Microsoft MB6-702 Online Practice Questions and Exam Preparation

Microsoft MB6-702 Online Questions & Answers

• Question 81:

  Which two options prevent new checks from posting to a bank account? Each correct answer presents a complete solution.

  A. Set the active dates on the selected Bank account form.
  B. Set the active dates on the selected Main account form.
  C. Select the Use review process for payment reversals parameter.
  D. Select the Use review process for deposit slip payment cancellations parameter.
  A. Set the active dates on the selected Bank account form.
  D. Select the Use review process for deposit slip payment cancellations parameter.

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  A:

  Field: Active from:

  Enter the date when the bank account will become active and will be available for new transactions.

  Field: Active to

  Enter the date when the bank account will no longer be active for new transactions.

  Reference: Bank accounts (form) [AX 2012]

  D: Field: Use review process for deposit slip payment cancellations Select this check box to require that cancellations of deposit slip payments be reviewed in the Deposit slip payment cancellations journal before they are posted. If this check box is cleared, the cancellation is posted immediately when you click Cancel payment in the Deposit slips form.

  Reference: Cash and bank management parameters (form) [AX 2012]

  Incorrect:

  Not B: No form named Main account

  Not C: Field: Use review process for payment reversals Select this check box to require that check reversals be reviewed in the Check reversals journal before they are posted.

  If this check box is cleared, the reversal is posted immediately when you click Payment reversal in the Check form.

• Question 82:

  Which two forms can be used to assign a default item sales tax group? Each correct answer presents a complete solution.

  A. Vendors
  B. Products
  C. Released products
  D. Customers
  E. General ledger parameters
  C. Released products
  E. General ledger parameters

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  C:

  1.

  Click Product information management > Common > Released products.

  2.

  Double-click an item.

  3.

  On the Purchase tab, select a value in the Item sales tax group field. This value is the default item sales tax group for the selected item when it is entered on a line on a purchase order.

  4.

  On the Sell tab, select a value in the Item sales tax group field. This value is the default item sales tax group for the selected item when it is entered on a line on a sales order. Reference: Set up default item sales tax groups for an item [AX 2012]

  E: Select a default item sales tax group for all main accounts

  1.

  Click General ledger > Setup > General ledger parameters.

  2.

  Click Sales tax.

  3.

  In the Item sales tax group field, select the default item sales tax group. The item sales tax group that you select is entered automatically on journal lines when the lines are created. However, if you specify a different default item sales tax group for a specific main account, that setting overrides the default item sales tax group that is selected in the General ledger parameters form. The item sales tax group for the specific account is then displayed on the line. You can change the item sales tax group on each line, if you have to.

  Reference: Set up a default item sales tax group for a main account [AX 2012]

• Question 83:

  What does a depreciation convention determine?

  A. The number of periods over which a fixed asset should be depreciated
  B. Whether a fixed asset should be depreciated
  C. The amount of depreciation to apply in the first and last years of a fixed asset's useful life
  D. The amount of depreciation to apply to each period of a fixed asset's useful life
  D. The amount of depreciation to apply to each period of a fixed asset's useful life

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  *

  You can select various depreciation methods and conventions. The purpose of the methods is to allocate the depreciable value of the fixed asset into fiscal periods. The depreciable value of the fixed asset is the acquisition price, reduced by a scrap value, if any.

  If you are using depreciation conventions and you modify the last depreciation run date for an asset, which then causes some depreciations to be skipped, the depreciation for the last year might be more than or less than is expected. The depreciation is adjusted by the number of depreciation periods affected by the modification of the last depreciation run date. For example, if you are using the Half year depreciation convention over three years, depreciation ordinarily occurs over 3 1/2 years. If you change the last depreciation run date during the 3 1/2 years, the last year of depreciation moves out the number of periods affected. If you move the date by three months, the last year will have nine months' worth of depreciation, when ordinarily there would be six months' worth of depreciation.

  *

  You can select from the following depreciation conventions.

  Half year

  Full month

  Mid quarter

  Mid month (1st of month)

  Mid month (15th of month)

  Half year (start of year)

  Half year (next year)

  *

  Depreciation is a periodic transaction that typically reduces the value of the fixed asset on the balance sheet, and is charged as an expenditure to a profit and loss account.

  Reference: Depreciation methods and conventions [AX 2012]

• Question 84:

  In which two scenarios should you use a periodic journal? Each correct answer presents a complete solution.

  A. You prepaid your annual insurance and want to amortize the expense monthly throughout the year.
  B. You need to revalue automatically foreign currency transactions in the general ledger based on the month-end exchange rates.
  C. You need to automatically allocate your monthly indirect expenses to departments based on departmental revenue for the month.
  D. You need to pay a fixed management fee on the first day of every quarter.
  A. You prepaid your annual insurance and want to amortize the expense monthly throughout the year.
  D. You need to pay a fixed management fee on the first day of every quarter.

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  D: Periodic journals are sometimes called recurring journals because the amount, text, and other information are repeated each time that the journal is posted. When you create the journal, you specify the period interval for the recurrence, such as days or months. You also specify the number of periods for which the journal will be posted.

  A: For example, an insurance company offers your organization a discount for prepaying the insurance policy for an entire year. The payment is posted to an asset account such as prepaid insurance. You then amortize your monthly insurance expense throughout the year by creating a periodic journal that contains a credit to the prepaid insurance account and a debit to an insurance expense account.

  Reference: Create and post a periodic journal [AX 2012]

• Question 85:

  Which two transactions can be reversed? Each correct answer presents a complete solution.

  A. A sales order
  B. An unposted depreciation transaction
  C. Fixed asset depreciation adjustment
  D. Vendor payments
  E. A transaction that has already been reversed
  C. Fixed asset depreciation adjustment
  E. A transaction that has already been reversed

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  You can reverse fixed asset transactions, and the transactions that are associated with a fixed asset. You can also revoke a reversed transaction.

  Reference: Examples: Depreciation effects with reversals [AX 2012]

• Question 86:

  What is the purpose of budget control?

  A. To set financial and operational goals
  B. To analyze and update budget plans
  C. To enforce that sufficient budget funds are available for planned or actual purchases
  D. To consolidate multiple budget plans into a single parent budget
  C. To enforce that sufficient budget funds are available for planned or actual purchases

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  Budget control is a method of enforcing that sufficient budget funds are available for planned or actual purchases. Reference: About budget control [AX 2012]

• Question 87:

  You create a budget cycle time span that is based on the fiscal calendar from July 2014 through June 2015. How many budget models can be used for the budget cycle?

  A. One for each budget model and fiscal period combination
  B. One for each fiscal period
  C. Only one
  D. One for each budget model
  C. Only one

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  You can assign a budget model to a budget cycle to perform budget checking for the budget cycle. Only one budget model can be in use for a budget cycle. Reference: Set up budget control [AX 2012]

• Question 88:

  You need to configure how fixed assets will be numbered.

  Which two techniques accomplish this goal? Each correct answer presents a

  A. Manually assign a number to each fixed asset.
  B. Automatically number fixed assets based on fixed asset groups
  C. Manually assign a number to each fixed asset group.
  D. Automatically number fixed assets based on a fixed asset calendar.
  B. Automatically number fixed assets based on fixed asset groups
  D. Automatically number fixed assets based on a fixed asset calendar.

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  You can set up number sequences for fixed assets based on a default number sequence, or based on fixed asset groups.

  There are two methods to assign number sequences to fixed assets. Method 1: Automatic numbering of all fixed assets from one default number sequence

  Method 2: Automatic numbering based on fixed asset group

  Reference: Set up number sequences for Fixed assets [AX 2012]

• Question 89:

  An asset reaches the end of its usable life.

  You need to generate a document and record the sale of this asset.

  What should you create?

  A. A return purchase order
  B. A free text invoice
  C. A sales order
  D. A fixed asset journal
  D. A fixed asset journal

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  When you propose depreciation, depreciation is calculated for the fixed assets, and then depreciation transactions (journal lines) are created. Reference: Propose depreciation for fixed assets [AX 2012]

• Question 90:

  Which two elements are required to create a budget plan in Microsoft Dynamics AX 2012? Each correct answer presents part of the solution.

  A. Budget plan priority
  B. Budget plan preparer
  C. Budget planning user group
  D. Budget planning process
  B. Budget plan preparer
  D. Budget planning process

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  B: Budget plan preparer Select the name of the user who prepares the budget plan. By default, your name is displayed.

  D: Budget planning process Select an active budget planning process.

  Incorrect:

  Not C: Budget planning user group (is optional) For users who are outside the budget organization that is assigned to the budget planning process, select the user group whose members require access to the budget plan.

  Starting with cumulative update 7 for Microsoft Dynamics AX 2012 R2, you can select a user group in this field only if the Allow access to budget plans by user group check box is selected in the Budget planning configuration form.

  Reference: Key tasks: Create and process budget plans [AX 2012]