MB7-701 Exam Questions

Which two actions do the Begin-Total and End-Total accounts on the Chart of Accounts page enable you to do? (Each correct answer presents a complete solution. Choose two.)

When you are completing a line in the General Posting Setup matrix, you must enter three core pieces of data. What information do these three pieces of data provide? Choose the 3 t...

What are the three layers of a journal entry system? Choose the 3 that apply.

How many shortcut dimensions are available in Microsoft Dynamics NAV?

When you select a customer on a sales invoice, which posting groups does the system default into the header? Choose the 2 that apply.

What is the primary G/L account associated with the Customer Posting Group?

In the Payment Journal, after checks are printed and prior to posting, you may void the checks. How do you manage voids in the Payment Journal? Choose the 2 that apply.

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 i...

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

Which window do you use to create a new user?

A company uses dimension values for every posting on ledger accounts for sales turnover. A sales order invoice is posted. The sales order header includes a valid code for the relev...

Your company's sales manager has to approve all sales orders before they are posted. You need to ensure a notification is sent by email automatically to the sales manager after a s...

You post a physical inventory journal line in the warehouse module. This posting creates a G/L entry. General posting groups X and Y are available to accommodate the resulting G/L...

How do you adjust the amount of payment discount on an invoice entry in the Customer Ledger Entry table?

A customer has made an invoice payment without specifying which invoice. You have fully applied the payment to the wrong invoice. You then unapply it using the Unapply Entries func...

Why should you close a fiscal year?

Which statement about the value added tax (VAT) calculation type reverse charge VAT is true?

How do you set up a recurring journal that, after the initial posting, always posts on the last day of every month?

A company requires value added tax (VAT) for prepayments, and this is due when the invoice is paid. Which setup options should you use?

How do you set the two global dimensions in a new installation of Microsoft Dynamics NAV?

When should you set the Appln. Between Currencies field in the Sales & Receivables Setup window to All?

Which options can be compared by the Budgets feature in Microsoft Dynamics NAV?

Which two statements about cash flow forecasting are true? (Each correct answer presents part of the solution. Choose two.)

You have the rule: Cost Type Balance = Cost Center Balance + Cost Object Balance Which two statements are true? (Each correct answer presents part of the solution. Choose two.)

What are the components of an account schedule?

When posting a sales order, a user receives the following error message: "COGS Account must have a unique value in General Posting Setup: Gen. Bus. Posting Group=NATIONAL, Gen. Pro...

Users in the accounting department can enter journal data at the same time into Microsoft Dynamics NAV. How do you ensure that each user's work is isolated from other users during...

You need to set a purchase quote limit for an employee. Which Limit Type should you select in the Approval Templates window?

Before posting a sales order invoice into the Financial module, you enter a valid dimension value code for DEPARTMENT and CUSTOMERGROUP in the sales order header. These dimensions,...

A company has users that have only infrequent access to Microsoft Dynamics NAV. These users bring their own laptops, which are not part of the client network. These users have not...

How do you create a new fiscal year with 12 monthly accounting periods by using the Accounting Periods window?

You create a purchase order. The work date is October 25, the order date is October 29, the document date is November 2, and the posting date is November 3. Payment terms are 14 D....

An organization purchases an asset that consists of multiple components. The components have a different depreciation method and vendor. You need to track the total costs of the as...

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

A company purchases 10 laptops and enters them in Microsoft Dynamics NAV as one asset code X. The company sells one of the laptops after two years. What steps should you take, in o...

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?

You need to differentiate the depreciation of a fixed asset for income taxes and your internal financial statement. What two actions can you take? (Each correct answer presents a c...

What is the function of the Adjust Exchange Rates batch job?

You have selected the Recurring Method of Reversing Fixed on a recurring journal line. The date that the journal is reversed is related to the Posting Date field on the journal lin...

To set up payment tolerance for vendors, you can add and assign specific G/L accounts to the Vendor Posting Groups. If you do not use payment tolerance for all vendors, what additi...

What is the result when you post the journal that was created by the Close Income Statement batch job? Choose the 2 that apply.