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Microsoft MB7-255 Exam - Cheat-Test.com

Free MB7-255 Sample Questions:

Q: 1 An item has two purchase entries, 02/04/04 and 03/06/04. Each purchase was for 10 items with a direct cost of 50 LCY and 60 LCY, respectively. What would the direct cost be if a transfer occurred on 03/05/04, using the average costing method?
A. 55
B. 60
C. 50
D. 45
Answer: C

Q: 2 What is the generic formula for calculating the total acquisition cost of an item?
A. Purchase costs (+ discounts) + additional acquisition costs + indirect costs
B. Purchase costs (- discounts) + additional acquisition costs - indirect costs
C. Purchase costs (+ discounts) + additional acquisition costs + direct costs
D. Purchase costs (- discounts) + additional acquisition costs + indirect costs
Answer: D

Q: 3 Which of the following costing methods are supported by Microsoft Navision?
A. Standard
B. Specific
C. Average
D. FILO
Answer: A, B, C

Q: 4 What is the calculation for finding the value of ending inventory?
A. Beginning inventory + net purchases - manufacturing cost
B. Beginning inventory + net purchases - cost of goods sold
C. Beginning inventory + value of all increases - value of all decreases
D. Beginning inventory + manufacturing cost - cost of goods sold
Answer: B

Q: 5 How does Microsoft Navision treat customer and vendor returns?
A. Both are considered an increase in inventory
B. They are a decrease and increase, respectively to inventory
C. Both are considered a decrease to inventory
D. They are an increase and decrease, respectively, to inventory
Answer: D

Q: 6 How does Microsoft Navision allow for the creation of lines for the items for which you want a physical count in the Phys. Inventory Journal?
A. The Calculate Accounting Period function
B. Manually
C. The Calculate Physical Inventory function
D. The Calculate Inventory function
Answer: B, D

Q: 7 How are the expected inventory costs posted to the G/L for a receipt that is posted as invoiced?
A. Credited to the Inventory (Interim) account
B. Debited to the Inventory account
C. Credited to the Direct Cost Applied account
D. Debited to the Inventory Accrual (Interim) account
Answer: A, D

Q: 8 According to the Physical Inventory Journal, you are supposed to have 1250 units of item A. After completing a physical inventory count, you discover that you are 109 units short.
How do you input this difference into Microsoft Navision?
A. On the Physical Inventory Journal, enter -109 in the Quantity field and post
B. On the Physical Inventory Journal, enter -109 in the Qty (Physical) field and post
C. On the Physical Inventory Journal, enter 1141 in the Quantity field and post
D. On the Physical Inventory Journal, enter 1141 in the Qty (Physical) field and post
Answer: D

Q: 9 What is the posting date for the rounding value entry for an item using the standard costing method and the following information?
Posting   Quantity    Cost Amount    Entry
Date             (Actual)      No.
05/05/04   3        17        1
05/07/04   1        -5.66        2
05/08/04   1        -5.66        3
05/15/04   1        -5.66        4
A. 05/05/04
B. 05/07/04
C. 05/08/04
D. 05/15/04
Answer: A

Q: 10 How does Microsoft Navision handle posting cost adjustments after the accounting period if the occurred cost has been closed?
A. The original accounting period for the occurred is reopened and the cost adjustments are made
B. The cost adjustments are applied to the current open accounting period
C. As long as the year end process has not run, cost adjustments can be posted to any period - open or closed
D. The cost adjustments are applied to the next open accounting period
Answer: B

Q: 11 In which of the following scenarios will a decrease in inventory be affected by revaluation?
A. The entry number is later than the revaluation entry number and the posting date is later than the revaluation posting date
B. The entry number is earlier than the revaluation entry number and the posting date is later than the revaluation posting date
C. The entry number is earlier than the revaluation entry number and the posting date is equal to than the revaluation posting date
D. The entry number is later than the revaluation entry number and the posting date is earlier than the revaluation posting date
Answer: A, B, D

Q: 12 Microsoft Navision handles rounding for which of the costing methods?
A. Average
B. FIFO
C. LIFO
D. Weighted
Answer: A, B, C

Q: 13 For which of the following value types can Microsoft Navision create separate value entries?
A. Direct cost
B. Rounding
C. Variances
D. Scrap
Answer: A, B, C

Q: 14 An item has two purchase entries, 02/04/04 and 03/06/04. Each purchase was for 10 items with a direct cost of 50 LCY and 60 LCY, respectively. What would the value of a 8 item transfer be if it occurred on 03/07/04, using the FIFO costing method?
A. 440
B. 400
C. 480
D. 360
Answer: B

Q: 15 Microsoft Navision supports which of the following cost flow assumptions?
A. FILO
B. Weighted average
C. FIFO
D. LILO
Answer: B, C

Q: 16 Due to a number of different factors, the costs initially posted as the value entries may not reflect the correct inventory value. How are costs corrected to show the correct value?
A. Using the Adjust Cost - Item Entries batch job
B. Selecting the automatic cost posting option in Inventory Setup
C. Using the Post Inventory Cost to G/L batch job
D. Selecting the automatic cost posting option in General Ledger Setup
Answer: A

Q: 17 How does Microsoft Navision handle item ledger entries of the Sales type?
A. Credited to the Inventory account on the Balance Sheet
B. Debited to the COGS account on the Balance Sheet
C. Credited to the Inventory account on the Income Statement
D. Debited to the COGS account on the Income Statement
Answer: A, D

Q: 18 Which of the following values from the item card is used by Microsoft Navision to calculate the unit cost on the purchase line or item journal line?
A. Average cost
B. Unit cost
C. Last direct cost together with indirect cost % and overhead rate
D. Unit price
Answer: B, C

Q: 19 What are the levels of activity a job can be divided into?
A. Phase
B. Steps
C. Types
D. Tasks
Answer: A, B, D

Q: 20 What function in Microsoft Navision transfers entries recorded in the Job Ledger to the Sales Invoice?
A. Get phase/task/step
B. Get job usage
C. Get ledger entries
D. Copy document
Answer: B

Q: 21 When running the Get Job Usage batch job, which Job Ledger entries are retrieved?
A. All entries
B. Open entries
C. Entries that have reached or exceeded the budgeted amounts
D. Closed entries
Answer: B

Q: 22 Look at the following Job - Actual to Budget report excerpt:
Phase    Type    No.   Description    Realized    Budgeted
Code                       Total Cost   Total Cost
1-SPEC  Resource  MARY  Mary A. Dempsey  242.55     215.60
2-FURN  Resource  MARY  Mary A. Dempsey  323.40     350.00
What are the budget ramifications for these lines?
A. 1-SPEC is over budget
B. 2-FURN is over budget
C. 1-SPEC is under budget
D. 2-FURN is under budget
Answer: A, D

Q: 23 To compare actual job cost to the job budget, what must you select for in each related line of a Purchase order?
A. Job no.
B. Phase/task/step
C. Location
D. Project code
Answer: A, B

Q: 24 What changes would you notice on the Job - Actual to Budget report after running Post WIP Value to G/L batch job?
A. All actual values should be doubled
B. All budgeted values should be halved
C. All actual values will be halved
D. There is no change since this batch job only applies to the G/L
Answer: D

Q: 25 What field on the Job Posting Groups screen selects the account you use to post cost recognition?
A. WIP cost account
B. Job cost adjustment account
C. Direct cost applied account
D. Cost account
Answer: D

Q: 26 When do actual costs and prices displayed on the Job - Actual to Budget report?
A. As soon as they are entered into the Job Ledger
B. After the Calculate Job WIP Value batch job is run
C. After the Post Job WIP Value to G/L batch job is run
D. After posting the sales invoice
Answer: D

Q: 27 After running the Calculate Job Recognition batch job, the Amt. to Recognize field on the Job Ledger Entries is updated with the amount from which field?
A. Amt. Recognized
B. Amt. to Post to G/L
C. Amt. Posted to G/L
D. Closed by Amount
Answer: C

Q: 28 In what ways can you compare the actual to budgeted cost in Microsoft Navision?
A. Look at the Job Journal
B. Run the Job - Actual to Budget report
C. Look at the Job Budget from the Job Card
D. Look at the Job Statistics from the Job Card
Answer: B, D

Q: 29 When posting usage entries, which ledger creates entries from both the purchase order and a job journal record?
A. General ledger
B. Job ledger
C. Item ledger
D. Vendor ledger
Answer: B

Q: 30 What is the effect of selecting the Post check box when entering your options for the Post Job WIP Value to G/L batch job?
A. The value in the Amt. to Post to G/L is posted only if you select Print
B. The value in the Amt. to Post to G/L is posted if you select Print or Preview
C. The value in the Amt. to Post to G/L is posted only if you select Preview
D. The value in the Amt. to Post to G/L is posted only if you select Post after the job has run and you have verified the entries
Answer: B


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