MB-310: Microsoft Certified: Dynamics 365 Finance Functional Consultant Associate - Quiz

The correct answer is:

C. Accrual Accounting ✅

👉 Explanation:

• Cash Accounting → Records transactions only when cash is received or paid. This does not always reflect true profitability, because revenues and expenses may occur in different periods.

• Flow of Funds Accounting → Focuses on the movement of funds and resources, not on profitability.

• Accrual Accounting → Records income when earned and expenses when incurred, regardless of cash flow.

  • This matches revenues with related expenses in the correct period.

  • Hence, it provides the most accurate picture of profitability.

The correct answer is:

A. an Asset ✅

👉 Explanation:

• Accounts Receivable = the amount owed to a business by its customers for goods sold or services rendered on credit.

• Since it represents future economic benefit (cash expected to be received), it is recorded as a Current Asset on the Balance Sheet.

• It is not Owner’s Equity (which is the owner’s investment) and not a Liability (which is an obligation to pay others).

The correct answer is:

A. Expense ✅

👉 Explanation:

• The Income Statement (Profit & Loss Account) shows a company’s revenues and expenses over a period to determine profit or loss.

• Expenses (like salaries, rent, utilities, cost of goods sold) are recorded here.

• Fixed Assets (like machinery, buildings) and Liabilities (like loans, payables) appear on the Balance Sheet, not the Income Statement.

💡 Remember:
Income Statement = Revenues – Expenses → Net Profit/Loss

The correct answer is:

C. Assets = Liabilities + Owner’s Equity ✅

👉 Explanation:

• This is the fundamental accounting equation, which forms the foundation of double-entry bookkeeping.

• It shows that everything a business owns (Assets) is financed either by:

  • Liabilities (borrowed funds) or

  • Owner’s Equity (owner’s investment).

• Other options are either incorrect formulas or relate to profit calculations, not the basic accounting structure.

💡 Remember: Assets always equal the sum of Liabilities and Equity — it keeps the books balanced.

Accessibility of classes in Java

• In Java, top-level classes (i.e., not inner classes) can only have:

  • public → accessible from anywhere.

  • default (no modifier) → accessible only within the same package.

• private and protected cannot be used with a top-level class.

• final means the class cannot be inherited, but it doesn’t restrict access across packages.

Now checking the options

(a) private → ❌ Not allowed for a top-level class.
(b) protected → ❌ Not allowed for a top-level class (only applies to members).
(c) final → ❌ Only prevents subclassing, not accessibility.
(d) don’t use any keyword at all (make it default) → ✅ Correct!

• A default (package-private) class is accessible only within the same package.

• Classes outside the package cannot access it.

✅ Answer: (d) don’t use any keyword at all (make it default)

The use of protected keyword to a member in a class will restrict its visibility as follows:

• protected → Accessible in:

  • same package (all classes inside it) ✅

  • subclasses even in other packages ✅

So the correct answer is:
(c) visible in all classes in the same package and subclasses in other packages

Which of the following keywords are used to control access to a class member?

• default → ✔ (no keyword → package-private access)

• abstract → ❌ (used for abstract methods/classes, not access control)

• protected → ✔

• interface → ❌ (not an access modifier, but a type definition)

• public → ✔

✅ Correct answers: default, protected, public

✔️ Credit and collections managers can use this central view to manage collections. Collection agents can begin the collections process from customer lists that are generated by using predefined collection criteria, or from the Customers page.

❌ Use accounts receivable to track customer invoices and payments that you receive from customers.

Use accounts payable to track invoices and outgoing expenditures to vendors.

Use general ledger to define and manage the company’s financial records. The general ledger is a register of debit and credit entries. These entries are classified by using the accounts that are listed in a chart of accounts.

✔️ You can use Cash and bank management to maintain the company’s bank accounts and the financial instruments that are associated with those bank accounts. Cancel payments allows you to reverse a deposit made to the bank.

❌ Use accounts receivable to track customer invoices and payments that you receive from customers.

❌Credit and collections managers can use this central view to manage collections. Collection agents can begin the collections process from customer lists that are generated by using predefined collection criteria, or from the Customers page.

❌ Use general ledger to define and manage the company’s financial records. The general ledger is a register of debit and credit entries. These entries are classified by using the accounts that are listed in a chart of accounts.