Microsoft MB6-702 Online Practice Questions and Exam Preparation

Microsoft MB6-702 Online Questions & Answers

• Question 71:

  Your organization has a policy of validating the accuracy of beneficiary account details such as routing numbers and account numbers. Which functionality in Microsoft Dynamics AX 2012 should you set up?

  A. Deposit slip
  B. Letter of guarantee
  C. Prenotes
  D. Bank reconciliation
  C. Prenotes

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  A prenote is a zero-dollar transaction that is sent to a bank through the Automated Clearing House (ACH) network. Banks use prenotes to verify the accuracy of account data, such as routing numbers and account numbers. Reference: Set up prenotes [AX 2012]

• Question 72:

  You are configuring Microsoft Dynamics AX for basic budgeting.

  Which two setups are optional? Each correct answer represents a complete solution.

  A. Reason codes
  B. Workflows
  C. Budget models
  D. Journal names
  E. Budget codes
  A. Reason codes
  D. Journal names

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  Not C: The names of each budget model Not E: The budget codes that must be set up for each budget type, and which code is the default budget code Not B: You assign workflows to budget codes. The budget register entries that are associated with a budget code that has an assigned workflow are automatically submitted to workflow.

  Note: Basic budgeting includes financial dimensions that are defined for Budgeting, budget register entries, and Budgeting workflows. Reference: Basic budgeting and budget control setup overview [AX 2012]

• Question 73:

  Which three statements about value models are correct? Each correct answer presents a complete solution.

  A. An unlimited number of value models can be assigned to an asset.
  B. A value model defines how an asset is depreciated.
  C. Value models track the financial value of a fixed asset over time.
  D. Value models define the number sequence to be used when creating a fixed asset.
  E. Assigning a value model to a fixed asset is required.
  A. An unlimited number of value models can be assigned to an asset.
  B. A value model defines how an asset is depreciated.
  C. Value models track the financial value of a fixed asset over time.

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  Value models track the financial value of a fixed asset over time (C) for various purposes, such as accounting depreciation (B), 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 (A).

  Reference: Set up value models [AX 2012]

• Question 74:

  You are setting up cash flow management in your organization by using Microsoft Dynamics AX 2012.

  A delay of five days is expected from the due date of the payments to the date on which the payments are drawn from your bank account

  Where on the Vendor groups form should you set up this delay?

  A. The Forecast tab
  B. The Settle period field
  C. The Default account setup tab
  D. The Terms of payment field
  B. The Settle period field

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  Field: Settle period Select the standard interval between the due date for payments to vendors in the selected vendor group, defined by the terms of payment, and the date on which the payments are drawn from your bank account. The interval is typically a number of days. The settle period is used for liquidity calculations that are based on the cash flow forecast.

  Reference: Vendor groups (form) [AX 2012]

• Question 75:

  You need to configure fixed assets so that information such as asset purchase, depreciation, revaluation, adjustment, and sale or disposal is tracked over the lifetime of the assets. Which form tracks this financial information?

  A. Fixed asset value models form
  B. Fixed assets form
  C. Fixed asset depreciation books form
  D. Fixed asset groups form
  C. Fixed asset depreciation books form

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  Use this form to associate an asset with a depreciation book. You can enter acquisition information, additional depreciation information, and purchasing and sales information for the asset.

  Field: Revaluation group

  Select a group for classifying an asset that is being revalued.

  Reference: Depreciation books (form) [AX 2012]

  Incorrect:

  Not A: Fixed asset group/value model (form) [AX 2012] Use this form to create fixed asset groups that use the selected value model, or view the fixed asset groups that currently use the value model.

  Not D: Fixed asset groups (form) [AX 2012]

  Use this 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.

• Question 76:

  You are processing a vendor payment. You attempt to print a check from Microsoft Dynamics AX 2012. Due to printer issues, the check is damaged and the journal is not yet posted.

  You need to cancel the check.

  What should you do?

  A. On the Transactions form, use the Reverse transactions functionality, and post a transaction reversal.
  B. On the Bank accounts form, use the Delete checks functionality, and delete the check.
  C. On the Payment journal form, use the Payment status functionality, and set the status as Rejected
  D. On the Checks form, use the Payment reversals functionality, and post the check reversal journal.
  D. On the Checks form, use the Payment reversals functionality, and post the check reversal journal.

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  There are two methods available for reversing posted checks. In one, reversals are posted immediately when you click Payment reversal in the Check form. In the other, when you click Payment reversal in the Check form, the reversal first is sent to the Check reversals journal in Cash and bank management, where a reviewer can then post or reject the reversal.

  Reference: Reverse a posted check [AX 2012]

• Question 77:

  You need to create a fixed asset that records depreciation quarterly.

  Which form should you use to configure the period frequency for posting depreciation?

  A. Value models
  B. Depreciation profiles
  C. Special depreciation allowance
  D. Depreciation books
  A. Value models

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  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]

• Question 78:

  In which three modules can a fixed asset be acquired? Each correct answer presents a complete solution.

  A. General ledger module
  B. Budgeting module
  C. Accounts payable module
  D. Accounts receivable module
  E. Inventory module
  A. General ledger module
  B. Budgeting module
  C. Accounts payable module

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  A: Use General ledger to define and manage the legal entity's financial records. The general ledger is a register of debit and credit entries. These entries are classified using the accounts that are listed in a chart of accounts. You can allocate, or distribute, monetary amounts to one or more accounts or account and dimension combinations based on allocation rules. There are two types of allocations: fixed and variable.

  Reference: Fixed assets [AX 2012]

  B: Use Budgeting to set up, create, and view budgets. Budgeting can include budget control, which you can use to monitor the budget funds that are available for planned and actual purchases and expenditures. You can create budget register entries for the original budget, budget transfers, and budget revisions. You can also create budget register entries for encumbrances and pre-encumbrances for purchases and planned expenditures. Budget register entries can be created automatically when budgets are transferred to the general ledger from other modules, such as Project management and accounting or Fixed assets.

  Reference: Budgeting [AX 2012]

  C: You can set up an integration between Fixed assets and Accounts payable to automatically create fixed assets from purchase orders or vendor invoices, or automatically post acquisition and acquisition adjustment transactions for fixed assets.

  Reference: Set up Fixed assets and Accounts payable integration [AX 2012]

• Question 79:

  To which two entities can you lend a fixed asset? Each correct answer presents a complete solution.

  A. Another legal entity LIB
  B. A fixed asset group
  C. A contractor
  D. An employee
  A. Another legal entity LIB
  B. A fixed asset group

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  B: Select a fixed asset group to assign the fixed asset to.

• Question 80:

  You need to set up the posting profile for realized and unrealized gains and losses. Which two forms should you use? Each correct answer presents a complete solution.

  A. Chart of accounts form
  B. Currency revaluation accounts form
  C. Currency exchange rates form
  D. Ledger form
  B. Currency revaluation accounts form
  D. Ledger form

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  B: Currency revaluation accounts, where you identify the relevant account for realized gain, and loss, unrealized gain, and loss.

  D: General Ledger . We have also seen issues with the Gain and Loss accounts. a. General Ledger>>Setup>>Ledger Verify there is a Main account setup for the Realized and Unrealized Gains and Loss records.