What is the main purpose of the Financial Period Workspace in Dynamics 365 Finance?

To create and post general journal entries

To configure the chart of accounts

To provide a centralized view of period close tasks and their status

To run the year-end close process

A company is closing its fiscal year. The controller wants to ensure that the balance sheet accounts are closed and the opening balances for the new year are created automatically. What should you do?

Use ledger settlement to close the balance sheet accounts.

Run the year-end close process after configuring the year-end close template.

Run the consolidation process to create opening balances.

Manually post opening balance entries for the new fiscal year.

What is the purpose of a closing schedule in Dynamics 365 Finance?

To generate financial statements

To define the fiscal calendar for the organization

To organize and track the tasks required to close a financial period

To automatically post all closing entries

Which setup is required before using Consolidation online in Dynamics 365 Finance?

An intercompany agreement and a posting profile

A consolidation account group and a consolidation company

A closing schedule and a period workspace

A budget cycle and a budget model

During the year-end close, the controller wants to ensure that the opening balances for the new fiscal year are created for all balance sheet accounts, and that the retained earnings account is updated with the net income. What should you configure in the year-end close process?

Create a closing schedule to generate opening balances.

Select the main accounts to be included in the year-end close and specify the retained earnings account.

Use the Consolidation online tool to create opening balances.

Run the Ledger settlement process to close the accounts.

Microsoft Certified:Dynamics 365 Finance Functional Consultant Associate

Domain 1Objective 5

Perform Periodic Processes MB-310 Practice Questions (Page 5)

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 44 practice questions to prepare you well beyond it. (estimate)

44questions here

9free pages

9concepts

35–40%of the exam

Questions 21–25

21foundation · easy
What is the main purpose of the Financial Period Workspace in Dynamics 365 Finance?
Select an answer first
22application · medium
A company is closing its fiscal year. The controller wants to ensure that the balance sheet accounts are closed and the opening balances for the new year are created automatically. What should you do?
Select an answer first
23foundation · easy
What is the purpose of a closing schedule in Dynamics 365 Finance?
Select an answer first
24foundation · easy
Which setup is required before using Consolidation online in Dynamics 365 Finance?
Select an answer first
25application · medium
During the year-end close, the controller wants to ensure that the opening balances for the new fiscal year are created for all balance sheet accounts, and that the retained earnings account is updated with the net income. What should you configure in the year-end close process?
Select an answer first

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