Finance Test (Part 1 of 2, 50Q)

Your company is using basic budgeting and is planning to configure budget control. You need to identify the additional configuration that is needed. Which three components will already be configured as a part of the basic Budgeting setup? Each correct answer presents part of the solution.

You are setting up the budgeting module for your employer and are given a list of budget codes needed in the system. You want to create a "Preliminary" budget code but are unable to select it on the "budget codes" form. Which configuration key enables "Preliminary" and "Apportionments" budget types?

You decide that department managers must submit budget plans to you each quarter. You need to use the budget planning template wizard to generate a budget planning template that each department submit to you. What are three prerequisites for creating a template for budget plan worksheets? Each correct answer presents part of the solution.

You need all budget transfers to use a workflow except the specific members of the budget transfer rules. When creating a budget transfer rule, what information is used to define when transfers are allowed?

Your company is considering tracking budgets by Account, Department, and Cost Center dimensions. There is a requirement to prevent exceeding the budgeted amounts for each Department but not for each Cost Center. Which three actions must be performed to allow budget control for Accounts and Department, and basic budgeting by Account, Departments, and Cost Center, before budget control is enabled? Each correct answer presents part of the solution.

You are creating a budget register entry. You notice that a manual budget reservation will exceed the budget. What should you do within the budget register entry to satisfy the over-budget condition?

You are creating a new budget and realize that you need to allocate a certain percentage of the total budget amount across defined periods. To do this on the budget register entry, you need to define the percentage that will be allocated to each period. What should you set up to achieve this goal?

You are an accountant. You are creating your travel expense budget for the fiscal year and want to enter the same budget amount for each month. On the budget register entry, which option should you choose?

You are the director of finance. You are starting to create budgets for the fiscal year and want to generate budget plans from source information. Which three options can you choose from to Microsoft Dynamics AX Financials? Each correct answer presents a complete solution.

You are creating a parent budget plan that will consist of budget amounts for all departments. You then need to create associate budget plans and link them to the parent budget. Before you can create the associated budget plans, which two steps must be completed? Each correct answer presents part of the solution.

You are creating a new budget plan and want to allocate the budget plan lines from the source budget plan scenario in the parent budget plan to the destination scenario in the associated budget plans. Which allocation method should you use?

You are an accounts receivable manager. Your company levies a fine with a high-interest premium to a customer's overdue amount. The customer disputes this fine and succeeds. You need to waive the fine in Microsoft Dynamics AX Financials. What should you do?

You need to analyze the maturity of customer accounts and vendor accounts, based on a date that you enter. The date entered, together with the Unit and Interval information defined, will be used to calculate and view the transactions. What should you do?

You need to consolidate multiple subsidiary company transactions into the consolidation company in Microsoft Dynamics AX Financials. You need to modify the financial dimensions at the time of consolidation, such as including the originating company code to each transaction. When performing a consolidation in Dynamics AX, which three specifications can be selected for each dimension? Each correct answer presents a complete solution.

Your company decides to use Microsoft Dynamics AX Financials for consolidated financial reporting instead of using Management Reporter. You need to configure a new legal entity for the consolidated financial transactions. What must you do to enable the subsidiary company's transactions to consolidate into the new legal entity that you are creating?

What are the three advanced collection management tasks that are performed in Microsoft Dynamics AX Financials to manage collections? Each correct answer presents the part of the solution.

You are a credit and collections manager. You receive a check of 20,000 USD from a customer against overdue invoices. However, the bank informs you that the customer funds do not exist, and the check does not clear. You need to cancel the payment and charge the customer for this occurrence. What should you do?

You are a credit manager. You want to set up a process in your system to send customers a notification of their balances due if the balance fails to clear within the due date. You also need to apply additional fees to charge the customer on the balance due as per your company policies. What should you do?

You want a 2% bank charge to appear by default on all electronic methods of payment. What do you need to set up and then link to the method of payment?

You are an account payable clerk. When creating purchase order invoices, your company has a policy that you must match the purchase order, product receipt quantities, and amounts to the vendor invoice. In the Accounts Payable Parameters, which line-matching policy should you choose?

You are an accounts receivable manager. You need to categorize the customer payment journal lines as deposits for reporting purposes on the bank statement. What should this manager create and define on the journal lines to categorize them as deposits?

A controller wants to run a Trial Balance report by main account and department. What does the controller need to set up so that Microsoft Dynamics AX Financials will allow this selection during the generation of the Trial Balance report?

A new customer requests to pay their bills in installments, and your company agrees to this request. You need to set up the customer record so that the payments can be processed correctly. What should be added to the customer record?

Your customer needs to set up Fixed assets and treat them as though they were purchased and placed in service at the mid-point of the first year, no matter when during that year the purchase was made. Which depreciation convention should you use when creating the depreciation profile?

You are setting up an allocation rule and distributing amounts based on revenue dollars. You need to share the cost of corporate advertising expenses across all departments and base each department's sales in proportion to the total sales of all departments. Which allocation should you choose?

Your bank requires that you send prenotes (zero dollar transactions) to the bank to verify data. You need to set up the cash and bank management module to allow the creation of prenotes. Which two actions should you perform? Each correct answer presents part of the solution.

You are setting up a system to process supplier taxes. You want to set up the tax so that a user can deduct the tax from a supplier invoice and report the deducted tax to tax authorities. Which tax type should you set up?

You are an account manager. At the end of each month when you close an account, you are required to make the same entry with the same account numbers and currency amounts. You want to make the process quicker so that each month, you process the journal and post it with the appropriate accounting date. What should you create?

You are an accounts payable manager. You receive a rent invoice from a vendor for the next quarter. The total amount of the invoice is 300 USD. If you directly enter the amount, all the charges will be allocated for the same period. However, you want to post the invoice to each appropriate period. What should you create?

You need to create recurring free text invoice template. Which three recurrence patterns are available to the recurring invoices form to the customer record? Each correct answer presents a complete solution.

A financial controller wants to match the total amounts of an invoice to the total amounts of a purchase order. Which type of matching should the controller use?

Your company has decided to add five new vendors for purchasing and you are responsible for configuring the vendors in the new system. You want to group vendors by some specific values that are shared across multiple vendors and you have identified vendor groups on the vendor group from, which two specific values can be defined? Each correct answer presents a complete solution.

You are processing a customer payment and want to generate a payment line based on due date so that you can search the invoice lines that meet selected search criteria. What should you do?

You are an accounts payable clerk. During a check run, Microsoft Dynamics AX Financials generates a check and posts the payment journal. The check is sent to the vendor, but you then learn from the vendor that the check has not been received. To reverse the check payment, which two actions should you perform? Each correct answer presents part of the solution.

When generating a bank statement report, you notice entries for received checks and issued checks. These entries are all unidentified. You want to identify the checks transactions simultaneously by using the bank statement report. Where should you define the default accounts for bank transactions of unidentified checks?

An organization has a policy of charging the same depreciation amount for the fixed asset to each depreciation period. You need to configure depreciation per this policy. Which depreciation method should you use?

You are the accounts payable manager in a European subsidiary of your company. Your company purchases goods from a vendor that is not located in Europe. The vendor did not charge sales tax on the invoice but the customs office sends an invoice because the goods crossed the border and the company declared them at customs. What should you do?

An accountant wants to create a journal amount of 100 USD, exclusive of sales tax, against a customer. The accountant needs to modify the "Amount included sales tax" field so that it applies only to the journal created. Which setting should the accountant use?

You are setting up taxes on customer invoices. You need to report a sales tax on the invoice, as and when it is settled, to the tax authorities. * On January 10, you create an invoice of 1,000 USD, plus 250 USD in sales tax * On February 15, the customer pays half of the invoice, 500 USD, plus 125 USD in sales tax * On March 10, you report tax for February. The 125 USD is included in the sales tax payment When the customer settles the invoice with the second payment of 625 USD, you report the remaining sales tax. What should you set up in this situation?

You are an accounting manager, your company has a new customer, A ledger account must be set up to record the sales tax liability and payments made to the taxing authority to the customer's specific region automatically. Which two account groups should you choose for these ledger accounts? Each correct answer presents part of the solution.

You are setting up sales tax on sales order for you customer. You need to define the setup so that it calculates as follows: * The taxable amount is divided into parts, each of which falls into a range that has a specific sales tax rate. * The part of the amount that falls into a given range is taxed per the tax rate for that range * The sales tax is the sum of the tax amounts that are calculated for each range o @30% from 0 to 100 USD o @20% from 101 to 1000 USD o @10% from 1001 USD and above

You are the accounts receivable manager at you company. The company receives an advance of 10,000 USD against a sales order from the customer. The tax authorities require the company to report the sales tax on the advance amount, even though the sales have not been made. You need to ensure that this requirement is fulfilled. What should you do?

You have a new customer who pays their invoices on Tuesday and Thursday of every week. You need to define this payment cycle on the customer record. What should you do?

An accountant needs to define which main accounts and financial dimensions can be used together when entering journals and transactions. The accountant sets up the chart of accounts and creates the financial dimensions. What are two possible actions the accountant can perform next to achieve the goal? Each correct answer presents a complete solution.

You are an accounts receivable manager. You have an agreement with a customer that they will pay installments on the 25th day of the month every three months. On the customer terms of payment, which three settings do you need to specify? Each correct answer presents part of the solution.

A controller wants to run a Trial Balance report by main account and department. What does that controller need to set up so that Microsoft Dynamics AX Financials will allow this selection during the generation of the Trial Balance report?

You are the finance manager at your company, and you are configuring the bank module. Your primary concern is reviewing processes before posting. Aside from workflow, which two processes are in the cash and bank parameters for an un-posted journal to be created before posting? Each correct answer presents a complete solution.

You need to create a new fixed asset and assign a depreciation profile. You want this fixed asset to be depreciated by the same percentage in each depreciation period. Which depreciation method should be set in the depreciation profile?

Your company receives several invoices to which the sales tax amount differs from what Microsoft Dynamics AX Financials calculates automatically. To make the sales tax amounts match the invoices, you need to revise the sales tax amount on a transaction before posting. What are the three types of revisions that you can perform? Each correct answer presents part of the solution.

You are setting up a sales tax for your customer. You need to define the ledger account 100001 for posting type "Sales tax" on the ledger posting group for the customer. Which account group should you choose?