What is the purpose of exchange rates in Business Central?

To set up the chart of accounts

To define the due dates for invoices

To convert amounts between currencies for transactions

A company based in the US sells to customers in Canada and Europe. They need to record transactions in USD, CAD, and EUR. What must be configured to ensure that amounts are correctly converted and reported in the local currency?

Create separate G/L accounts for each currency.

Change the local currency to EUR.

Enable the 'Multi-Currency' checkbox in General Ledger Setup.

Set up the currencies CAD and EUR in the Currencies page and define exchange rates.

A company wants to accept credit card payments from customers and record them in the cash receipt journal. They also want to offer a 15-day payment term for all customers. What should they set up?

Use the general journal to record credit card payments and set the due date manually on each invoice.

Set up a credit card account in the Chart of Accounts and assign it to the customer's payment term.

Create a payment method for credit card and a payment term with a due date calculation of 15 days.

Create a payment term for credit card and a payment method for 15 days.

A company's fiscal year ends on June 30. The administrator needs to ensure that the system allows posting to the new fiscal year while still permitting adjustments to the previous year. What should the administrator do?

Create a new G/L account for the new fiscal year.

Create a new accounting period for the new fiscal year and keep the Allow Posting From/To dates open for both years.

Set the Allow Posting From/To dates to the first day of the new fiscal year.

Close the previous fiscal year's periods and open the new period.

Microsoft Certified:Dynamics 365 Business Central Functional Consultant Associate

Domain 2Objective 1

Set up Financial Management MB-800 Practice Questions (Page 6)

Part of the Configure financials domain, which accounts for 30–35% of the MB-800 exam. Microsoft does not publish an official question count, but from its 100-minute exam (~40–65 total, ~12–23 in this domain), expect 2–3 from this objective — we provide 41 practice questions to prepare you well beyond it. (estimate)

41questions here

9free pages

8concepts

30–35%of the exam

Questions 26–30

26foundation · easy
What is the purpose of exchange rates in Business Central?
Select an answer first
27application · medium
A company based in the US sells to customers in Canada and Europe. They need to record transactions in USD, CAD, and EUR. What must be configured to ensure that amounts are correctly converted and reported in the local currency?
Select an answer first
28application · medium
A company wants to accept credit card payments from customers and record them in the cash receipt journal. They also want to offer a 15-day payment term for all customers. What should they set up?
Select an answer first
29foundation · easy
In Business Central, which setting in the General Ledger Setup page controls whether the system automatically balances general journal lines by inserting a balancing account?
Select an answer first
30application · medium
A company's fiscal year ends on June 30. The administrator needs to ensure that the system allows posting to the new fiscal year while still permitting adjustments to the previous year. What should the administrator do?
Select an answer first

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