Get started with cost accounting for supply chains in Dynamics 365 Finance Microsoft Quiz Answers

Get Get started with cost accounting for supply chains in Dynamics 365 Finance Microsoft Quiz Answers

Cost accounting lets you collect data from various sources, such as the general ledger, sub-ledgers, budgets, and statistical information. You can then analyze, summarize, and evaluate cost data so that management can make the best possible decisions for price updates, budgets, cost control, and so on.

This learning path helps prepare you for Exam MB-310: Microsoft Dynamics 365 Finance Functional Consultant.

Prerequisites:

  • Basic understanding of finance and accounting processes
  • Ability to use Finance for basic processing
  • General understanding of order-to-cash scenarios
  • General understanding of procure-to-pay scenarios
  • General understanding of inventory and warehouse costing
  • General understanding of manufacturing costing

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Module 1: Get started with cost accounting in Dynamics 365 Finance

Cost accounting lets you collect data from various sources, such as the general ledger, sub-ledgers, budgets, and statistical information. You can then analyze, summarize, and evaluate cost data so that management can make the best possible decisions for price updates, budgets, cost control, and so on.

Learning objectives:

In this module, you will learn about:

  • The Cost control workspace.
  • Cost objects.
  • How to create a cost accounting report by using the Cost accounting Get started wizard.
  • How to set up cost accounting.

Prerequisites:

  • Basic understanding of finance and accounting processes
  • Ability to use Finance for basic processing
  • General understanding of order-to-cash scenarios
  • General understanding of procure-to-pay scenarios
  • General understanding of inventory and warehouse costing
  • General understanding of manufacturing costing

Quiz 1: Check your knowledge

Q1. While working with the Cost control workspace, the cost accountant needs columns to be shown for the selected budget versions to show the difference between budget and actual. What column should be added by using the Columns to display for budgeted costs FastTab?

  • Budget
  • Budget variance in %
  • Budget variance

Q2. In the Cost control workspace, which button allows users to be able to view the corresponding statistical measures that are registered for the period based by allocation rule?

  • Allocation base
  • Cost entries
  • View details

Q3. You are configuring cost accounting by using the Get started wizard for a legal entity. What should you do to assign the chart of account in this wizard for the selected company?

  • Nothing
  • Use the drop-down menu and select the chart of account in the wizard.
  • You need to set the legal entity and chart of account in the Cost control parameters page.
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