MB-310 Microsoft Dynamics 365 for Finance and Operations Interview Questions (2023)

MB-310 Microsoft Dynamics 365 for Finance and Operations Interview Questions (1)

Preparing for an interview is as important as preparing for an exam. Therefore, preparing for an interview takes a lot more practice and confidence to ace any exam. You have to make the best first impression. So to help our candidates to prepare well for the interview, we have tried our best to present you with the best and expert-revised interview questions. Candidates should research the company, job roles, and responsibilities, and most importantly look confident while answering any question. Moreover, we have covered all questions from basic to intermediate and to advance level. Therefore, we highly recommend the aspirants prepare with the best and achieve the best. But first, you should be familiar with the basics of what theMB-310 Microsoft Dynamics 365 for Finance and Operations examis all about.

The MB-310 Microsoft Dynamics 365 for Finance and Operations exam is specially intended for Functional Consultants who analyze business requirements and translate those requirements into fully realized business processes and solutions that implement industry best practices. Candidates should have fundamental understanding of accounting principles and financial operations of businesses including accounts payables and accounts receivables, taxes, costing principles, fixed assets, and budgeting. Moreover, the MB-310 Microsoft exam tests your ability to accomplish:

  • set up and configure financial management
  • implement and manage accounts payable and expenses
  • implement accounts receivable, credit, collections, and revenue recognition
  • Lastly, manage budgeting and fixed assets.

Now, let’s begin with the MB-310 Microsoft Dynamics 365 for Finance and Operations Interview Questions.

1. Define budget cycle?

Budget cycles are defined as the length of time during which a budget is used. Moreover, budget cycles include part of a fiscal year or multiple fiscal years, such as a biennial budget cycle of two years or a triennial budget cycle of three years.

2. Define budget cycle time spans?

The budget cycle time span defines the number of periods that are included in the budget cycle. The Budget cycle time spans page is used to specify the budget cycle time span.

3. What are Import currency exchange rates?

The process that retrieves exchange rates from exchange rate providers and imports them. This process is a system operation that supports batch processing.

4. What do you understand by Exchange rate provider registration?

The process of enabling an exchange rate provider so that it can be used. By default, exchange rate providers aren’t registered when they are deployed.

5. Why are Periodic journals called recurring journals?

Periodic journals are sometimes called recurring journals because the amount, text, and other information are repeated each time that the periodic journal is retrieved.

6. What is ER?

ER is a tool that is use to configure formats for both incoming and outgoing electronic documents in accordance with the legal requirements of various countries/regions. Moreover, ER lets you manage these formats during their lifecycle.

7. List some features of ER?

  • Represents a single shared tool for electronic reporting in different domains and replaces more than 20 different engines that do some type of electronic reporting for Finance and Operations.
  • It makes a report’s format insulated from the current implementation.
  • Supports the creation of a custom format that is based on an original format.
  • It becomes the primary standard tool to support localization requirements in electronic reporting, both for Microsoft and for Microsoft partners.
  • It supports the ability to distribute formats to partners and customers through Microsoft Dynamics Lifecycle Services (LCS).

8. What are the two different components of ER?

ER supports two types of components:

  • Data model
  • Format.

9. What is a data model?

A data model component is an abstract representation of a data structure. It is use to describe a specific business domain area with enough detail to satisfy the reporting requirements for that domain.

10. List some capabilities of model mapping that supports outgoing electronic documents?

  • It can use different data types as data sources for a data model.
  • It supports user input parameters that can be defined as data sources for a data model when some data must be specified at run time.
  • Lastly, it supports the transformation of data into required groups.

11. List some capabilities of model mapping that supports incoming electronic documents?

  • It can use different updatable data elements as targets.
  • It supports user input parameters that can be defined as data sources for a data model when some data must be specified at run time.

12. What are the applications of format component?

  • Creation of reporting output as individual files in various formats, such as text, XML, Microsoft Word document, or worksheet.
  • Creation of multiple files separately and encapsulation of those files into zip files.

13. What is Allocation base?

The allocation base is used to measure and quantify activities, such as machine hours that are used, kilowatt hours that are consumed, or square footage that is occupied. It is used as basis for allocating costs to one or more cost objects.

14. What is the use of Cost accounting?

Cost accounting lets you collect data from various sources, such as the general ledger, sub-ledgers, budgets, and statistical information. Moreover, you can then analyze, summarize, and evaluate cost data, so that management can make the best possible decisions for price updates, budgets, cost control, and so on.

15. What is Cost entry?

Cost entries are the result of a transfer via data connectors from general ledger entries, cost allocations, and posted cost entries in cost journals.

16. What is Cost object?

Any type of object that is selected for cost control. Costs or revenues are either directly posted on or allocated to cost objects.

17. List some Cost object?

Some typical cost objects are:

  • Firstly, Products
  • Secondly, Projects
  • Thirdly, Departments
  • Lastly, Cost centers

18. What is Cost behavior?

Cost behavior classifies costs on the basis of behavior in relation to changes in key business activities. Moreover, to control costs effectively, management must understand the cost behavior.

19. What are the different types of cost behavior?

  • fixed
  • variable
  • Lastly, semi-variable.

20. Define Fixed cost?

A fixed cost is a cost that doesn’t vary in the short term, regardless of changes in activity level. For example, a fixed cost can be a basic operating expense of a business, such as rent, that won’t be affected even if the activity level increases or decreases.

21. Define Variable cost?

A variable cost changes according to changes in activity level. For example, a specific direct materials cost is associated with each product that is sold.

22. Define Semi-variable cost?

Semi-variable costs are partly fixed and partly variable costs. For example, an Internet access fee includes a standard monthly access fee and a broadband usage fee.

23. Explain the Cost allocation policy?

The cost allocation policy defines the amounts and quantities that must be allocated. Allocation rules include allocation source rules, which determine the costs that are allocated, and allocation targets rules, which determine where the costs are allocated.

24. What is the use of Customer posting profiles?

Customer posting profiles enable you to assign general ledger accounts and document settings to all customers, a group of customers or a single customer. These settings will be used when you create sales orders, free text invoices, cash payments, collection letters, and interest notes.

25. What is overhead cost?

Overhead costs refer to the ongoing expenses of operating a business. These costs cannot be linked directly to specific business activities.

26. List few examples of overhead cost?

  • Firstly, Accounting fees
  • Depreciations
  • Insurance
  • Interest
  • Legal fees
  • Taxes
  • Lastly, Utilities costs

27. List the elements of workflow?

  • Firstly, Allocation to the Sales departments and aggregation of their submissions
  • Secondly, Budget manager review
  • Thirdly, CFO approval
  • Lastly, Staging transitions between each stage of the budget planning workflow

28. What is the use of Budget planning processes?

Budget planning processes determine how budget plans can be updated, routed, reviewed, and approved in the budgeting organization hierarchy. A budget planning process is linked to a budget cycle and an organization through a legal entity.

29. What are Budget planning stages?

Budget planning stages define the steps that a budget plan follows from its beginning through final approval. Moreover, budget planning stages are arranged in budget planning workflows.

30. Define Parameters?

Parameters define the security rules that is applied to budget plans and the default financial dimensions that should be used when users drill into the amounts in budget plan scenarios.

31. What are Budget planning workflows?

Budget planning workflows consist of and define budget planning stages. They are associated with budgeting workflows. Moreover, these are the automated and manual processes that move budget plans through the budget planning stages.

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