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Microsoft MB5-229 Exam -

Free MB5-229 Sample Questions:

Q: 1 Where can you remove a "trapped" user from the system in Microsoft Small Business Financials?
A. Security Setup
B. Company Setup
C. User Activity
D. User Preferences
Answer: C

Q: 2 Which of the following file formats are available to save a report to in Microsoft Small Business Financials?
C. Comma Delimited
D. Text
Answer: A, C, D

Q: 3 What is the maximum number of fiscal periods you can have in a fiscal year in Microsoft Small Business Financials?
A. 12
B. 13
C. 24
D. 367
Answer: B

Q: 4 Which of the following can be added to the shortcut bar in Microsoft Small Business Financials?
A. Macros
B. External shortcuts
C. Microsoft Small Business Financials windows
D. SmartList favorites
Answer: A, B, C, D

Q: 5 What is the maximum account length allowed in Microsoft Small Business Financials?
A. 5
B. 10
C. 20
D. 25
Answer: D

Q: 6 Where are the "built in" backup and restore functions located?
A. Setup on the Menu Bar
B. File on the Menu Bar
C. Posting on the Tool Bar
D. There isn't a "built in" backup or restore function
Answer: B

Q: 7 What do you need to do if you want sales and purchase transactions entered in a batch to use the transaction date of each transaction to update posting accounts?
A. Transactions always use the transaction date when updating accounts
B. Set the option on each batch to use the transaction date
C. In Transaction Setup, set the Posting Date From option to Transaction
D. Set the option in Sales Utilities and Purchase Utilities to use the transaction date
Answer: C

Q: 8 Which of the following statements are true about the Notes feature?
A. Notes can be attached to windows
B. Notes cannot be changed once entered
C. Notes can be attached to individual vendors and customers
D. Notes are only available if the feature is turned on in company setup
Answer: A, C

Q: 9 What is the maximum number of companies that can be set up in Microsoft Small Business Financials?
A. 1
B. 3
C. 5
D. Unlimited
Answer: D

Q: 10 What is the maximum number of licensed concurrent users you can have in Microsoft Small Business Financials?
A. 1
B. 2
C. 5
D. 10
Answer: D

Q: 11 Which of the following statements are true when you are using Quick Journals?
A. Transactions can be entered in a batch.
B. You can delete a quick journal you no longer need.
C. Account numbers cannot be changed.
D. You don't have to enter amounts for every account on the quick journal.
Answer: B, D

Q: 12 When are transactions for posting accounts in Accounting moved to history?
A. When accounts are cleared
B. When transactions are applied
C. When transaction are posted
D. When the year-end closing is run
Answer: D

Q: 13 If you are creating a new company in Microsoft Small Business Financials, which of the following options are available to you for "entering" a chart of accounts?
A. Copying from an existing company
B. Loading an industry default chart of accounts
C. Set up each account using the Accounts window
D. Auto generate accounts using the Company Setup Wizard
Answer: A, B, C, D

Q: 14 What application has a seamless link to import budget information into Microsoft Small Business Financials?
A. Microsoft Excel
B. Microsoft Word
C. Lotus Notes
D. Quicken
Answer: A

Q: 15 Which of the following are requirements to delete an account from your chart of accounts?
A. The account must have a zero balance
B. The account must have been inactivated
C. The account must be a balance sheet account
D. There currently are no history records for the account
Answer: A, D

Q: 16 Which of the following would stop you from inactivating a posting account?
A. A debit account balance
B. A credit account balance
C. A zero account balance
D. Transaction history for the account
Answer: A, B

Q: 17 What happens when a reversing transaction is entered in the Journal Entry window?
A. A previously entered transaction is reversed
B. Two transactions are posted immediately, one on the transaction date, and one on the reversing date
C. A transaction is posted immediately, and another will be posted after the year-end closing is run
D. A transaction is posted on the transaction date, and when the user date is set to the reversing date, a reversing transaction will post
Answer: B

Q: 18 Which of the following frequencies are available for a recurring batch type in Microsoft Small Business Financials?
A. Monthly
B. Special
C. Single Use
D. Miscellaneous
Answer: A

Q: 19 Where can you specify the default retained earnings account that should be used when closing the fiscal year in Accounting?
A. Transaction Setup
B. Financial Reports
C. Journal Entry
D. Accounts window
Answer: A

Q: 20 Which of the following situations could possibly be remedied by running the reconcile utility in Accounting?
A. A budget does not contain all accounts
B. A checkbook balance doesn't agree with a cash account balance
C. A vendor check was written for the wrong amount
D. An account balance for a period displays differently when comparing the trial balance report and balance sheet
Answer: D

Q: 21 The checkbook reconcile process is trying to reconcile which of the following?
A. The checkbook balance and the General Ledger cash account
B. The General Ledger cash account and bank statement balance
C. The checkbook balance and the bank statement balance
D. Transactions from Purchasing and Payroll to checkbooks
Answer: C

Q: 22 Bank Transfer Entry should be used to record which type of transaction?
A. A check written to a vendor
B. You moved funds from your Operating checkbook to your Payroll checkbook
C. A deposit of sales receipts you made to a new checkbook from your cash register
D. You withdrew funds from your Operating checkbook to use for your petty cash drawer
Answer: B

Q: 23 Which transaction type in the Other Bank Transactions window will not affect a checkbook when posted?
A. Check
B. Receipt
C. Withdrawal
D. Increase Adjustment
Answer: B

Q: 24 When do customer cash payments entered in Sales update the checkbook balance in Banking?
A. When they are posted in Sales entry windows
B. When they are entered in Sales entry windows
C. When they are deposited using the Deposit window
D. When they are reconciled in the checkbook reconcile windows
Answer: C

Q: 25 Checks can be cleared for a different amount than entered only if it meets which requirement?
A. The document is for less than $50
B. It is less than 90 days old
C. It has not been reconciled
D. It was reconciled in the previous month
Answer: C

Q: 26 What must happen in order to reconcile a checkbook?
A. The difference must be $0 on the Select Bank Transactions window
B. Adjustments must equal the Adjusted Book Balance for the checkbook
C. All documents must be marked for clearing for the checkbook
D. Adjustment transactions must be posted prior to reconciling the checkbook
Answer: A

Q: 27 What option should you choose if you want to mark a group of consecutive documents in the checkbook reconcile windows?
A. Tools>Select
B. Select Range
C. Edit
D. Utilities
Answer: B

Q: 28 Which two document types default their next number from the Checkbooks setup window?
A. Deposit and Check
B. Check and Withdrawal
C. Receipt and Check
D. Increase and Decrease Adjustments
Answer: A

Q: 29 Which transaction entry window in Banking would allow you to print a check?
A. Bank Transfer Entry
B. Other Bank Transactions
C. Miscellaneous Check
D. Bank Receipt Entry
Answer: C

Q: 30 How many checkbooks can be set up in Microsoft Small Business Financials?
A. 1
B. 5
C. 10
D. Unlimited
Answer: D

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