Microsoft MB6-702 Online Practice Questions and Exam Preparation

Microsoft MB6-702 Online Questions & Answers

• Question 61:

  You are setting up the cash flow forecast in Microsoft Dynamics AX for your organization. The organization has accounts that are identified as cash or cash equivalents.

  You need to set up these accounts as liquidity accounts for cash flow forecast purposes.

  Where do you set up the accounts?

  A. In the Customers area of the Accounts receivable module setup
  B. In the Vendors area of the Accounts payable module setup
  C. In the Cash and bank management parameters form of the Cash and bank management module
  D. In the Posting area of the General ledger module setup
  D. In the Posting area of the General ledger module setup

  ---

  1.

  Click General ledger > Setup > Posting > Liquidity.

  2.

  Click New to create a line for a liquidity account.

  3.

  In the Main account field, select a ledger account that is a cash or cash-equivalent account.

  4.

  In the Name field, enter a description of the account so that you can easily recognize the account.

  5.

  Repeat steps 2 through 4 until you have listed all the liquidity accounts. Reference: Set up liquidity accounts [AX 2012]

• Question 62:

  You apply a customer payment. The payment amount is less than the amount of the invoice. What are two results of this payment? Each correct answer presents part of the solution.

  A. The payment remains open for the amount of the difference between the payment and the invoice.
  B. The invoice remains open for the amount of the difference between the payment and the invoice.
  C. The payment is settled and closed.
  D. The invoice is settled and closed.
  B. The invoice remains open for the amount of the difference between the payment and the invoice.
  C. The payment is settled and closed.

  ---

  If the payment amount is less than the amount due, the payment amount is subtracted from the amount due, and the invoice remains open. The payment transaction is fully settled and is closed. Reference: Settle transactions with payments [AX 2012]

• Question 63:

  Which step must be taken before you can record an acquisition of a fixed asset on the General journal form?

  A. Create a fixed asset workflow.
  B. Create a fixed asset record.
  C. Create a fixed asset budget register entry.
  D. Create a vendor invoice.
  B. Create a fixed asset record.

  ---

  To post an acquisition transaction for an existing fixed asset, specify the fixed asset number, value model, and transaction type. The fixed asset cannot be posted if any of this information is missing. To post an acquisition transaction for a new fixed asset, select the New fixed asset? check box, and then select the fixed asset group to assign the new asset to. However, no fixed asset fields are available for a line if the item is in an inventory model group that uses a standard cost inventory model.

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

• Question 64:

  You need to update the depreciation periods for a specific fixed asset.

  Where can you update the depreciation periods?

  A. On the value model for the fixed asset
  B. On the Fixed asset parameters form
  C. On the main account for the fixed asset
  D. On the Fixed asset group form
  A. On the value model for the fixed asset

  ---

  Field: Depreciation periods

  The number of depreciation periods for the fixed asset.

  Note: Use the Value models form to select which value models to assign to the selected fixed asset. Value models track the financial value of a fixed asset over time for various purposes, such as accounting depreciation, tax depreciation,

  revaluation, and disposal. Each value model represents an independent financial life cycle, and each fixed asset can have several value models assigned to it.

  Reference: Value models (form) [AX 2012]

  Incorrect:

  Not D: Use the Fixed asset groups form to set up the fixed asset groups that define asset characteristics such as type, number sequence, and default value models. You must assign each fixed asset to a fixed asset group.

  Reference: Fixed asset groups (form) [AX 2012]

• Question 65:

  The accounts receivable manager runs a foreign currency revaluation on February 5. The foreign currency revaluation has a considered date of January 31. The period closing for this revaluation is set for January 31. What is the result of this invoice revaluation if the invoice is settled on February 3?

  A. The revaluation includes only documents that have settled amounts on the considered date.
  B. The revaluation excludes documents that have been settled on the considered date.
  C. The revaluation includes all documents, including unposted, that have open amounts on the considered date.
  D. The revaluation includes all documents, excluding unposted, that have open amounts on the considered date.
  D. The revaluation includes all documents, excluding unposted, that have open amounts on the considered date.

  ---

  Field: Considered date

  The date for which all transactions that have open (not settled) amounts are found.

  When foreign currency amounts are revalued on a considered date, this date becomes the last foreign currency revaluation date for the transactions that are revalued.

  You can run a foreign currency revaluation job for a considered date that is earlier than the last foreign currency revaluation date on transactions that have already been revalued. However, transactions that are open on the earlier considered

  date, but that have a more recent last foreign currency revaluation date, are not revalued by the periodic job.

  Reference: Vendor foreign currency revaluation (form) [AX 2012]

• Question 66:

  You need to add general journal voucher lines.

  Which three selections are valid account types? Each correct answer presents a complete solution.

  A. Fixed assets
  B. Bank
  C. Purchase order
  D. Ledger
  E. Item
  A. Fixed assets
  B. Bank
  D. Ledger

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  Journal voucher - Vendor payment journal (form)

  A: Tab: Fixed assets

  Enter or view information about the fixed asset that is related to the selected line.

  B: Field: Offset account type

  Select the account type for the offset transaction to the vendor payment. This is typically the Bank account type for vendor payment journal lines.

  BD: Field: Recipient name

  The name of the recipient who will be issued a check. You can enter the name if the value in the Account type field is Ledger or Bank.

  Reference: Journal voucher - Vendor payment journal (form) [AX 2012]

• Question 67:

  What is the purpose of a budget planning stage?

  A. To identify categories and objectives for a budget plan
  B. To identify the quantities or amounts that are included in a budget plan
  C. To identify the steps that a budget plan goes through
  D. To link the budget plan workflows to the budget plan scenarios
  B. To identify the quantities or amounts that are included in a budget plan

  ---

  Budget plans are documents that are used to develop estimates for amounts and units in budget plan scenarios for the responsibility centers in the budget organization. Reference: About budget plans [AX 2012]

• Question 68:

  Your organization is using the Budgeting module to develop a budget plan. The budget plan needs to go through various phases before it is approved. Where do you define these phases on the Budget planning configuration form?

  A. Scenarios
  B. Parameters
  C. Workflows
  D. Stages
  D. Stages

  ---

  Link: Stages

  Create and maintain budget planning stages. A budget planning stage includes the steps and transitions that a budget plan follows from its creation to its final adoption. For example, you might create a budget plan stage to create a budget

  plan for a department or a stage for the executive review process. The budgeting organization determines which stages to use.

  Incorrect:

  Not C:

  Link: Workflows

  Create and maintain budget planning workflows. A budget planning workflow is an ordered list of the selected budget planning stages.

  Note: Budget planning stages Define the steps that a budget plan follows from its inception to final approval. Budget planning stages are arranged in budget planning workflows. Examples of budget planning stages are Department review,

  Department submitted, Management review, and Management approval.

  Reference: Budget planning configuration (form) [AX 2012]

• Question 69:

  You receive approval for a new capital expenditure.

  You need to enter the budgeted amounts in Microsoft Dynamics AX.

  In which two areas can you enter the amounts? Each correct answer presents a complete solution.

  A. The budget register entry in which the offset account is equal to the new fixed asset
  B. A general journal in which the offset account is equal to the new fixed asset
  C. A fixed asset journal in which the account is equal to the new fixed asset
  D. The fixed asset budget journal in which the account is equal to the new fixed asset
  E. The budget for the value models related to the new fixed asset
  C. A fixed asset journal in which the account is equal to the new fixed asset
  E. The budget for the value models related to the new fixed asset

• Question 70:

  You need to set up preprinted checks in the Cash and bank management module. Which two settings should you define? Each correct answer presents part of the solution.

  A. Check number method set to Fixed
  B. ABC codes
  C. Bank number
  D. Check format
  A. Check number method set to Fixed
  D. Check format

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  To make a payment by check, you must first set up the layout of checks in the Check layout form.

  1.

  Click Cash and bank management > Common > Bank accounts.

  2.

  To set up the layout of checks for the selected bank account (if this needs to be done), click theSetup tab >Check layout.

  3.

  If you select Fixed in the Check number method field, you must create a series of pre-printed checks that you can use to make payments:

  a.

  Click Cash and bank management > Common > Bank accounts.

  b.

  Click Functions > Create checks.

  c.

  Enter the first check number in the check series and the number of checks to create, and clickOK. Reference: Make a payment by check [AX 2012]