MB-310 Online Practice Questions and Answers

Correct Answer: B

Correct Answer: C

Reference: https://docs.microsoft.com/en-us/dynamics365/finance/cash-bank-management/settlementoverview

Correct Answer: A

Reference: https://docs.microsoft.com/en-us/dynamics365/finance/fixed-assets/acquire-assets-procurement

Correct Answer: D

Set up Ledger posting groups for sales tax

In the Sales tax payable field, select the main account for outgoing sales taxes that are payable to the tax authority. Sales taxes are collected on behalf of the tax authority when you sell taxable goods and services.

Incorrect:

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In the Sales tax receivable field, select the main account for incoming taxes that are received from the tax authority. Vendors collect taxes on behalf of the tax authority when you buy taxable goods and services. This field is not available if

the Apply sales tax taxation rules option is selected in the General ledger parameters page. Instead, sales taxes that are paid to vendors are debited to the same account as the purchase.

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In the Use tax expense field, select the main account for posting deductible Use taxes that are not claimed or reported to the tax authority by vendors as part of

EU reverse charge GST/HST. The Use tax option must be selected for the Sales tax code in the Sales tax group that is used in the transaction. This field won't be available if the Apply sales tax taxation rules option is selected on the General

ledger parameters page.

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In the Use tax payable field, select the main account for posting incoming Use taxes that are payable to tax authorities. The Use tax option must be selected in the Sales tax code in the Sales tax group to post Use tax. If Apply sales tax

taxation rules option is selected in General ledger parameters page, the offset is posted to the transaction's expense account.

Note:

Requirements, Ledger

One of Humongous Insurance's companies provides insurance to government clients and must separate that particular company into its own subsidiary.

The Humongous subsidiary will operate in China, which requires a fiscal year from February 1 to January 31.

Transactions must be posted in the business of record.

Humongous Insurance's subsidiary requires accounting entries to be posted from the subledger to the general ledger by 5:00 PM each day.

Taxes

As part of the spinoff to a subsidiary, Humongous Insurance's subsidiaries taxes must be changed from US government rates to Chinese government rates.

Humongous Insurance's subsidiary must track use taxes that are not claimed or reported to the Chinese tax agency.

Reference:

https://docs.microsoft.com/en-us/dynamics365/finance/general-ledger/tasks/set-up-ledger-posting-groups-sales-tax

Correct Answer: D

Reference: https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cost-accounting/terms-cost-accounting

Correct Answer: ABD

Correct Answer: ABE

Explanation:

Customer posting profiles

Customer posting profiles let you assign general ledger accounts and document settings to all customers, a group of customers, or a single customer. These settings will be used when you create sales orders invoices, free text invoices,

project invoices, payment journals, collection letters, and interest notes.

Specify the following values to set up your posting profile.

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(A) Summary account - Select the main account that will be used as the Accounts receivable trade account for the customers who are associated with the posting profile. This account is the account for the Customer balance posting type.

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(B) Interest code - Select the interest code to use for the calculation of interest for customers to whom the posting profile is assigned.

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(E) Liquidity account for payments - Select the liquidity ledger account that is used for cash flow forecasts. This field will appear only if cash flow forecasts are enabled.

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Etc.

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

Correct Answer:

Box 1: Collection letters Control collection letters at the customer level If collection letters are set up at the transaction level, multiple letters might be generated for a customer, based on transaction aging. If transactions appear in different letter sequences, separate collection letters will be generated for each group of overdue transactions for the customer. Therefore, an individual customer might receive, for example, one collection letter for transactions that are 60 days overdue and another collection letter for transactions that are 90 days overdue. Incorrect:

* Not Aged balances

View the balances on the Aged balances list and on the Collection page

Go to Credit and collections > Collections > Aged balances. The list page shows the balances for the customer. The aging icon shows the aging period for the oldest transaction.

Select a customer with a balance.

Expand the Aging fact box area to view the aged balances. The aging period definition for the fact box is taken from the default aging period definition specified in the parameters. You can change it using the Collect menu.

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Create a free text in

Box 2: Charges

To define auto charges by channel in Commerce, follow these steps.

1.

Go to Accounts receivable > Charges setup > Auto charges.

2.

Etc.

Reference: https://docs.microsoft.com/en-us/dynamics365/finance/accounts-receivable/tasks/process-collection-letters https://docs.microsoft.com/en-us/dynamics365/commerce/auto-charges-by-channel

Correct Answer:

Correct Answer: