When entering an exchange rate for a currency pair, which two values are required?

Currency code and currency name

Exchange rate and exchange rate type

In Dynamics 365 Finance, what is the accounting currency used for?

To store exchange rates for all currencies

To display amounts in a secondary currency for reporting

To record all general ledger transactions in a single primary currency

To convert transactions for a specific legal entity only

Fabrikam, a US-based company, has a subsidiary in Japan that reports in JPY. The parent company in the US uses USD as its accounting currency. They need to consolidate the Japanese subsidiary's financials into the parent's reporting. They want to use a specific exchange rate for consolidation that is different from the daily transaction rate. What should you do?

Use the daily exchange rate type for consolidation because it is the most current.

Create a new exchange rate type named 'Consolidation' and enter rates for JPY to USD. Use this rate type when running consolidation.

Use the reporting currency feature to report the subsidiary's financials in USD without using exchange rates.

Change the accounting currency of the subsidiary to USD to avoid exchange rate issues.

Where do you specify the accounting currency for a legal entity in Dynamics 365 Finance?

Organization administration parameters

A company's accounting currency is USD, but they have a bank account in GBP. They receive a payment in GBP and want to record it in USD. They need to use the exchange rate from a specific date. What should you do?

Create a new exchange rate type for this transaction.

Post the payment in GBP and let the system use the default rate.

Use the current exchange rate regardless of the transaction date.

Enter the exchange rate for GBP to USD on the exchange rate page for the appropriate date and rate type. Use that rate when posting the payment.

Microsoft Certified:Dynamics 365 Finance Functional Consultant Associate

Domain 1Objective 2

Configure Ledgers and Currencies MB-310 Practice Questions (Page 1)

Part of the Implement financial management domain, which accounts for 35–40% of the MB-310 exam. Microsoft does not publish an official question count, but from its 100-minute exam (~40–65 total, ~14–26 in this domain), expect 2–4 from this objective — we provide 42 practice questions to prepare you well beyond it. (estimate)

42questions here

9free pages

9concepts

35–40%of the exam

Questions 1–5

1foundation · easy
When entering an exchange rate for a currency pair, which two values are required?
Select an answer first
2foundation · easy
In Dynamics 365 Finance, what is the accounting currency used for?
Select an answer first
3application · medium
Fabrikam, a US-based company, has a subsidiary in Japan that reports in JPY. The parent company in the US uses USD as its accounting currency. They need to consolidate the Japanese subsidiary's financials into the parent's reporting. They want to use a specific exchange rate for consolidation that is different from the daily transaction rate. What should you do?
Select an answer first
4foundation · easy
Where do you specify the accounting currency for a legal entity in Dynamics 365 Finance?
Select an answer first
5application · medium
A company's accounting currency is USD, but they have a bank account in GBP. They receive a payment in GBP and want to record it in USD. They need to use the exchange rate from a specific date. What should you do?
Select an answer first

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