Microsoft Dynamics NAV 2013 Core Setup and Finance (MB7-701) Free Practice Test

Question 1

The Source Type field on the G/L Entry table is blank. What does this indicate about the record?

A. It was created when posting a fixed asset.

B. It was created when posting a sales invoice or purchase invoice.

C. It was created when posting to a bank account.

D. It was created when posting a general journal.

Correct Answer: D

Question 2

A G/L account is used in a customer posting group. Which statement is correct?

A. Generally these G/L accounts are set up with the Blocked field enabled to prohibit manual posting.

B. Generally these G/L accounts are set up to not allow direct posting.

C. Generally these G/L accounts are set up to allow direct posting as well as indirect posting.

D. Generally these G/L accounts are set up to allow only direct posting.

Correct Answer: B

Question 3

Which two statements are true about fixed asset (FA) journals? (Each correct answer presents a complete solution. Choose two.)

A. Fixed assets depreciation is automatically posted using the Calculate Depreciation batch job.

B. A calculated depreciation for a fixed asset is entered using the FA journal. When the journal is posted, an entry is created for the fixed asset number in the Fixed Asset module.

C. A manually calculated depreciation for a fixed asset is entered using the FA G/L journal. When the journal is posted, an entry is created for both the G/L Account number as well as the fixed asset number in the Fixed Asset module.

D. General ledger entries based on fixed asset ledger entries are only created when using the depreciation book selected on the Fixed Assets Setup window.

Correct Answer: B,C

Question 4

You need to record maintenance costs using the fixed asset journal. Which field should you set?

A. FA Posting Type

B. Next Service Date

C. Maintenance Vendor No

D. Under Maintenance

Correct Answer: A

Question 5

A user must record a journal each month to receive rental payments from customers. The journal is comprised of lines with different document numbers and amounts. A single deposit is made to the bank.
How should you create the journal template for the user?

A. Set Type to Payments and Reason Code to RENT.

B. Set Type to Payments and Source Code to CUSTOMER.

C. Set Type to Cash Receipts and Reason Code to RENT.

D. Set Type to Cash Receipts and ensure Force Doc. Balance is unchecked.

Correct Answer: D

Question 6

You are registering an acquired fixed asset.
You need to post the acquisition cost to the fixed asset (FA) ledger entries and the G/L entries.
What steps should you take?

A. Register the acquisition cost in an FA journal line and post the journal.

B. Register the acquisition cost in a G/L journal line and post the journal.

C. Register the acquisition cost in a FA reclassification journal line and post the journal.

D. Register the acquisition cost in a purchase invoice line and post the purchase invoice.

Correct Answer: D

Question 7

Which window is not an option for analyzing cash flow?

A. Cash Flow Ledger Entries

B. Cash Flow Date List

C. Cash Flow Report Selection

D. Cash Flow Account Schedule

Correct Answer: C

Question 8

A company has a large number of part-time employees, each working a different number of hours every week. The payroll expense for these employees must be recorded weekly. You set up a recurring journal.
Which Recurring Method should you use to record the payroll expenses?

A. Balance

B. Variable

C. Reversing Fixed

D. Fixed

Correct Answer: A

Welcome to TestSimulate

Microsoft Dynamics NAV 2013 Core Setup and Finance (MB7-701) Free Practice Test