Set up Financial Management MB-800 Practice Questions (Page 7)

Questions 31–35

1. 31application · medium

   A company wants to allow customers to pay by credit card or bank transfer. They also need to record the payment method on sales documents. What should the administrator do?

   • AUse the 'Payment Terms' page to define credit card and bank transfer.
   • BEnable the 'Payment Method' field on the General Ledger Setup page.
   • CSet up two payment methods in the Payment Methods page and assign them to the customer.
   • DCreate two G/L accounts for credit card and bank transfer.
   Reveal Solution Discussion Select an answer first
2. 32foundation · easy

   In Business Central, what is the purpose of the 'Currencies' page?

   • ATo set up payment terms for customers
   • BTo define the chart of accounts structure
   • CTo manage user access to financial reports
   • DTo define the currencies that can be used in transactions
   Reveal Solution Discussion Select an answer first
4. 33application · medium

   A company has the local currency set to USD. They need to record transactions in GBP and report the resulting amounts in USD. What is the minimum configuration required?

   • AEnable the 'Foreign Currency' checkbox in General Ledger Setup.
   • BCreate a separate G/L account for GBP transactions.
   • CChange the local currency to GBP.
   • DAdd GBP as a currency and define an exchange rate for GBP.
   Reveal Solution Discussion Select an answer first
5. 34application · medium

   A retail company's fiscal year ends on March 31. The controller wants to close the fiscal year and prevent new postings to the old year while still allowing entries in the new year. What should the controller do?

   • ADelete the old accounting periods and create new ones starting April 1.
   • BChange the General Ledger Setup to allow postings to any period and then manually adjust the dates.
   • CSet the Allow Posting From and To dates in General Ledger Setup to cover only the new fiscal year.
   • DRun the Close Year operation for the fiscal year and then create a new fiscal year with the appropriate periods.
   Reveal Solution Discussion Select an answer first
6. 35application · medium

   A company needs to report monthly income and expenses by department. The chart of accounts currently contains only G/L accounts. The accounting periods are set to fiscal year. What should you configure to meet the requirement?

   • AChange the accounting periods to calendar year.
   • BEnable the 'Department' field on the General Ledger Setup page.
   • CSet up dimensions and assign them to the G/L accounts.
   • DCreate a new G/L account for each department.
   Reveal Solution Discussion Select an answer first