Pass the Microsoft Financials Functional Consultant Associate MB-310 Questions and answers with Dumpstech

A company is setting up a budget control system to improve financial management. The company completes the following initial steps:

• Defined financial dimensions

• Set default time intervals

• Configured basic budgeting parameters

The company requires the budget control functionality to monitor and compare the actual expenditures to the budgeted amounts.

You need to configure the budget control configuration linked to the budgeted amount so that the system can effectively monitor and compare actual expenditures to budgeted amounts.

What should you do next?

An organization plans to use defined journal names for each purpose. They want to ensure that journal

processing is easier and more secure.

The organization has the following requirements:

Set up restrictions on the account type and segment values.

Capture data accurately for offset accounts, currency, and financial dimensions.

Maintain internal control and establish materiality limits.

You need to set up journal name elements to meet these requirements.

Which three journal elements should you configure? Each correct answer presents part of the solution.

NOTE: Each correct selection is worth one point.

You need to setup a process of tracking, recording, and analyzing costs associated with the products or activities of a nonmanufacturing organization.

You need to configure the prerequisite setup for the standard costing version for the current period.

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: 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 manage a Dynamics 365 Finance implementation.

You must provide the budget versus actual reporting in near real time.

You need to configure the ledger budgets and forecasts workspace to track expenses over budget and revenue under budget.

Solution: Configure an expense dimension set. Configure the set show amounts field value to per budget cycle.

Does the solution meet the goal?

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 managing credit and collections

You need to set up mandatory credit limits for all customer documents

Solution: Select None as the credit type in the Accounts receivable parameters form. Select the Mandatory credit limit check box in the Customers form.

Does the solution meet the goal?

A client has unique accounting needs that sometimes require posting definitions.

You need to implement posting definitions.

In which situation should you implement posting definitions?

A company manufactures and installs air filtering units for industrial manufacturing plants.

The air filtering units are manufactured to order. The com

• 25 percent at the time of the sale

• 50 percent when the unit is shipped

• 25 percent when the unit is installed

Additionally, a three-year warranty is sold with covers.

You need to configure revenue recognition.

What should you do?

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.

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 United States-based company uses [Dynamics 365 Finance to collect and report sales tax. The company has a main account for each state where they collect and report sales tax.

The system must transfer the tax liability for each state to their respective main account automatically every month when they run the settle and post sales tax process.

You need to configure Dynamics 365 Finance.

What should you do?