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Microsoft MB5-554 Exam - Cheat-Test.com

Free MB5-554 Sample Questions:

1.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

2.Which of the following cost methods can be assigned to an item in Inventory? Choose the 3 that apply.
A:FIFO
B:LIFO
C:Average
D:Periodic
Answer: A, B, C

3.Which of the following statements are true about the Notes feature? Choose the 2 that apply.
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

4.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

5.Which item type will allow you to track quantities?
A: Stock Item
B: Labor
C: Service
D: Miscelleneous Charge
Answer: A

6.Which transaction entry window will allow you to enter sales line items in Microsoft Small Business Financials?
A: Receivables Transaction Entry
B: Cash Payments Entry
C: Invoices
D: Edit Receivables Transactions
Answer: C

7.Which of the following default account types can be entered for inventory items in the Item Accounts window? Choose the 3 that apply.
A:Inventory
B:Purchases
C:Sales
D:Cost of Goods Sold
Answer: A, C, D

8.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

9.Which of the following documents can have inventory line items? Choose the 3 that apply.
A:Invoice (Sales)
B:Quote (Sales)
C:Order (Sales)
D:Voucher (Purchasing)
Answer: A, B, C

10.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


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