Microsoft MB6-885 Online Practice Questions and Exam Preparation

Microsoft MB6-885 Online Questions & Answers

• Question 41:

  You are processing settlements in a pooled cash setup in Microsoft Dynamics AX 2012. Which of the following statements is true?

  A. Pooled cash funds are managed through multiple ledger accounts, and equity is tracked for each individual fund.
  B. Processing settlements in a pooled transaction will automatically maintain the individual funds' pooled cash balances and the central fund's account balances.
  C. Pooled cash funds are automatically created, but individual funds must be manually created.
  D. Individual general ledger entries must be manually created for the Due-to/Due-from entries.
  D. Individual general ledger entries must be manually created for the Due-to/Due-from entries.

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  Examples: Posting definitions (Public sector) [AX 2012]

  Examples: Pooled cash settlements In the public sector, pooled cash accounting consists of amounts that are deposited by individual departments or agencies into a combined ledger account. This improves the control and custody over liquid assets and promotes the efficient management of excess funds. These amounts can be managed by using a Treasurer's fund. As a result, the appropriate proportional amount of the pooled cash and investment balances must be reported for each fund participating in the pool. To guarantee this, appropriate due-to and due-from entries must be added to the settlements that transfer amounts from one fund to another to accomplish the settlement.

• Question 42:

  Which of the following classifications can you include when creating a purchase agreement?

  A. Require direct invoicing
  B. Contractor information
  C. Special messaging
  D. Purchase Order codes
  A. Require direct invoicing

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  Set up purchase or sales agreement functionality [AX 2012] To require the use of direct invoicing and prevent the use of release orders with purchase agreements that use this classification, select the Require direct invoicing check box. Note: A purchase agreement is a contract that commits an organization to buy a specified quantity or amount by using multiple purchase orders over time.

• Question 43:

  You are assigning a default year-end process to a specific fund. Which of the following statements is true?

  A. It is not possible to carry forward budget from one fiscal year to the next.
  B. You can override the specific year end processing option that has been assigned to a fund.
  C. Only funds with a fund class of Fiduciary can be assigned a specific year-end process.
  D. All funds must share the same default year-end processing option.
  B. You can override the specific year end processing option that has been assigned to a fund.

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  Funds (form) (Public sector) [AX 2012]

  Field: Override selected year-end option

  Select this check box to select a year-end close option for this fund. Do this only if you want this fund to have different year-end processing rules than those used for other funds. If you do this, it will override any year-end processing options

  that have been selected for all funds in the Purchase order year-end process form.

  URL: http://msdn.microsoft.com/en-us/library/hh208514.aspx

• Question 44:

  In Microsoft Dynamics AX 2012, you plan to allocate a project budget across periods.

  Which of the following statements are true when allocating budgets across periods? (Each correct answer presents a complete solution. Choose two.)

  A. Budgets can be allocated only after approval.
  B. Budgeted amounts are allocated equally across time periods by default.
  C. Budgets can be allocated only before approval.
  D. Budgeted amount allocation cannot be changed across time periods.
  E. Budgets can be allocated at any time.
  B. Budgeted amounts are allocated equally across time periods by default.
  C. Budgets can be allocated only before approval.

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  Allocate a project budget or budget revision across periods [AX 2012]

  C: After you enter a project budget or project budget revision, and before you submit it for approval, you can allocate the amounts across periods. B (not D): In the Project budget allocation form or the Project budget revision allocation form, review or update the amounts that are allocated.

  Ref: http://technet.microsoft.com/en-us/library/hh208477.aspx

• Question 45:

  You are setting up encumbrance year-end processing options. Budget control is not enabled. The purchase order processing option is set to Do not carry forward the budget.

  You need to perform the opening steps for purchase order processing for a new fiscal year. What should you do?

  A. Reverse the remaining encumbrances and generate year-end closing entries.
  B. Create budget reservations for purchase order encumbrances that are being processed.
  C. Reverse the closing entries and re-establish the encumbrances.
  D. Reverse the closing entries and create carry-forward budget adjustments to re-establish the budget in the new fiscal year.
  C. Reverse the closing entries and re-establish the encumbrances.

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  Process purchase orders at year end [AX 2012]

  Option: Process and do not carry forward budget

  Opening steps:

  1.Closing entries are reversed.

  2.Encumbrances are re-established in the general ledger. 3.Budget reservations for encumbrances are created for the purchase orders that are being processed.

• Question 46:

  For what reason should you assign a 1099-C indicator to a customer in Microsoft Dynamics AX 2012?

  A. To indicate that the customer is a government agency.
  B. To report interest income the customer paid to you.
  C. To identify an agency accounting location or regional financial office in accounting reports and documents.
  D. To indicate a debt write-off of non-federal accounts receivables.
  D. To indicate a debt write-off of non-federal accounts receivables.

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  Customers (form) [AX 2012]

  1099-C indicator

  (USA) Select this check box to assign a 1099-C indicator to a non-federal customer. This indicator is used to report to the United States Internal Revenue Service (IRS) that the customer is unable to pay a receivables amount that is owed to

  your organization.

• Question 47:

  You are managing purchase agreements in Microsoft Dynamics AX 2012. Which purchase agreement classification allows you to enter insurance policy and bonding information?

  A. Activities
  B. Require direct invoicing
  C. Subcontractors
  D. Certification
  D. Certification

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  Set up purchase or sales agreement functionality [AX 2012]

  To enter information about insurance policies and bonds on purchase agreements that use this classification, select the Certifications check box.

  Ref: http://technet.microsoft.com/en-us/library/hh802995.aspx

• Question 48:

  You are creating a funding rule for a project contract in Microsoft Dynamics AX 2012. Which parameters must you specify? (Each correct answer presents part of the solution. Choose two.)

  A. Transaction type
  B. Activity
  C. Priority
  D. Worker
  E. Project
  A. Transaction type
  C. Priority

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  Set up funding rules for a project contract [AX 2012] Only the priority and transaction type values are required for a funding rule.

• Question 49:

  Before setting up advanced ledger entries, which of the following tasks must you perform?

  A. Set up workflows
  B. Set up projects
  C. Set up posting definitions
  D. Set up budget control
  C. Set up posting definitions

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  Set up advanced ledger entries (Public sector) [AX 2012] Required tasks include: Set up posting definitions for the General ledger module on the Posting definitions form.

  URL: http://technet.microsoft.com/en-us/library/hh208561.aspx

• Question 50:

  You need to allow for unplanned purchases in Microsoft Dynamics AX 2012. What should you do?

  A. Set up vendor codes.
  B. Set up customer codes.
  C. Set up confirming purchase order codes.
  D. Set up project codes.
  C. Set up confirming purchase order codes.

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  Confirming PO codes (form) (Public sector) [AX 2012]

  Use this form to create codes and special messages for confirming purchase orders. A confirming purchase order circumvents the typical purchasing process. For example, you might authorize an emergency order with a purchase order

  number provided to a vendor at the time of a purchase, instead of with a purchase order document provided before an item is needed.