A retail company has just received board approval for its annual operating budget. The controller needs to record the approved amounts in Dynamics 365 Finance so that they appear in budget control reports. The budget is broken down by department and by expense type. What should the controller do?

Create a budget model and then run the budget control report to generate the entries.

Set up an allocation term and apply it to the general ledger to record the budget.

Create a budget register entry with the approved amounts, assign the appropriate budget code, and post the entry.

Create a transfer rule from the previous year's budget to the new year.

A company uses two budget models: a 'Forecast' model for internal planning and a 'Budget' model for the official approved budget. Mid-year, the finance team wants to copy the remaining forecast amounts into the Budget model so that the official budget reflects the updated forecast. You need to automate this movement without manual re-entry. What should you configure?

Manually re-enter the forecast amounts as new budget register entries in the Budget model.

Use an allocation term to distribute the Forecast model's amounts into the Budget model.

Set up a transfer rule that moves budget amounts from the Forecast model to the Budget model.

Create a new budget code and assign it to both models, then post a single budget register entry.

In Dynamics 365 Finance, what is the primary purpose of a budget model?

To define the financial dimensions and periods for which budget amounts are tracked

To categorize budget transactions by type, such as original budget or transfer

To store actual transactions that are compared against budgeted amounts

To provide a container that defines the structure and parameters for a budgeting process

Microsoft Certified:Dynamics 365 Finance Functional Consultant Associate

Domain 4Objective 1

Implement Basic Budgeting MB-310 Practice Questions (Page 5)

Part of the Manage budgeting domain, which accounts for 10–15% of the MB-310 exam. Microsoft does not publish an official question count, but from its 100-minute exam (~40–65 total, ~4–10 in this domain), expect 1–3 from this objective — we provide 28 practice questions to prepare you well beyond it. (estimate)

28questions here

6free pages

7concepts

10–15%of the exam

Questions 21–25

21application · medium
A retail company has just received board approval for its annual operating budget. The controller needs to record the approved amounts in Dynamics 365 Finance so that they appear in budget control reports. The budget is broken down by department and by expense type. What should the controller do?
Select an answer first
22application · medium
A company uses two budget models: a 'Forecast' model for internal planning and a 'Budget' model for the official approved budget. Mid-year, the finance team wants to copy the remaining forecast amounts into the Budget model so that the official budget reflects the updated forecast. You need to automate this movement without manual re-entry. What should you configure?
Select an answer first
23foundation · easy
Which element is required to create a budget model in Dynamics 365 Finance?
Select an answer first
24foundation · easy
Which budget code is typically used to record the initial approved budget for a fiscal year?
Select an answer first
25foundation · easy
In Dynamics 365 Finance, what is the primary purpose of a budget model?
Select an answer first

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Implement Basic Budgeting MB-310 Practice Questions (Page 5)

Questions 21–25

A retail company has just received board approval for its annual operating budget. The controller needs to record the approved amounts in Dynamics 365 Finance so that they appear in budget control reports. The budget is broken down by department and by expense type. What should the controller do?

Which element is required to create a budget model in Dynamics 365 Finance?

Which budget code is typically used to record the initial approved budget for a fiscal year?

In Dynamics 365 Finance, what is the primary purpose of a budget model?

Keep studying — Manage budgeting