Microsoft MB7-701 Online Practice Questions and Exam Preparation

Microsoft MB7-701 Online Questions & Answers

• Question 1:

  You need to record maintenance costs using the fixed asset journal. Which field should you set?

  A. Maintenance Vendor No
  B. FA Posting Type
  C. Next Service Date
  D. Under Maintenance
  B. FA Posting Type

• Question 2:

  Which two statements about cash flow forecasting are true? (Each correct answer presents part of the solution. Choose two.)

  A. The Suggest Worksheet Lines batch job calculates and posts the Cash Flow Worksheet lines into the cash flow forecast.
  B. Payment terms set on customers and vendors are considered when creating cash flow entries.
  C. Discount options are considered when creating cash flow entries.
  D. General ledger account balances are used in the cash flow ledger entries calculation.
  A. The Suggest Worksheet Lines batch job calculates and posts the Cash Flow Worksheet lines into the cash flow forecast.
  D. General ledger account balances are used in the cash flow ledger entries calculation.

• Question 3:

  Which settings should you use to allow value added tax (VAT) differences in purchase documents?

  A. Max. VAT Difference Allowed on the General Ledger Setup window and Allow Vat Difference on the Purchases and Payables Setup window
  B. Max. VAT Difference Allowed on the General Ledger Setup window and Allow Vat Difference on the General Journal Templates window
  C. Full VAT on the VAT Posting Setup window and Allow Vat Difference on the Purchases and Payables Setup window
  D. Max. VAT Difference Allowed on the General Ledger Setup window and Full VAT on the VAT Posting Setup window
  A. Max. VAT Difference Allowed on the General Ledger Setup window and Allow Vat Difference on the Purchases and Payables Setup window

• Question 4:

  A customer has made an invoice payment without specifying which invoice. You have fully applied the payment to the wrong invoice. You then unapply it using the Unapply Entries function. Which two items can you inspect to verify that the invoice has been unapplied? (Each correct answer presents a complete solution. Choose two.)

  A. In the Customer Ledger Entry table, the invoice and payment entries are marked with a reason code.
  B. In the Customer Ledger Entry table, Open = Yes.
  C. In the Detailed Customer Ledger Entry table, the invoice and payment entries are marked with a reason code.
  D. In the Detailed Customer Ledger Entry table, new entries are created and marked as Unapplied= Yes, and the initial entry is also marked as Unapplied = Yes.
  B. In the Customer Ledger Entry table, Open = Yes.
  D. In the Detailed Customer Ledger Entry table, new entries are created and marked as Unapplied= Yes, and the initial entry is also marked as Unapplied = Yes.

• Question 5:

  Which source type is not valid to use in cash flow forecasting?

  A. Cash Flow Manual Revenue
  B. G/LEntry
  C. G/L Budget
  D. Liquid Funds
  B. G/LEntry

• Question 6:

  How many dimensions can you use as a filter in the G/L Budgets window?

  A. 2
  B. 4
  C. 6
  D. 8
  C. 6

• Question 7:

  A customer does not need the Responsibility Center and Location Code fields on the customer list and asks you to remove them. What should you do to remove these fields?

  A. Right-click each of the fields and select Delete in the pop-up menu
  B. Select the field you want to remove on the customer card and click Delete in the ribbon
  C. Right click one of the two fields, click Select Columns, select the two fields you want to remove, and then click the Remove button.
  D. The two fields can be deleted only in the Microsoft Dynamics NAV Development Environment.
  C. Right click one of the two fields, click Select Columns, select the two fields you want to remove, and then click the Remove button.

• Question 8:

  How do you create a new fiscal year with 12 monthly accounting periods by using the Accounting Periods window?

  A. Select Create Year, and then enter 12 in the No. of Periods field. Enter 1M in the Period Length field on the Create Fiscal Year window.
  B. Create 12 new months, and then check the Date Locked field on the last month of year.
  C. Select Create Year, and then enter 12 in the No. of Periods field and Month in the Period Length field on the Create Fiscal Year window.
  D. Select Create Year, and then enter 12M as the Period Length.
  A. Select Create Year, and then enter 12 in the No. of Periods field. Enter 1M in the Period Length field on the Create Fiscal Year window.

• Question 9:

  The Source Type field on the G/L Entry table is blank. What does this indicate about the record?

  A. It was created when posting a fixed asset.
  B. It was created when posting to a bank account.
  C. It was created when posting a sales invoice or purchase invoice.
  D. It was created when posting a general journal.
  D. It was created when posting a general journal.

• Question 10:

  Your client uses a dimension named ITEM CLASS with different dimension values to define different types of items on sales postings. You need to modify the dimension settings so that sales-related ledger entries contain information on the type of item sold.

  Which two actions should you perform? (Each correct answer presents part of the solution. Choose two.)

  A. Add a unique ITEM CLASS dimension value code to all individual item category cards.
  B. Set the Dimension Value Posting field for the ITEM CLASS dimension code to Code Mandatory for the sales-relatedG/Laccount cards.
  C. Add a unique ITEM CLASS dimension value code to all individual item cards.
  D. Set the Dimension Value Posting field for the ITEM CLASS dimension code to Same Code for the sales-relatedG/Laccount cards.
  B. Set the Dimension Value Posting field for the ITEM CLASS dimension code to Code Mandatory for the sales-relatedG/Laccount cards.
  C. Add a unique ITEM CLASS dimension value code to all individual item cards.