Financials Flashcards
You need to ensure that you have the most current data to manage customer collections. What should you do first? A) A customer account statement B) A customer balance list C) A customer ageing snapshot D) A customer pool
Answer: B
You need to add general journal voucher lines.
Which three selections are valid account types? Each correct answer presents a complete solution.
A. Fixed assets
B. Bank
C. Purchase order
D. Ledger
E. Item
Answer: A, C, D
What is the purpose of collections cases?
A. To record nonsufficient funds (NSF) payments
B. To calculate interest on overdue transactions
C. To group collection activities and transactions
D. To write off transactions that have been deemed uncollectable
Answer: B
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
Answer: A, B
When you post an invoice, you receive an error message.
Which two actions does the system apply to the invoice? Each correct answer presents a complete solution.
A. The error log is presented to the user and then deleted.
B. The error log is presented to the user and then saved.
C. The invoice is placed in the pending vendor invoices list.
D. The invoice is placed on hold.
Answer: B, C
In which two situations can you print a pro forma invoice? Each correct answer presents a complete solution.
A. As an estimate of a free text invoice
B. As an estimate of a customer invoice for a sales order
C. As a request for payment for a past due invoice
D. As a replacement for a lost invoice
Answer: A, D
You are setting up cash flow forecasting in Microsoft Dynamics AX 2012.
You need to ensure that the budget entries are shown in the cash flow.
Which action should you perform?
A. Set up the settle accounts for the vendor/customer posting profiles to include with the budget accounts.
B. Set up the cash flow forecast in the Accounts receivable and Accounts payable modules.
C. Include the cash flow forecast for the budget model.
D. Calculate the cash flow forecasts for the budget accounts.
Answer: C
What are three account types that you can choose in a General ledger journal voucher? Each correct answer presents a complete solution. A. Inventory B. Customer C. Vendor D. Item E. Project
Answer: A, B, D
You are processing a vendor payment. You attempt to print a check from Microsoft Dynamics AX 2012. Due to printer issues, the check is damaged and the journal is not yet posted. You need to cancel the check. What should you do?
A. On the Transactions form, use the Reverse transactions functionality, and post a transaction reversal.
B. On the Bank accounts form, use the Delete checks functionality, and delete the check.
C. On the Payment journal form, use the Payment status functionality, and set the status as Rejected
D. On the Checks form, use the Payment reversals functionality, and post the check reversal journal.
Answer: C
You are setting up cash flow management in your organization by using Microsoft Dynamics AX 2012. A delay of five days is expected from the due date of the payments to the date on which the payments are drawn from your bank account Where on the Vendor groups form should you set up this delay? A. The Forecast tab B. The Settle period field C. The Default account setup tab D. The Terms of payment field
Answer: A
Which statement about generating deposit slips is correct?
A. You can generate one deposit slip per bank account for multiple journals.
B. You can generate one deposit slip for multiple journals each day.
C. You can generate one deposit slip per journal per bank account.
D. You can generate separate deposit slips for each voucher depending on the number of vouchers in a journal.
Answer: A
Your company uses two-way matching to create vendor invoices.
Which elements are used in the two-way matching process?
A. Quantity received and quantity invoiced
B. Price information on the invoice and price information on the purchase order
C. Invoice total amount and the total amount on the purchase order
D. Quantity ordered on the purchase order and quantity invoiced
Answer: D
You are implementing Microsoft Dynamics AX 2012 for an organization that has multiple regions of operation.
The organization has a policy that states that centralized payments should be processed through the main office.
Which three actions should you perform to enable centralized payments? Each correct answer presents part of the solution.
A. Set up the organizational hierarchy and the organization hierarchy purposes.
B. Set up intercompany accounting.
C. Set up currencies and their respective exchange rates.
D. Set up a bridging account.
E. Set up accrual schemes.
Answer: A, B, D
To which two entities can you lend a fixed asset? Each correct answer presents a complete solution. A. Another legal entity LIB B. A fixed asset group C. A contractor D. An employee
Answer: A, D
Which three methods can you use to assign bar codes to fixed assets? Each correct answer presents a complete solution.
A. Automatically assign the bar codes when you create fixed assets.
B. Assign the bar codes to fixed assets groups.
C. Automatically assign the bar codes based on the fixed asset journal type.
D. Assign the bar codes to current fixed assets.
E. Manually assign the bar codes when you create fixed assets.
Answer: A, B, D
You are implementing fixed assets for your company.
The company requires the following business process for creating assets:
1. A worker completes a capital expenditure form and submits it to the accounting department for review and approval.
2. After the form is approved, the asset is created.
3. A purchasing agent creates a purchase order and submits it to the vendor for processing.
4. When the invoice is received from the vendor, the accounts payable clerk processes an invoice to acquire the asset. No other users are allowed to process the acquisition.
You need to configure Microsoft Dynamics AX to meet these requirements.
Which two configurations should you complete? Each correct answer presents part of the solution.
A. Configure the Business rule for fixed assets determination rule.
B. Set the Create asset during product receipt or invoice posting parameter to true.
C. Configure a user group for the Restrict asset acquisition posting to user group parameter.
D. Set the Check for fixed assets creation during line entry parameter to true.
E. Set the Allow asset acquisition from Purchasing parameter to true
Answer: A, D
You need to configure fixed assets so that information such as asset purchase, depreciation, revaluation, adjustment, and sale or disposal is tracked over the lifetime of the assets.
Which form tracks this financial information?
A. Fixed asset value models form
B. Fixed assets form
C. Fixed asset depreciation books form
D. Fixed asset groups form
Answer: C
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
Answer: C
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.
Answer: A, C
Which three transaction types can you use to dispose of an asset? Each correct answer presents a complete solution. A. Provision for reserve B. Write off C. Extraordinary depreciation D. Sale E. Scrap
Answer: B, C, D
Which step must be taken before you can record an acquisition of a fixed asset on the General journal form?
A. Create a fixed asset workflow.
B. Create a fixed asset record.
C. Create a fixed asset budget register entry.
D. Create a vendor invoice.
Answer: D
Which two documents can you use to set up fixed asset acquisitions? Each correct answer presents a complete solution. A. Free text invoice B. Invoice journal C. Sales order D. Purchase order
Answer: A, D
An organization has a policy of charging depreciation based on the usage of the fixed asset in a fiscal year.
You need to configure depreciation according to this policy.
Which depreciation method should you use?
A. Straight line service life
B. Reducing balance
C. Factor
D. Consumption
Answer: B
You are using a voucher template to create a journal voucher. The template type is Percent.
The template has four lines with the following amounts: First line: $100 Second line: $200 Third line: S300 Fourth line: $400
When prompted for a voucher amount you enter $2,000.
What is the default amount on the third line of the journal voucher?
A. $150
B. $300
C. $600
D. $2,000
Answer: C
You are implementing Microsoft Dynamics AX 2012.
You need to set up invoices for payment so they are summed up for the payment proposal period.
Which period option should you choose?
A. Invoice
B. Total
C. Date
D. Week
Answer: D
You are setting up the cash flow forecast in Microsoft Dynamics AX for your organization. The organization has accounts that are identified as cash or cash equivalents.
You need to set up these accounts as liquidity accounts for cash flow forecast purposes.
Where do you set up the accounts?
A. In the Customers area of the Accounts receivable module setup
B. In the Vendors area of the Accounts payable module setup
C. In the Cash and bank management parameters form of the Cash and bank management module
D. In the Posting area of the General ledger module setup
Answer: B
You create a new bank account.
You configure the check layout to be fixed.
You need to create the first batch of checks.
Where should you create the checks?
A. The Checks form that is accessed from the Bank account form
B. The Payment journal form that is accessed from the Journals area of the Accounts payable module
C. The Checks form that is accessed from the Common area of the Cash and bank management module
D. The Bank documents area that is accessed from the Setup area of the Cash and bank management module
Answer: C
A vendor contacts you about an unpaid invoice.
You verify that a check was printed and mailed one month ago.
The vendor did not receive the check.
You need to reissue a check to the vendor. Which action should you perform?
A. Create a reversing entry by using the General journal form, and then reissue the payment.
B. Void the check from the original payment journal, and then reissue the payment.
C. Reverse the payment from the Vendor transactions form, and then reissue the payment.
D. Process a payment reversal from the Checks form, and then reissue the payment.
Answer: C
In which three scenarios can you use a free text invoice? Each correct answer presents a complete solution.
A. To invoice a customer for miscellaneous charges
B. To acquire a fixed asset
C. To sell a fixed asset to a customer
D. To sell an inventory item to a one-time customer
E. To produce recurring service invoices for customers
Answer: A, B, D
You have enabled the Bill of exchange feature in Microsoft Dynamics AX.
You post a protest bill of exchange to a customer account.
Which account type on the customer posting profile should be debited?
A. Settle account
B. Summary account
C. Write-off account
D. Liabilities for discount account
Answer: D
You need to revalue the foreign currency transactions in the Accounts payable subledger.
Which two statements describe what the foreign currency revaluation job accomplishes? Each correct answer presents a complete solution.
A. Settled vendor transactions are revalued by using the effective exchange rate for the specified date.
B. Open vendor transactions are revalued by using the effective exchange rate for the specified date.
C. The differences between the original posted amounts and the revalued amounts are posted to vendor accounts as unrealized transactions.
D. The differences between the original posted amounts and the revalued amounts are posted to vendor accounts as realized transactions.
Answer: A, C
You apply a customer payment. The payment amount is less than the amount of the invoice.
What are two results of this payment? Each correct answer presents part of the solution.
A. The payment remains open for the amount of the difference between the payment and the invoice.
B. The invoice remains open for the amount of the difference between the payment and the invoice.
C. The payment is settled and closed.
D. The invoice is settled and closed.
Answer: B, C
What is the difference in the setup of periodic journals and voucher templates?
A. You can modify the account type in voucher templates.
B. Voucher templates can contain multiple vouchers.
C. You can modify the account type in periodic journals.
D. Periodic journals can contain only one voucher.
Answer: D
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.
Answer: A, C
You need to generate a vendor prepayment in a payment journal.
Which two processes should you complete before posting a prepayment? Each correct answer presents part of the solution.
A. Set up a prepayment posting profile.
B. Set up a prepayment in a purchase order.
C. Create a payment journal for the prepayment.
D. Create a vendor invoice for the prepayment.
Answer: A, C
What is the purpose of a budget model?
A. To assign a budget type to the budget register entries
B. To group budget register transactions
C. To assign workflow to budget register entries
D. To select the financial dimensions to use for budgeting
Answer: A
