Microsoft MB6-702 Online Practice Questions and Exam Preparation

Microsoft MB6-702 Online Questions & Answers

• Question 1:

  In which three scenarios should you use a bridging account? Each correct answer presents a complete solution.

  A. To settle prepayments for a vendor
  B. As a method of payment for customers
  C. To settle prepayments for a customer
  D. As a method of payment for vendors
  E. To settle postdated checks for a vendor
  B. As a method of payment for customers
  D. As a method of payment for vendors
  E. To settle postdated checks for a vendor

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  B:

  * For a business that still receive checks from customer (and we are glad that we do), it is important to differentiate the two elements of receiving a customer payment.

  1.

  Applying the payment to an invoice.

  2.

  Depositing the check.

  Dynamics AX has a nice way of handling this through bridging accounts.

  * In Methods of payment - customers (form)

  Field: Bridging account

  Select the account for bridging transactions. This account is used if you selected the Bridging posting check box.

  D: In Methods of payment - vendors (form)

  Field: Bridging account

  Select the account for bridging transactions. This account is used if you selected the Bridging posting check box.

  E: Set up a method of payment for postdated checks

  1.

  Click Accounts payable > Setup > Payment > Methods of payment.

  -or-

  Click Accounts receivable > Setup > Payment > Methods of payment.

  2.

  In the Method of payment field, enter the method of payment for a customer or a vendor. For more information

  3.

  In the Account type field, select Bank.

  4.

  In the Payment account field, select the bank account that is used to deduct the invoice amount.

  5.

  Select the Postdated check clearing posting check box to indicate that the check amount is posted to a clearing account. (Select the clearing account in the Clearing account for issued checks or Clearing account for received checks field in

  the Cash and bank management parameters form.) The Bridging posting check box is selected.

  Note: A bridging account or a clearing account is a temporary account that is used to post a transaction until the transaction is reconciled.

  Reference: Methods of payment - customers (form) [AX 2012] Methods of payment - vendors (form) [AX 2012] Set up postdated checks [AX 2012];

• Question 2:

  You set up and activate a new budget planning process. You generate the original budget plan from the general ledger data.

  The department managers need to enter their requested amounts for the budget plan and then load them back into Microsoft Dynamics AX.

  Where should the department managers enter the data?

  A. In the Budget planning process form
  B. In a new budget register entry
  C. In the justification that is accessed from the budget plan lines
  D. In the Excel worksheet that is accessed from the budget plan lines
  D. In the Excel worksheet that is accessed from the budget plan lines

  ---

  When you create a worksheet, you can import the data from multiple scenarios, analyze and modify the data, and then publish the data back to the budget plan. Import, modify, and publish budget plan data by using worksheets

  1.

  In the Budget plan form, on the Action Pane, click Worksheet. Information is exported to the worksheet.

  2.

  In Excel, you can analyze, chart, and update the amounts in the worksheet. Then, on the Dynamics AX tab, click Publish to import the updated information back to the budget plan.

  3.

  In Microsoft Dynamics AX, on the Action Pane, click Refresh to update the form.

• Question 3:

  You are implementing fixed assets for your company.

  The company requires the following business process for creating assets:

  1.

  A worker completes a capital expenditure form and submits it to the accounting department for review and approval.

  2.

  After the form is approved, the asset is created.

  3.

  A purchasing agent creates a purchase order and submits it to the vendor for processing.

  4.

  When the invoice is received from the vendor, the accounts payable clerk processes an invoice to acquire the asset. No other users are allowed to process the acquisition.

  You need to configure Microsoft Dynamics AX to meet these requirements.

  Which two configurations should you complete? Each correct answer presents part of the solution.

  A. Configure the Business rule for fixed assets determination rule.
  B. Set the Create asset during product receipt or invoice posting parameter to true.
  C. Configure a user group for the Restrict asset acquisition posting to user group parameter.
  D. Set the Check for fixed assets creation during line entry parameter to true.
  E. Set the Allow asset acquisition from Purchasing parameter to true.
  A. Configure the Business rule for fixed assets determination rule.
  D. Set the Check for fixed assets creation during line entry parameter to true.

  ---

  A: Creating business rules for fixed assets determination This helps identify a purchase to a potential fixed asset based on a monetary threshold of the purchase price or selection on a procurement hierarchy when doing a purchase

  requisition.

  D:

  Field: Check for fixed assets creation during line entry Select this check box to verify that a fixed asset is eligible based on existing fixed asset rules. If this option is selected, the fixed asset group is set on the purchase order line, according to

  the defined fixed asset rules, when the purchase order line is created.

  Reference: Creating a Purchase Requisition for a Fixed Asset Set up Fixed assets parameters [AX 2012]

• Question 4:

  You are implementing Microsoft Dynamics AX 2012 for an organization that has multiple regions of operation.

  The organization has a policy that states that centralized payments should be processed through the main office.

  Which three actions should you perform to enable centralized payments? Each correct answer presents part of the solution.

  A. Set up the organizational hierarchy and the organization hierarchy purposes.
  B. Set up intercompany accounting.
  C. Set up currencies and their respective exchange rates.
  D. Set up a bridging account.
  E. Set up accrual schemes.
  A. Set up the organizational hierarchy and the organization hierarchy purposes.
  B. Set up intercompany accounting.
  C. Set up currencies and their respective exchange rates.

  ---

  A: You must set up an organizational hierarchy for centralized payments.

  B: Before you begin, the following setup procedures must be complete:

  *

  (B) Set up intercompany accounting

  *

  Create legal entities

  *

  Set up General ledger parameters

  *

  Set up Accounts payable parameters

  C: Set up currency codes for centralized payments Reference: Set up centralized vendor payments [AX 2012]

• Question 5:

  In which three modules is currency rounding configuration an option? Each correct answer presents a complete solution.

  A. Budgeting
  B. Project management and accounting
  C. Accounts receivable
  D. Procurement and sourcing
  E. Accounts payable
  B. Project management and accounting
  C. Accounts receivable
  E. Accounts payable

  ---

  CE: Document-level rounding of currency translation is required for reconciliation with subledgers, accounts payable, and accounts receivable, for example. Reference: What's new: General ledger features [AX 2012]

• Question 6:

  Your company uses a fiscal calendar that has the following pattern:

  First fiscal period is four weeks long.

  Second fiscal period is four weeks long.

  Third fiscal period is five weeks long.

  This pattern repeats throughout the entire fiscal year.

  You need to configure the fiscal calendar in Microsoft Dynamics AX.

  How should you create the fiscal calendar?

  A. Set the Unit to Days, and then enter the number of days appropriately.
  B. Set the Unit to Years, and then use the Divide period function to divide the periods appropriately
  C. Set the Unit to Months, and then use the Divide period function to divide the periods appropriately.
  D. Set the Unit to Weeks, and then enter the number of weeks appropriately.
  B. Set the Unit to Years, and then use the Divide period function to divide the periods appropriately

  ---

  *

  Divide period

  Divide the selected period into two periods. Enter a period start date and a new period name, and then click Divide.

  *

  Fiscal calendars contain fiscal years, and fiscal years contain periods. A fiscal calendar is a grouping of one or more fiscal years that is used for financial activity. You can create fiscal calendars that are independent of your legal entity and

  that can be selected and shared by multiple legal entities. You can use the Fiscal calendars form to create and delete fiscal calendars and fiscal years. You can also create and change the periods that are part of a fiscal year.

  *

  If a period has a status of Open, you can divide the period into two periods. You might want to do this if you have to change the dates for a period. When you divide a period, the original period is deleted, and the following two periods are

  created:

  / The first period uses the starting date and name of the original period. The ending date is one day before the starting date that you enter for the second period. / The second period uses the starting date that you enter in the Period start field.

  The ending date is the ending date of the original period.

  Fiscal calendars (form) [AX 2012]; Key tasks: Fiscal calendars, fiscal years, and periods [AX 2012]

• Question 7:

  You need to create vendor accounts by using Microsoft Dynamics AX. Which field is mandatory for creating a vendor account?

  A. Mode of delivery
  B. Group
  C. Credit limit
  D. Terms of payment
  B. Group

  ---

  When you create a vendor account, you enter information about the vendor that is used to populate documents automatically and to track activity with the vendor. For example, you can enter the following information for a vendor:

  * Assign a vendor group. Every vendor must be assigned to a vendor group. Vendors in a vendor group have parameters in common. For example, they may have the same terms of payment. Reference: Create a vendor account [AX 2012]

• Question 8:

  What are three account types that you can choose in a General ledger journal voucher? Each correct answer presents a complete solution.

  A. Inventory
  B. Customer
  C. Vendor
  D. Item
  E. Project
  B. Customer
  C. Vendor
  E. Project

  ---

  Field: Account type Specify the account type:

  

  Customer

  

  Vendor

  

  Project

  

  Ledger

  

  Fixed assets

  

  Bank

  Journal voucher - Invoice journal (form) [AX 2012]

• Question 9:

  Which two documents can you use to set up fixed asset acquisitions? Each correct answer presents a complete solution.

  A. Free text invoice
  B. Invoice journal
  C. Sales order
  D. Purchase order
  A. Free text invoice
  D. Purchase order

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  A: The integration of Fixed assets with Accounts receivable uses posting profiles that are set up in Fixed assets. These posting profiles are activated when a fixed asset, value model, and fixed asset transaction type are selected for a customer invoice before the customer invoice is posted. Because fixed assets are not part of Inventory management, you must use the Free text invoice form when you sell a fixed asset.

  D: Fixed assets can be integrated with General ledger, Inventory management, Accounts receivable, and Accounts payable. You can also set up Fixed assets so that it is integrated with purchase orders.

  You can enter Fixed assets transactions in the Free text invoice form.

  Reference: About fixed assets integration [AX 2012]; About options for entering fixed asset transactions [AX 2012]

• Question 10:

  You are configuring a budget plan to automatically spread. Which allocation method should you use?

  A. The Aggregate allocation method
  B. The Allocate across periods method
  C. The Distribute allocation method
  D. The Allocate across dimensions method
  B. The Allocate across periods method

  ---

  Allocate across periods The budget plan lines are allocated from the source budget plan scenario across periods in the destination scenario by using a period allocation key.

  In the Master planning form, you can set up period allocation keys to automatically explode sales orders in a period. For example, a period allocation key can distribute an order of 1,000 units over 30 days with a period percentage of 25

  percent per week.

  Reference: Period allocation categories (form) [AX 2012]