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Microsoft MB-340 Exam Practice Questions (P. 2)

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Question #6
A company has recently deployed Microsoft Dynamics 365 Finance. You have been hired as a Functional Consultant. Your role will include the management of the Dynamics 365 Finance system and to provide training for members of the Accounts team.
You are providing training on the cost accounting module in the Dynamics 365 Finance system.
Which of the following statements describes a cost element?
  1. A
    The result of a transfer via data connectors from general ledger entries, cost allocations, and posted cost entries in cost journals.
  2. B
    Used as a function to track and categorize costs.
  3. C
    Classifies costs according to their behavior in relation to changes in key business activities.
  4. D
    Used to distribute cost from one cost object to one or more other cost objects by applying a relevant allocation base.

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

Question #7
A company has recently deployed Microsoft Dynamics 365 Finance. You have been hired as a Functional Consultant. Your role will include the management of the Dynamics 365 Finance system and to provide training for members of the Accounts team.
You are providing training on the cost accounting module in the Dynamics 365 Finance system.
Which of the following statements describes a cost entry?
  1. A
    Used to distribute cost from one cost object to one or more other cost objects by applying a relevant allocation base.
  2. B
    Used to allocate the balance of a cost object to other cost objects by applying an allocation base
  3. C
    Represents the cost structure. The structure determines how cost flows in a hierarchical order between cost object dimensions and their respective cost objects.
  4. D
    The result of a transfer via data connectors from general ledger entries, cost allocations, and posted cost entries in cost journals.

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

Question #8
Your role of Systems Administrator includes the management of your company's Microsoft Dynamics 365 Finance system.
Users report that the results in financial reports are incorrect.
You discover that the discrepancies are caused by users selecting invalid main account and dimension combinations when posting journal entries.
You need to specify which financial dimensions are valid for which main accounts to prevent the invalid main account and dimension combinations.
What should you configure?
  1. A
    Ledger allocation rules
  2. B
    Financial dimension sets
  3. C
    Account structure
  4. D
    Cost classifications

Correct Answer:
C

Question #9
Your role of Systems Administrator includes the management of your company's Microsoft Dynamics 365 Finance system.
You need to configure posting definitions. You need to determine which transaction types you can configure posting definitions for.
For which of the following can you NOT configure posting definitions?
  1. A
    Fixed assets
  2. B
    Accounts payable
  3. C
    Payroll
  4. D
    Accounts receivable
  5. E
    Budget

Correct Answer:
A

Question #10
A company has recently deployed Microsoft Dynamics 365 Finance. You have been hired as a Systems Administrator. Your role will include the management of the Dynamics 365 system.
You need to configure the sales tax functionality in Dynamics 365 Finance.
You have created the main accounts and set up the ledger posting groups for sales tax.
Which of the following actions should you perform next?
  1. A
    Set up sales tax reporting codes.
  2. B
    Set up sales tax authorities.
  3. C
    Set up sales tax codes.
  4. D
    Set up sales tax groups.

Correct Answer:
B

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