Microsoft Practice Test MB-310: Microsoft Dynamics 365 Finance Functional Consultant

Elevate your professional trajectory with the MB-310 practice test, specifically designed to prepare you for the Microsoft Dynamics 365 Finance Functional Consultant certification exam. This comprehensive practice experience trains you to configure and manage core financial processes, including budgeting, fixed assets, financial management, accounts payable, and expenses. By validating your expertise in supporting an organization’s critical financial tasks, this certification acts as a significant catalyst for career advancement. Furthermore, achieving the MB-310 certification, in conjunction with the MB-300 exam, qualifies you for the highly sought-after Microsoft Certified: Dynamics 365 Supply Chain Management Functional Consultant Associate credential. Utilizing dual preparation modes, you can simulate the actual certification environment to pinpoint weak areas and use the practice mode to systematically build your competence and confidence.

Note: This is merely a practice test to prepare for the professional certification exam, and no certificate is issued by the center for passing it.

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Why should I use the MB-310 Practice Test to prepare for the official exam?

Utilizing the MB-310 practice test is a critical step in ensuring you are fully prepared for the rigorous official Microsoft certification exam. It provides a highly realistic simulation of the exam environment, allowing you to familiarize yourself with the question formats, time constraints, and complexity of the topics covered. By testing your knowledge across essential domains like financial management, accounts payable, and fixed assets, the practice test helps you identify knowledge gaps before test day. Detailed explanations for both correct and incorrect answers offer invaluable learning opportunities, transforming mistakes into robust understanding. Ultimately, this targeted preparation significantly boosts your confidence, reduces exam anxiety, and dramatically increases your chances of passing the MB-310 exam on your first attempt.

The MB-310 practice test contains 103 questions and covers the following objectives:

Set up and configure financial management –52 questions

Define and configure the chart of accounts

• Define and configure the chart of accounts and main accounts
• Describe use cases for main accounts categories, ledger account aliases, and balance control accounts
• Configure financial dimensions and dimension sets
• Configure legal entity overrides for financial dimensions and main accounts
• Create and configure account structures and advanced rules

Configure ledgers and currencies

• Construct fiscal calendars, years, and periods
• Configure the ledger
• Describe and configure batch transfer rules
• Set up currencies and conversions for a legal entity
• Manually enter currency exchange rates

Implement and manage journals

• Describe options for implementing voucher numbers in journals
• Configure journal names
• Set up journal controls and posting restriction rules
• Describe and configure journal approvals
• Create voucher templates
• Describe use cases for periodic journals
• Configure and apply accrual schemes
• Set up intercompany accounting
• Create templates to edit journals in Microsoft Excel
• Perform reverse entries

Implement and manage cash and bank

• Create and maintain bank groups and bank accounts
• Describe and configure electronic payment formats
• Configure and process bank reconciliations including advanced bank reconciliations
• Configure cash flow reports

Implement cost accounting and cost management

• Describe cost accounting processes and terms
• Configure cost accounting processes
• Create a cost accounting report by using the cost accounting report wizard
• Describe and configure the costing sheet and indirect costs
• Configure cost objects and cost groups
• Implement inventory costing versions
• Differentiate between inventory costing methodologies
• Configure item groups and posting profiles
• Perform inventory closing and adjustment processes

Perform periodic processes

• Configure a financial period workspace and closing schedule
• Define and demonstrate periodic closing processes and end-of-year processes
• Perform financial consolidation and elimination processes
• Configure allocation terms for a main account
• Create and process ledger allocation rules
• Implement foreign currency revaluation processes
• Create and manage financial reports including modifying row, column, and report definitions

Configure, collect, and report taxes

• Configure tax groups, tax codes, settlement periods, and jurisdiction
• Configure tax ledger posting groups
• Prepare periodic filings including end-of-year tax reporting

Implement accounts receivable, credit, collections, and revenue recognition –17 questions

Implement and manage accounts receivable

• Set up customers and customer posting profiles
• Configure and process free text invoices
• Process orders, invoices, and payments
• Configure customer payment setup
• Configure accounts receivable charges
• Configure bank accounts for customers
• Manage customer holds

Manage credit and collections

• Configure credit management processes
• Configure collections management processes
• Manage delinquent customers
• Prepare and send customer account statements
• Manage customer credit limits and credit holds
• Set up and process collection letters and interest notes

Configure revenue recognition

• Configure journals and parameters for revenue recognition
• Implement revenue schedules
• Enter and process revenue recognition transactions

Implement and manage accounts payable and expenses –8 questions

Implement and manage accounts payable

• Configure invoice validation policies
• Set up vendors and vendor posting profiles
• Process orders, invoices, and payments
• Configure the vendor collaboration module
• Configure vendor payments including positive pay and payment calendars
• Configure accounts payable charges
• Configure bank accounts for vendors
• Configure accounts payable journal approval settings

Configure and use expense management

• Configure expense management including categories, per diem options, mileage expenses, and personal expenses
• Configure workflows for expense management
• Describe use cases for expense management policies and the audit workbench
• Describe and configure credit card processing
• Manage expense reports
• Configure and manage cash advance settings
• Create and manage travel requisitions

Manage budgeting –15 questions

Configure and manage budget controls

• Configure budgeting components including budget models, codes, allocation terms, cycles, and transfer rules
• Configure budget controls including cycle time spans, budget parameters, budget fund availability options, budget control rules and groups, and over-budget permissions
• Create and configure registry entries
• Implement budget workflows
• Perform budget checks on documents and journals

Configure and process budget plans

• Define a budget planning process
• Plan a budget
• Create a budget plan by using scenarios, stages, allocation stages, stage allocations, and templates
• Create a budget plan template

Manage fixed assets –11 questions

Implement and manage fixed assets

• Create fixed assets and fixed assets groups
• Configure fixed asset parameters
• Describe fixed asset books and depreciation processes
• Configure fixed asset books
• Configure depreciation

Process fixed asset transactions

• Enable integration with purchasing, projects, and free text invoices
• Acquire, depreciate, and dispose of fixed assets
• Create fixed asset budgets and transfer the budgets to the budgeting module
• Estimate and perform an elimination of a project to a fixed asset

Notes:

• The bullets that follow each of the skills measured are intended to illustrate how we are assessing that skill. Related topics may be covered in the exam.
• Most questions cover features that are general availability (GA). The exam may contain questions on Preview features if those features are commonly used.

Don’t leave your certification success to chance. Investing in the MB-310 practice test is a strategic choice that provides you with the exact tools and knowledge checks needed to excel. By taking this pivotal step today, you are securing a comprehensive preparation resource that will streamline your study process, reinforce key concepts, and give you the competitive edge required to pass the official Microsoft exam. Purchase the MB-310 practice test now and accelerate your journey toward becoming a certified Microsoft Dynamics 365 Finance Functional Consultant.