LegalEntityB
Allocation Terms You must automatically split the dollar amount in half between DimensionA and
DimensionB when the journal is posted
Leger Allocation Rules You must set up fixed or variable allocations, and then review the allocation in a
journal before posting
Accounts for automatic transactions The system must automatically post year-end results to account 30016 during
year-end close
A. Configure the fiscal year close parameters A company is preparing to complete a year-end close process.
D. Validate the main account type You need to configure the Dynamics 365 Finance general ledger module.
E. Create the next fiscal year Which three configurations actions should you perform? Each correct answer
presents part of the solution.
NOTE: Each correct selection is worth one point.
A. Configure the Fiscal year close parameters
B. Configure the ledger calendar for the new fiscal year
C. Set up the year end close template
D. Validate the main account type
E. Create the next fiscal year
C. When creating multiple balanced ledger entries based A client has unique accounting needs that sometimes require posting definitions.
on transaction types or accounts You need to implement posting definitions.
In which situation should you implement posting definitions?
A. when financial dimensions need to default from the vendor record onto an
invoice
B. when only certain dimensions are allowed to post with certain main account
combinations
C. when creating multiple balanced ledger entries based on transaction types or
accounts
D. when the system needs to automatically post a transaction to the accounts
receivable account on invoice posting
B. Financial Transactions An organization is setting up a cost accounting.
C. Fixed Asset Depreciation You need to set up fiscal calendars for Dynamics 365 Finance.
D. Shift Work Hours What are three uses for fiscal calendars? Each correct answer presents a
complete solution.
NOTE: Each correct selection is worth one point.
A. standard work hours
B. financial transactions
C. fixed asset depreciation
D. budget cycles
E. shift work hours
Yes 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 Finance.
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 into 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 No.
✑ 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
No.
- Set the Transfer profit and loss dimensions option to Close All.
✑ Set all prior and future Ledger periods to a status of On Hold.
Does the solution meet the goal?
,No 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 Finance.
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 into 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 to Close All.
✑ Set all prior and future Ledger periods to a status of On Hold.
Does the solution meet the goal?
No 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 Finance.
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 into 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 No.
- Set the Create closing transactions during transfer option to No.
- Set the Fiscal year status to permanently closed option to No.
✑ 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
No.
- Set the Transfer profit and loss dimensions to Close All.
✑ Set all prior and future Ledger periods to a status of On Hold.
Does the solution meet the goal?
, Intercompany Journal You must configure automatic creation of due to/due from transactions based on
when LegalEntityA transacts with LegalEntityB
Allocation Terms You must automatically split the dollar amount in half between DimensionA and
DimensionB when the journal is posted
Leger Allocation Rules You must set up fixed or variable allocations, and then review the allocation in a
journal before posting
Accounts for automatic transactions The system must automatically post year-end results to account 30016 during
year-end close
A. Configure the fiscal year close parameters A company is preparing to complete a year-end close process.
D. Validate the main account type You need to configure the Dynamics 365 Finance general ledger module.
E. Create the next fiscal year Which three configurations actions should you perform? Each correct answer
presents part of the solution.
NOTE: Each correct selection is worth one point.
A. Configure the Fiscal year close parameters
B. Configure the ledger calendar for the new fiscal year
C. Set up the year end close template
D. Validate the main account type
E. Create the next fiscal year
C. When creating multiple balanced ledger entries based A client has unique accounting needs that sometimes require posting definitions.
on transaction types or accounts You need to implement posting definitions.
In which situation should you implement posting definitions?
A. when financial dimensions need to default from the vendor record onto an
invoice
B. when only certain dimensions are allowed to post with certain main account
combinations
C. when creating multiple balanced ledger entries based on transaction types or
accounts
D. when the system needs to automatically post a transaction to the accounts
receivable account on invoice posting
B. Financial Transactions An organization is setting up a cost accounting.
C. Fixed Asset Depreciation You need to set up fiscal calendars for Dynamics 365 Finance.
D. Shift Work Hours What are three uses for fiscal calendars? Each correct answer presents a
complete solution.
NOTE: Each correct selection is worth one point.
A. standard work hours
B. financial transactions
C. fixed asset depreciation
D. budget cycles
E. shift work hours
