Pass4side Microsoft MB6-507 AX 4.0 Financials Certification To share with you

Pass4side Microsoft MB6-507 AX 4.0 Financials Certification To share with you
1. A controller would like to assign a department 60-Purchase and cost center 6010-Purchase when the accounts
payable administrator creates vendor journals. Which of the following needs to be defined to restrict the available
selections?
A. Dimension proposal
B. Dimension planning
C. It can not be done
D. Dimension set hierarchy
Answer: D

2. One of the companies you are consolidating does business in a currency that has been fluctuating a lot.
However, when you run your consolidation, you want to only use a closing rate for that period of the Monetary
accounts. How would you set this up?
A. Set up a default exchange rate in the General Ledger parameters on the Consolidation tab.
B. Enter an exchange rate with no date on the exchange rate tab of the currency.
C. Enter an amount in the Monetary field on the currency and check the Monetary checkbox on the ledger
account.
D. This can not be done.
Answer: C

3. A controller is having issues with the monthly reports that have accounting entries made to the wrong
departments. The controller would like to ensure that the accounting entries are entered with the correct
department. Which of the following describes how to accomplish this in Dynamics AX?
A. Update the general ledger parameters based on the controllers requirements.
B. Create a journal control record for the journal names being used in the general journal.
C. Create new dimension sets, hierarchies and rules based on the controllers requirements.
D. Create an accounts payable invoice approval journal and have the controller review the departments.
Answer: C

4. Which of the following happens to the transactions if you delete a period in which transactions are posted?
A. All transactions in the deleted period disappear.
B. All transactions in the period are accumulated into one.
C. Nothing.
D. You are not allowed to delete a period in Dynamics AX.
Answer: C

5. The currency rate is changed on the 1st of every month. On the 1st of March, the rate is changed from 390 to
400. On the 4th of March, an invoice with a date of February 28th is made. Which exchange rate does the system
use?
A. 390
B. 400
C. 395 (the average of the two rates)
D. The exchange rate must be specified manually.
Answer: A

6. You have several departments set up and need to run a financial statement for each one. How do you run
them?
A. The only way would be to create a financial statement for each department and run them separately.
B. Go to General Ledger, Reports, Transactions, Periodic, Financial statement under the dimension specifications
click the Line checkbox when running the statements.
C. Go to General Ledger, Reports, Transactions, Periodic, Financial statement, under the focuses and change Main
or Secondary focus when running the statements.
D. Go to General Ledger, Reports, Transactions, Periodic, Financial statement, click the Select button when
running the statements and leave the criteria field blank to get all departments.
Answer: C

7. Which of the following is the result of selecting the checkbox Locked in Journal under the General tab of the
Chart of Accounts?
A. It would close an account in the journal and transfer balances to the electronic closing sheet.
B. It prevents posting on all accounts in the journal.
C. It only allows new debit transactions to be posted.
D. It prevents posting on an account in the journal.
Answer: D

8. Your company wants to generate a number of sequentially numbered checks in the bank module. Which of the
following is a requirement to allow sequentially numbered checks?
A. Set up a number sequence on the check layout.
C. Create a Check group and define the number sequence.
D. Select Fixed in the check numbering method.
Answer: D

9. At what stage can a check number be deleted from the Bank module?
A. When the check status is Cancelled.
B. When the check status is Created.
C. At any stage in the payment process.
D. When the check status is Void.
Answer: B

10. Given the following information, which of the following happens when Invoice 1 is settled?
Date Text Company Currency
USD
01 Dec. Invoice 1 100
120
31 Dec. Unreal. exch. profit. 20
0
20 Jan. Payment 1005
120
A. A realized exchange loss adjustment of 15 is posted.
B. Invoice 1 is settled 100% and the Customer has a balance of 15.
C. Unrealized exchange adjustment of 20 is reversed and a realized exchange adjustment of 5 is posted.
D. Unrealized exchange adjustment of 20 is reversed with 15 and no realized exchange adjustment is posted.
Answer: C

11. How do you indicate which company you are posting an intercompany transaction to?
A. Choose the account type of intercompany on the journal line and choose the company.
B. Choose the intercompany vendor on the journal line which then automatically chooses the company.
C. Choose the company to post to on the General tab in the Offset Company Accounts field.
D. Choose the company to post to on the General tab in the Company Accounts field.
Answer: C

12. In a General journal, which of the following descibes the use of selecting the Forced rate check box on the
Setup tab page?
A. To avoid using triangulation on the journal lines.
B. To make exchange rate mandatory on the journal lines.
C. To specify a default exchange rate on the journal lines.
D. To set the fixed exchange rate used when making consolidations.
Answer: C

13. Your company wants to defer the cost of their insurance policies throughout the year to recognize the
insurance policy costs every month. Which of the following describes how to accomplish this in Dynamics AX?
A. Enter an accounts payable invoice journal and payment journal at the beginning of the year.
B. Enter an accounts receivable invoice journal and payment journal at the beginning of the year.
C. Create a new system account for a accruals and apply that account in a general journal.
D. Create a new ledger accrual scheme and apply that accrual scheme in a general journal.
Answer: D

14. Which of the following determines which tax codes are used?
A. Only the codes in the sales tax group.
B. The Tax code defined in General ledger/Setup/Parameters.
C. The calculation type set up in General ledger/Setup/Parameters.
D. The codes present in both the Sales tax and Item sales tax groups.
Answer: D

15. If you wanted to set up a sales tax value of 2.265% for Jefferson County Florida, where do you do this?
A. In the sales tax code form.
B. In the sales tax group form.
C. In the item sales tax group form.
D. In the tax authority form.
Answer: A

16. You are entering transactions into a journal for an account and you choose Debit for your Balance control.
What can you expect from the system?
A. That you can only enter debit transactions for this account.
B. That you can only enter credit transactions for this account.
C. That the total amount of the journal transactions will not make the balance for account go into credit.
D. That the total amount of the journal transactions will not make the balance for account go into debit.
Answer: C

17. Your company does not want any opening balances to transfer to the new year when the periodic job Opening
Transactions is run. Which of the following would you set the Balance Account field to?
A. Transfer/No
B. Reset
C. Closing/Opening
D. None
Answer: B

18. Your company wants to create a financial statement that compares actual results to budget. How do you set
this up in Dynamics AX?
A. You cannot. It is impossible to pull budgeted numbers into a financial statement.
B. Create a column with a column type of Budget and choose the appropriate budget model on the Transactions
tab.
C. Create a column with a column type of Current and choose the appropriate budget model on the Transactions
tab.
D. Choose a default budget model in the General Ledger parameters.
Answer: B

19. You would like to run a process to assist in the planning and controlling of liquidity for your company based
what will happen in the future. Which of the options would be necessary to do this?
A. Select budget sub-model from cash flow administration.
B. Specify a budget exchange rate in the Currency table.
C. Set up the primary bank account in Bank management.
D. Select the Cash flow forecast checkbox on the budget model.
Answer: D

20. You are setting up a new yearly budgeted revenue divided into months with a pre-determined percentage
allocation. How do you do this?
A. Use a period allocation key.
B. From Budget select press the Setup button, then use Allocation terms.
C. Run the periodic job Allocate revenue.
D. From the revenue account in the Chart of Accounts, select the Budget button, add the yearly revenue and then
use the Allocation button.
Answer: A
From:[url]www.pass4side.com[/url] .Updated: 2008-10-5