MB-310 Exam Questions & Answers
Microsoft Dynamics 365 Finance Functional Consultant • Microsoft
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About MB-310 Exam
The MB-310 Microsoft Dynamics 365 Finance Functional Consultant certification exam validates your expertise in configuring and managing financial processes within the Microsoft Dynamics 365 ecosystem. This comprehensive assessment covers critical topics including general ledger configuration, accounts payable and receivable, budgeting, fixed assets, and financial reporting. Candidates will demonstrate proficiency in implementing financial solutions, managing cash flow, and ensuring regulatory compliance. The exam is designed for finance professionals, functional consultants, and business analysts who implement Microsoft Dynamics 365 Finance solutions in their organizations and require proven credentials to advance their careers.
To successfully pass the MB-310 exam, candidates benefit significantly from using updated exam dumps and practice tests that mirror the actual test environment. These resources help identify knowledge gaps, reinforce understanding of complex financial concepts, and build confidence through realistic scenario-based questions. Quality practice materials provide detailed explanations for each answer, enabling candidates to grasp not just the correct responses but the underlying principles behind Dynamics 365 Finance functionality. By combining official Microsoft documentation with comprehensive practice tests and exam dumps, aspiring functional consultants can thoroughly prepare for the certification, ensuring they possess the skills necessary to manage financial operations effectively and boost their professional credibility in the enterprise software industry.
Exam Topics & Objectives
4-Week Study Plan for MB-310
Week 1: Financial Management Fundamentals & Chart of Accounts
- Study general ledger structure and chart of accounts setup in Dynamics 365 Finance
- Learn ledger posting layers (Current, Budget, Eliminations)
- Configure main accounts, dimensions, and dimension hierarchies
- Practice journal entry creation and posting workflows
- Review accounting principles and balance sheet vs income statement accounts
- Complete Microsoft Learn module: "Configure the general ledger in Dynamics 365 Finance"
- Study financial reporting setup and report designer basics
- Practice hands-on: Create chart of accounts with 50+ accounts and assign dimensions
Week 2: Accounts Receivable, Credit & Collections Management
- Configure customer master data and customer groups
- Study terms of payment, payment schedules, and cash discount setup
- Learn invoice creation, posting, and customer payment processing
- Configure aging periods and collection letters
- Study credit limits, credit management processes, and hold rules
- Practice subscription billing features and revenue recognition
- Review customer settlements and payment applications
- Complete Microsoft Learn module: "Configure and manage accounts receivable in Dynamics 365 Finance"
- Practice hands-on: Create customer records, generate invoices, apply payments, and run collection reports
Week 3: Accounts Payable, Expenses & Fixed Assets Basics
- Configure vendor master data and vendor groups
- Study purchase orders, purchase invoices, and three-way matching
- Learn payment terms, cash discounts, and vendor invoice matching
- Configure expense policies and employee reimbursement workflows
- Study fixed asset categories, depreciation methods, and acquisition posting
- Practice asset disposal and retirement processes
- Learn fixed asset parameters and depreciation book setup
- Complete Microsoft Learn module: "Configure and manage accounts payable in Dynamics 365 Finance"
- Practice hands-on: Create vendors, process purchase invoices with matching, post expense reports
Week 4: Budgeting, Fixed Assets Advanced & Exam Preparation
- Study budget models, budget allocation methods, and budget transfer processes
- Configure budget control rules and budget overrun handling
- Learn budget variance analysis and reporting
- Study fixed asset depreciation schedules and asset valuations
- Practice fixed asset inquiries and financial reporting
- Complete Microsoft Learn module: "Manage budgets in Dynamics 365 Finance"
- Review all four weeks of content with focus on integration scenarios
- Practice full exam-style questions covering all five domains
- Review case studies: multi-company consolidations, intercompany transactions, and period-end close processes
- Take full-length practice exam and analyze weak areas
- Final review of highest-weighted topics (financial management at 40-45%)
Sample MB-310 Questions
Practice with real exam-style questions. Reveal answers to verify your knowledge.
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question in this section, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You are configuring the year-end setup in Dynamics 365 for Finance and Operations.
You need to configure the year-end setup to meet the following requirements:
The accounting adjustments that are received in the first quarter must be able to be posted in to the previous year's Period 13.
The fiscal year closing can be run again, but only the most recent closing entry will remain in the transactions.
All dimensions from profit and loss must carry over into the retained earnings.
All future and previous periods must have an On Hold status.
Solution:
Configure General ledger parameters.
Set the Delete close of year transactions option to Yes.
Set the Create closing transactions during transfer option to Yes.
Set the Fiscal year status to permanently closed option to Yes.
Define the Year-end close template.
Designate a retained earnings main account for each legal entity.
Set the Financial dimensions will be used on the Opening transactions option to Yes.
Set the Transfer profit and loss dimensions' option to Close All.
Set future Ledger periods to a status of On Hold.
Does the solution meet the goal?
A company uses Dynamics 365 Finance for their accounts payable processing.
One vendor offers a special installment term which allows the company to pay their invoice with three equal installment payments. The first payment is due 60 days after the invoice date. The second payment is due 90 days after the invoice date. The last payment is due 120 days after the invoice date. The company pays their invoice on the due date to take advantage of the terms.
You need to configure the terms of payment and payment schedule for the vendor master record.
How should you configure and assign the vendor master record?
SIMULATION
You are a functional consultant for Contoso Entertainment System USA (USMF).
You need to apply a constant currency exchange rate to calculate the reporting currency value of fixed assets.
To complete this task, sign in to the Dynamics 365 portal.
A client is implementing Accounts payable. The client wants to establish three-way matching for 100 of their 5,000 stocked items from a specific vendor.
The client requires the ability to have items that require only two-way matching and specific items that require three-way matching.
You need to configure the system in the most efficient manner to achieve these requirements.
What should you do?
You need to address the employees issue regarding expense report policy violations.
Which parameter should you use?
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