A parent company consolidates its subsidiaries quarterly. After running the consolidation, the controller notices that intercompany transactions are not being eliminated automatically. The intercompany transactions are recorded in different currencies. What is the most likely cause and solution?

The elimination process was not configured with the correct intercompany dimensions or currency conversion rules.

The intercompany transactions were posted in the same currency.

The ledger settlement process was not run.

The consolidation process was run before the elimination process.

The accountant at Fabrikam wants to reconcile the balance of a specific vendor account by matching open debit and credit entries. The company uses ledger settlements to manage this process. What should the accountant do?

Use the Ledger settlement page to select the open entries and mark them as settled.

Run the year-end close process to automatically settle the account.

Create a general journal entry to reverse the unmatched amounts.

Use the Consolidation online tool to settle the account.

Fabrikam Inc. is about to close its fiscal year. The controller wants to ensure that the opening balances for the new fiscal year are created automatically and that the retained earnings account is updated correctly. The company also wants to prevent users from posting to the old fiscal year after the close. What should you configure?

Manually create opening balance journal entries for each main account and then lock the old fiscal year.

Run the General ledger year-end close process, which creates opening balances and updates retained earnings, then set the old fiscal year to On hold.

Use the Consolidation online tool to transfer balances to the new fiscal year.

Run the Ledger settlement process to close the year and then reopen the period.

When performing a financial consolidation in Dynamics 365 Finance, what is the typical outcome?

The general ledger of each source entity is closed

Intercompany transactions are automatically eliminated

The source legal entities are merged into a single legal entity

A new consolidated legal entity is created with the aggregated balances

Microsoft Certified:Dynamics 365 Finance Functional Consultant Associate

Domain 1Objective 5

Perform Periodic Processes MB-310 Practice Questions (Page 9)

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 41–44

41expert · hard
A parent company consolidates its subsidiaries quarterly. After running the consolidation, the controller notices that intercompany transactions are not being eliminated automatically. The intercompany transactions are recorded in different currencies. What is the most likely cause and solution?
Select an answer first
42application · medium
The accountant at Fabrikam wants to reconcile the balance of a specific vendor account by matching open debit and credit entries. The company uses ledger settlements to manage this process. What should the accountant do?
Select an answer first
43application · medium
Fabrikam Inc. is about to close its fiscal year. The controller wants to ensure that the opening balances for the new fiscal year are created automatically and that the retained earnings account is updated correctly. The company also wants to prevent users from posting to the old fiscal year after the close. What should you configure?
Select an answer first
44foundation · easy
When performing a financial consolidation in Dynamics 365 Finance, what is the typical outcome?
Select an answer first

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Perform Periodic Processes MB-310 Practice Questions (Page 9)

Questions 41–44

A parent company consolidates its subsidiaries quarterly. After running the consolidation, the controller notices that intercompany transactions are not being eliminated automatically. The intercompany transactions are recorded in different currencies. What is the most likely cause and solution?

The accountant at Fabrikam wants to reconcile the balance of a specific vendor account by matching open debit and credit entries. The company uses ledger settlements to manage this process. What should the accountant do?

When performing a financial consolidation in Dynamics 365 Finance, what is the typical outcome?

Keep studying — Implement financial management