Microsoft MB7-701 Online Practice Questions and Exam Preparation

Microsoft MB7-701 Online Questions & Answers

• Question 21:

  You need to differentiate the depreciation of a fixed asset for income taxes and your internal financial statement. What two actions can you take? (Each correct answer presents a complete solution. Choose two.)

  A. Enter the Duplicate in Depreciation Book on the journal line.
  B. Apply the DB1/SL or DB2/SL depreciation methods.
  C. Enable the C/I Integration option in both depreciation books.
  D. Enable the Part of Duplication List option in the depreciation book.
  A. Enter the Duplicate in Depreciation Book on the journal line.
  D. Enable the Part of Duplication List option in the depreciation book.

• Question 22:

  What effect does the Additional Reporting Currency field in the General Ledger Setup window have when running the Close Income Statement batch job?

  A. The closing income general journal will be created in the currency specified in the Additional Reporting Currency field.
  B. The Close Income Statement batch job is prevented from running if the Additional Reporting Currency field is populated.
  C. The closing income general journal will be created and then posted automatically.
  D. It has no effect.
  C. The closing income general journal will be created and then posted automatically.

• Question 23:

  How do you set the two global dimensions in a new installation of Microsoft Dynamics NAV?

  A. Populate the Shortcut Dimension Code 1 and Shortcut Dimension Code 2 fields on the Genera? Ledger Setup window.
  B. Click Change Global Dimensions on the Actions tab on the General Ledger Setup window.
  C. Populate the Global Dimension 1 Code and Global Dimension 2 Code fields on the General Ledger Setup window.
  D. Highlight all the records on the Chart of Accounts page, and then click Dimensions-Multiple on the Navigate tab to set the global dimensions on each G/L account.
  B. Click Change Global Dimensions on the Actions tab on the General Ledger Setup window.

• Question 24:

  How do you prevent users from posting transactions into a prior accounting period?

  A. Populate the Allow Posting To field on the General Ledger Setup window.
  B. Check the Date Locked field in the relevant accounting period record.
  C. Check the Closed field in the relevant accounting period record.
  D. Populate the Allow Posting From field on the General Ledger Setup window.
  D. Populate the Allow Posting From field on the General Ledger Setup window.

• Question 25:

  Which window do you use to create a new user?

  A. User Personalization Card
  B. User Setup
  C. Permission Sets
  D. User Card
  D. User Card

• Question 26:

  A company requires value added tax (VAT) for prepayments, and this is due when the invoice is paid. Which setup options should you use?

  A. Unrealized VAT in the General Ledger Setup window and the Reverse Charge VAT calculation type
  B. Unrealized VAT Type in the VAT Posting Setup window set to Last and Prepayment Unrealized VAT on the General Ledger Setup window
  C. Unrealized VAT Type in the VAT Posting Setup window set to Last (Fully Paid) and Prepayment Unrealized VAT on the General Ledger Setup window
  D. Unrealized VAT and Prepayment Unrealized VAT in the General Ledger Setup window
  C. Unrealized VAT Type in the VAT Posting Setup window set to Last (Fully Paid) and Prepayment Unrealized VAT on the General Ledger Setup window

• Question 27:

  Which options can be compared by the Budgets feature in Microsoft Dynamics NAV?

  A. Departments, projects, and G/L accounts
  B. Departments, projects, and customer groups
  C. G/L accounts, periods, and global dimensions
  D. G/L accounts, periods, and analysis views
  A. Departments, projects, and G/L accounts

• Question 28:

  You need to change the description of an item on the Item List page for the RoleTailored client. Which standard keyboard shortcut should you use?

  A. CTRL+O
  B. CTRL+SHIFT+E
  C. CTRL+W
  D. CTRL+E
  B. CTRL+SHIFT+E

• Question 29:

  A user must record a journal each month to receive rental payments from customers.

  The journal is comprised of lines with different document numbers and amounts. A single deposit is made to the bank.

  How should you create the journal template for the user?

  A. Set Type to Cash Receipts and ensure Force Doc. Balance is unchecked.
  B. Set Type to Payments and Source Code to CUSTOMER.
  C. Set Type to Payments and Reason Code to RENT.
  D. Set Type to Cash Receipts and Reason Code to RENT.
  A. Set Type to Cash Receipts and ensure Force Doc. Balance is unchecked.

• Question 30:

  You plan to use the Copy Budget function to create a budget for next year based on this year's budget. Income and cost are projected t increase by 4%. How should you create the new budget?

  A. Set Source toG/LEntry and enter an Adjustment Factor of 4%.
  B. Set Source toG/LEntry and enter an Adjustment Factor of 1.04.
  C. Set Source toG/LBudget Entry and enter an Adjustment Factor of 4%.
  D. Set Source toG/LBudget Entry and enter an Adjustment Factor of 1.04.
  D. Set Source toG/LBudget Entry and enter an Adjustment Factor of 1.04.