Financials

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Author:
gomezjrs
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254353
Filename:
Financials
Updated:
2013-12-27 16:00:34
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Dynamics AX
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Dynamcis AX Financials
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  1. What effect
    does the value in the General round-off field have on the values in Microsoft Dynamics AX
    2012?
    The value are used to round all amounts in all modules.
  2. When you change the display currency, it affects all users.
    False
  3. Is it possible to post activity that uses a date for which a period has not been created?
    No
  4. What are reason codes?
    Reason codes are standardized codes that can be used in various transaction types or changes to field values to provide background data about the transaction.
  5. What are the parts of an allocation rule?
    (√) General

    (√) Source

    (√)Destination

    (√) Offset
  6. Which allocation method defines how and in what proportion the source amounts are
    distributed to the various destination lines, by referring to balances in other account-dimensions?
    (•) Basis

    ( ) Fixed percentage

    ( ) Fixed weight

    ( ) Spread even
  7. Is it possible to have the same chart of accounts used across multiple companies?
    Yes
  8. Before creating a company's Chart of Accounts, what considerations should be discussed?
    • -What degree of specification is needed
    • -How the Chart of Accounts must be structured
    • -If external accountants offered any suggestions about the structure of the Chart of Accounts
  9. Is the purpose of account allocation to use for realized transactions and budget transactions?
    Yes
  10. Can using posting types reduce the risk of selecting a wrong account when you set up
    posting profiles?
    Yes
  11. Which of the following system accounts are required to be set up? (Select all that apply)
    • (√) Error account
    • (  ) Cash difference
    • (√) Year-end result
    • (√) Penny difference
  12. Which tasks are completed from the Chart of Accounts in Microsoft Dynamics AX? (Select all that apply)
    • (√) Create accounts
    • (√) Set standard parameters
    • (√) Access transactions
    • (√) View a company's financial state
  13. What is the purpose of the Blocking function when setting up Journals?
    To restrict the usage of a journal
  14. Which of the following types of journals may be set up in Microsoft Dynamics AX? (Select all that apply)
    • (√) Daily
    • (√) Periodic
    • (√) Approval
    • (  ) Annual
  15. What is the purpose of using Balance Control Accounts?
    To monitor the current and expected balance on an account as transactions are entered in a journal.
  16. Sequentially order the following steps for working with journals.
    • 4 : Post transactions.
    • 3 : Create journal lines.
    • 2 : Create new journal.
    • 1 : Set up journal names.
  17. Which of the following would be used to monitor the current and expected balance on an account as transactions are entered in a journal.
    • ( ) Journal names
    • ( ) Journal controls
    • (•) Balance control accounts
    • ( ) General ledger parameters
  18. General journals are used to post transactions in which of the following accounts? (Select all that apply)
    • (√) General ledger
    • (√) Bank
    • (√) Customer
    • (√) Vendor
  19. The information you enter in a general journal is temporary and changeable as long as the journal is unposted.
    True
  20. What information is needed to create a journal entry? (Select all that apply)
    • (√) Accounting date
    • (√) Ledger account
    • (√) Offset account
    • (√) Debit or credit amount
  21. When can Multiple journals be posted? (Select all that apply)
    • (  ) Yearly
    • (√) Immediately
    • (  ) On a delayed schedule
    • (√) Set up as a job for batch processing
  22. In Microsoft Dynamics AX, you can set up journals that require mandatory approval.
    True
  23. Each ledger account can use several tax codes. True or False?
    True
  24. Changes that you make to the ledger account numbers in ledger posting groups only affect ____.
    • ( ) Posted transactions
    • ( ) Deleted transactions
    • (•) Not yet posted transactions
    • ( ) Posted transactions from previous months
  25. Before creating ledger posting groups, you must create a(n) _________ in the General Ledger to link to ledger posting group.
    • ( ) Tax Group
    • ( ) Sales Tax
    • (•) Account
    • ( ) Group
  26. Tax authorities can be ______. (Select all that apply)
    • (√) Countries
    • (√) States
    • (√) Regions
    • (√) Cities
  27. Sales tax can be paid by the Microsoft Dynamics AX system to _____ ? (Select all that apply)
    • ( ) A client
    • ( ) An employee
    • (√) A vendor
    • (√) A sales tax authority
  28. You use settlement periods to create and manage the periods the company uses to report sales tax.
    True
  29. Sales tax settlement periods specify at what intervals the company reports taxes.
    True
  30. A sales tax code includes information about which of the following? Select all that apply.
    • (√) When the payments are made
    • (√) How the tax is posted
    • (√) How the tax is calculated
    • (√) The currency in which the sales tax is calculated
  31. Sales taxes over the minimum limit amount automatically are discontinued and sales
    taxes under the upper limit amount are set to the upper limit amount.
    False
  32. Specify the origin for the sales tax limits in the Marginal base list. Match the options to the answers.
    • a 1. Net amount for each line
    • f 2. Net amount for each unit
    • e 3. Net amount of invoice balance
    • c 4. Gross amount for each line
    • d 5. Gross amount for each unit
    • b 6. Invoice total incl. other sales tax amounts
    • a. Value of the line, excluding any other
    • taxes
    • b. The total value for the invoice, including any other taxes
    • c. Value of the line, including any other taxes
    • d. Value of the unit, including any other
    • taxes
    • e. The total value for the invoice, excluding any other taxes
    • f. Value of the unit, excluding any other taxes
  33. When the sales tax groups are created, attach the sales tax group to ______. (Select all that apply)
    • (  ) Company
    • (√) Customers
    • (√) Ledger accounts
    • (√) Vendors
  34. What is a Bank Transaction Group?
    A bank transaction group is used to set up groups of different bank transaction types. In the bank statement reconciliation, totals can be calculated for each bank transaction group and for each bank transaction type.
  35. What is a Bank Group?
    A bank group is used when several bank accounts share the same address information or routing number. When you create a new bank account and enter the bank group, the bank group information is copied to the account automatically.
  36. If you are using pre-printed checks, what method do you select in the Check number method field?
    • ( ) Variable
    • (•) Fixed
    • ( ) Print
    • ( ) Original
  37. How many signatures can the application print on a check? (Select all that apply)
    • (√) 1
    • (√) 2
    • ( ) 3
    • ( ) 4
  38. Annie, the Bookkeeper at Contoso, must create checks numbered 2361 through 2366.
    What values must she enter in the From and Quantity fields to do this?
    • ( ) Enter 2361 in the From field and 5 in the Quantity field
    • ( ) Enter 2366 in the From field and 5 in the Quantity field
    • (•) Enter 2361 in the From field and 6 in the Quantity field
    • ( ) Enter 2366 in the From field and 6 in the Quantity field
  39. What status must a check have for you to delete it?
    • ( ) Void
    • ( ) Processed
    • (•) Created
    • ( ) Invoiced
  40. How can you tell if a deposit slip is canceled?
    On the Deposit slip form, on the General tab, the Canceled check box is selected.
  41. Create a check refund by placing the following steps in order:
    • 1 : Create a customer payment journal line with a negative amount.
    • 4 : Post the payment journal.
    • 2 : Modify the method of payment to Check Refund on the negative payment journal line.
    • 3 : Generate the refund check.
  42. A payment schedule consists of which of the following?
    • ( ) Payments 
    • ( ) Consecutive time intervals
    • ( ) Consecutive payments
    • (•) Consecutive payments in set time intervals
  43. What elements must be defined to create a payment schedule? (Select all that apply)
    • ( ) Vendor account
    • (√) Due date of each installment
    • (√) Amount of each installment
    • (√) Number of installments
  44. Outline the steps to setting up a term of payment. Place the following steps in order.
    • 1 : Access the Terms of payment form in Accounts Payable.
    • 6 : Specify the days (or other time unit).
    • 4 : Enter a description.
    • 3 : Enter a terms of payment identifier.
    • 2 : Create a new record.
    • 5 : Select the payment method.
  45. What interval can the payment day can be specified? (Select all that apply)
    • (√) Specific day in a week
    • (√) Specific date in a month
    • (  ) Specific day in a year
    • (  ) Specific day in a quarter
  46. Cash discounts are linked to what tables?
    • ( ) Sales and Purchase Order
    • ( ) Payment Days and Payment Fees
    • ( ) Terms of Payment and Payment Days
    • (•) Customer and Vendor
  47. What are some methods of payment a company might use? (Select all that apply)
    • (√) Credit
    • (√) Cash in advance
    • (√) Check and electronic payments
    • (√) Bill of exchange
  48. How many vendor groups must be set up?
    • ( ) None
    • (•) One
    • ( ) Two
    • ( ) Ten
  49. After you post the lines of the invoice register, the postings display in the payment proposal.
    False
  50. You can use the invoice pool to view registered invoices that are ready for posting.
    True
  51. You must validate the journal before you post.
    False
  52. Which voucher template type lets users re-create a voucher for the same accounts and values as the original entry?
    • ( ) Percent
    • ( ) Division
    • ( ) Aggregate
    • (•) Amount
  53. Invoice matching is the process of matching information from what documents? (Select all that apply)
    • (√) Purchase Order
    • (√) Vendor Invoice
    • (√) Product Receipt
    • (  ) Vendor Checks
  54. In the Is marked field, a red icon appears if a transaction already is selected for settlement.
    True
  55. What is the purpose of the closed transactions editing functionality? (Select all that apply)
    • (  ) To edit settlements
    • (√) To Reverse settlements not honored by the bank
    • (√) To Reverse settlements with incorrect information, such as dates
    • (√) To Edit fully applied or settled transactions
  56. How are print management settings defined?
    • ( ) They are set up for each module
    • ( ) They are set up for each account
    • ( ) They are set up for each transaction
    • (•) They are set up for each module, account, transaction, or any combination of these three.
  57. Which of the following activities are uncontrollable with print management settings?
    • ( ) Number of copies to produce
    • (•) Page orientation
    • ( ) Multilingual document footer text
    • ( ) Print destination
  58. What are the different invoices available in Microsoft Dynamics AX? (Select all that apply)
    • (√) Invoice register
    • (√) Invoice approval journal
    • (√) Invoice journal
    • (√) Invoice pool excluding posting
  59. What does validation do? (Select all that apply)
    • (√) Ensures that everything is correct prior to posting.
    • (  ) Ensures that you have selected the correct vendor.
    • (√) Verifies that the journal balances.
    • (√) Verifies that all mandatory fields are filled in.
  60. How do you create payment lines in the payment journal? (Select all that 
    apply)
    • (√) Manual payment journal
    • ( ) Payment transfer
    • (√) Settlement
    • (√) Payment proposal
  61. After you post the lines of the invoice register, the postings display in the payment proposal.
    False

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