Microsoft MB-310 Exam Practice Questions (P. 1)
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Question #1
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?
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?
- AYesMost Voted
- BNo
Correct Answer:
A
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
A
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
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Question #2
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?
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?
- AYes
- BNoMost Voted
Correct Answer:
B
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
B
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
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Question #3
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?
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?
- AYes
- BNoMost Voted
Correct Answer:
B
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
B
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
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Question #4
HOTSPOT -
You are implementing a Dynamics 365 Finance general ledger module for a client that has multiple legal entities.
The client has the following requirements:
✑ Configure automatic creation of due to/due from transactions based on when LegalEntityA transacts with LegalEntityB.
✑ Automatically split the dollar amount in half between DimensionA and DimensionB when the journal is posted.
✑ Set up fixed or variable allocations, and then review the allocations in a journal before posting.
✑ Automatically post year-end results to account 30016 during year-end close.
You need to configure the system.
Which system capability should you configure? To answer, select the appropriate configuration in the answer area.
NOTE: Each correct selection is worth one point.
Hot Area:

You are implementing a Dynamics 365 Finance general ledger module for a client that has multiple legal entities.
The client has the following requirements:
✑ Configure automatic creation of due to/due from transactions based on when LegalEntityA transacts with LegalEntityB.
✑ Automatically split the dollar amount in half between DimensionA and DimensionB when the journal is posted.
✑ Set up fixed or variable allocations, and then review the allocations in a journal before posting.
✑ Automatically post year-end results to account 30016 during year-end close.
You need to configure the system.
Which system capability should you configure? To answer, select the appropriate configuration in the answer area.
NOTE: Each correct selection is worth one point.
Hot Area:

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Question #5
A company is preparing to complete a year-end close process.
You need to configure the Dynamics 365 Finance general ledger module.
Which three configurations actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
You need to configure the Dynamics 365 Finance general ledger module.
Which three configurations actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- AConfigure the Fiscal year close parametersMost Voted
- BConfigure the ledger calendar for the new fiscal year
- CSet up the year end close templateMost Voted
- DValidate the main account type
- ECreate the next fiscal yearMost Voted
Correct Answer:
ADE
This question is asking about configuring the system. Answers A (Configure the Fiscal year close parameters), D (Validate the main account type) and E (Create the next fiscal year) are required to configure the system.
The next step after configuring the system would be Answer C (Set up the year end close template).
After the system is configured, the year-end close process can be run. On the Year-end close page, a template can be defined for the group of legal entities for which the year-end close process will be run. The template will be reused at each year-end close, but can be modified if your organization changes.
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
ADE
This question is asking about configuring the system. Answers A (Configure the Fiscal year close parameters), D (Validate the main account type) and E (Create the next fiscal year) are required to configure the system.
The next step after configuring the system would be Answer C (Set up the year end close template).
After the system is configured, the year-end close process can be run. On the Year-end close page, a template can be defined for the group of legal entities for which the year-end close process will be run. The template will be reused at each year-end close, but can be modified if your organization changes.
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/year-end-close
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Question #6
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?
You need to implement posting definitions.
In which situation should you implement posting definitions?
- Awhen financial dimensions need to default from the vendor record onto an invoice
- Bwhen only certain dimensions are allowed to post with certain main account combinations
- Cwhen creating multiple balanced ledger entries based on transaction types or accountsMost Voted
- Dwhen the system needs to automatically post a transaction to the accounts receivable account on invoice posting
Correct Answer:
D
D

It looks like the selected answer in the question might indeed have a discrepancy. Based on user input and corroborating documentation (as provided in user comment links), posting definitions in Dynamics 365 Finance should indeed be used to create multiple, balanced ledger entries based on transaction types or accounts. This functionality specifically caters to complex transactions that require detailed ledger entries across different accounts and is crucial for accurate financial reporting and compliance. Thus, it seems the correct answer should likely be option C rather than D. Always ensure alignment with the latest official Microsoft documentation.
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Question #7
An organization is setting up a cost accounting.
You need to set up fiscal calendars for Dynamics 365 Finance.
What are three uses for fiscal calendars? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
You need to set up fiscal calendars for Dynamics 365 Finance.
What are three uses for fiscal calendars? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
- Astandard work hours
- Bfinancial transactionsMost Voted
- Cfixed asset depreciationMost Voted
- Dbudget cyclesMost Voted
- Eshift work hours
Correct Answer:
BCD
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/fiscal-calendars-fiscal-years-periods
BCD
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/budgeting/fiscal-calendars-fiscal-years-periods
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Question #8
You are configuring automatic bank reconciliation functionality for a company that has multiple bank accounts. The company wants to import their bank statements.
You need to import electronic bank statements to reconcile the bank accounts.
Which three actions can you perform? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
You need to import electronic bank statements to reconcile the bank accounts.
Which three actions can you perform? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.
- ASelect all the bank accounts for the bank statement files, and then upload all files
- BSelect Account reconciliation on the bank account form
- CImport bank statements from the Data management workspaceMost Voted
- DNavigate to Import statement on the Bank Statements page of Cash and Bank ManagementMost Voted
- ESelect Import statement for multiple bank accounts in all legal entities, and then upload a zip fileMost Voted
Correct Answer:
BDE
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cash-bank-management/reconcile-bank-statements-advanced-bank-reconciliation
BDE
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/cash-bank-management/reconcile-bank-statements-advanced-bank-reconciliation
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Question #9
A company plans to create a new allocation rule for electric utilities expenses.
The allocation rule must meet the following requirements:
✑ Distribute overhead utility expense to each department.
✑ Define how and in what proportion the source amounts must be distributed on various destination lines.
You need to configure the allocation rule.
Which allocation method should you use?
The allocation rule must meet the following requirements:
✑ Distribute overhead utility expense to each department.
✑ Define how and in what proportion the source amounts must be distributed on various destination lines.
You need to configure the allocation rule.
Which allocation method should you use?
- ADistribute the source document amount equally
- BFixed weight
- CEqually
- DBasisMost Voted
Correct Answer:
D
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/ledger-allocation-rules
D
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/financials/general-ledger/ledger-allocation-rules
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Question #10
HOTSPOT -
A food manufacturer uses commodities such as beans, corn, and chili peppers as raw materials. The prices of the commodities fluctuate frequently. The manufacturer wants to use cost versions to simulate these fluctuations.
You need to set up cost versions and prices to accomplish the manufacturer's goal.
For which purpose should you use each costing type? To answer, select the appropriate options in the answer area.
NOTE: Each correct selection is worth one point.
Hot Area:

A food manufacturer uses commodities such as beans, corn, and chili peppers as raw materials. The prices of the commodities fluctuate frequently. The manufacturer wants to use cost versions to simulate these fluctuations.
You need to set up cost versions and prices to accomplish the manufacturer's goal.
For which purpose should you use each costing type? To answer, select the appropriate options in the answer area.
NOTE: Each correct selection is worth one point.
Hot Area:

Correct Answer:
Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/supply-chain/cost-management/costing-versions

Reference:
https://docs.microsoft.com/en-us/dynamics365/unified-operations/supply-chain/cost-management/costing-versions
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