MB6-504 - AX 4.0 Project Series
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The project manager is running a time and material project and wants to obtain a quick view of how the project is currently performing compared to the forecast budget without printing a report. Which of the following would accomplish this?
Run the statistics inquiry and use the actual vs. budget functionality.
You have made an agreement with your customer that an external vendor will be performing some installation work for a project you have with the customer. You have agreed that this work must be directly invoiced to the customer. Which of the following will accomplish this?
By specifying a chargeable line property when you post the vendor invoice to the project.
Which of the following is a way to charge items to a journal directly from the project screen?
Item requirements function
Which of the folllowing is a charactaristic of the assessment principle Completed Percentage?
The recognized revenue matches the activity level of the costs incurred.
Which of the following is the purpose of the link type in scheduling?
Link types determine how the scheduling routine schedules multiple tasks for a project if the tasks are interdependent.
What is the purpose of the estimate process on fixed-price projects?
To periodically update work in process and/or accruals in order to obtain the correct results reflected in ledger accounts according to the assessment principle
The internal Research and Development department of a company is planning a new product launch. The complexity and extensive lead-time requires that the company accrue costs in the balance sheet as WIP. Which type of project would you set up to achieve this?
An internal project in a project group set up to handle WIP.
A customer has complained that they should not be charged for the acquisition of equipment for use with a project. Which of the following describes how to change the line property for the transaction so that the customer is not charged?
By using the adjustment functionality.
Which of the following is a purpose for an invoice project?
It contains important customer information that is required for correctly issuing invoices to that customer.
Which of the following is required to let a user change the completion percentage manually?
Calculation is set to Manual on the cost template.
Which of the following describes when an item consumption journal in Project is used?
When invoicing items to a customer on a time and material project.
Which of the following determines the time interval for calculating estimates?
A period code set up on the estimate project.
Which internal project type is designed to create no ledger postings?
When forecasting hours for a project, the project manager is not sure of the specific hours that will be worked by each member of his team, but he can estimate the total hours that will be worked on the project. How can the manager obtain an accurate representation of labor cost in the forecast?
Set up a generic employee with a blended cost price to simulate the average cost and use that to forecast hours.
Which of the following is a difference between invoicing a fixed-price project and invoicing a time & material project?
Fixed price projects are invoiced as milestones are reached with an agreed upon contract, whereas time and material projects are invoiced as costs and consumption occur.
The project manager wants all the hours registered to a project to use the end date of the project period as the transaction date. Which of the following describes how the system can be configured to guarantee that this can be accomplished each time?
Set the voucher date in the journal name to Project period end date.
The Project manager wants to track travel expenses and who is generating them on all projects. How should the system be configured to achieve this?
By setting the Employee option on the travel category to Mandatory.
When the assessment principle is Completed percentage and Sales Value for a fixed price project, which value is posted to the Accrued revenue-Sales value account when the estimate control process is run?
The contract value multiplied by completion percentage.
Which of the following projects would benefit from using an internal project with WIP?
A long term IT development project over several years.
Which of the folllowing is a charactaristic of the assessment principle Completed contract?
An accurate measure of contribution margin is recognized at the end of the project.
When can cost estimate lines be edited in a project Estimate calculation on fixed price projects?
At any time until the Estimate period and corresponding WIP is posted.
Cost Templates are used in which of the following projects?
The company wants to use only one forecast model for all its projects. How can this be accomplished?
Specify the default model on the project parameters.
Which of the following is caused by creating the project directly from the project quotation?
A forecast can be created directly from the lines in the project quotation.
What are the three specific internal project types in Microsot Dynamics AX?
Time, Cost, Investment
Which of the following describes when the use of project periods is mandatory?
In connection with the project estimate function on fixed price projects
A project manager is generating a P&L report for the project and wants to see reporting detailed on the project and all sub-projects. Which of the following is the correct value to be entered into the level field to accomplish this?
It depends on the amount of sub-levels included in the project.
Which of the following will move costs from balance accounts to P&L accounts on a Time and Material project with WIP?
The Post costs script.
When an invoice proposal is posted.
Which of the following is the main difference between Time and Material proejcts with WIP and Time and Material Projects with Accruals?
T&M projects with WIP post costs to balance accounts whereasT&M projects with Accruals post costs and accrued sales value to P&L accounts.
Which of the following describes why cost templates are mandatory when you post WIP on fixed-price projects?
Cost templates define which categories are included in the completion percentage calculation.
Which of the following is a prerequisite for enabling the Estimate system on a project?
The project has a reference to an estimate project.
After the intiial project forecast is made, it is determined that the project will be pushed back three months. How can the project manager update the forecast without deleting the existing forecast?
Use the Edit forecast and increase the date by three months.
How can you make sure that an employee can only register categories on certain projects, when users want to access the projects from the Enterprise portal?
By activating the validation rules available in the Project module.
What can the periodic script Post costs be used for?
To credit a temporary revenue to profit and loss accounts and debit a WIP account on both Time and Material and Internal projects with WIP.
A fixed-price installation project exists between your company and a customer the West Coast Technical College (WCTC). During the project the WCTC requests that you provide additional spare parts. The purchase of these spare parts falls outside the scope of the original project and you must charge the customer for these items. Which of the following describes how can you create a sales order with which to invoice the customer for the extra items?
Only on a child project of the type time and material
Which of the following project types refer to an Estimate project?
You have finished a project, and are about to start a new one. The last project was very successful, and you decide to work with the same team of employees on the new project. What are the three ways of setting up the validation rules to apply to the new project?
Locate the individual employees in the Employee table and link them to the new project.
Copy the old project by using the Copy wizard and include the employee/project validation setup in the new project
Create a new validation group where you link the employees to the new project
What is the purpose of the Employee/category validation setup?
To suggest or control what categories employees may use in project journals
Your company invoices in USD and your customer's company currency is DEM. In order to avoid problems with currency fluctuations you agree on a fixed currency exchange rate for invoices. How do you set this up in Microsoft Dynamics AX?
Specify a fixed rate agreement on the invoice project
What situation would require the revenue transactions?
When entering expense-independent income on a time and material project.
The Offset transactions check box for on-account transactions is used for which of the following?
A counter-transaction to an invoiced advance payment on a time and material project
When is the Accrued Revenue account in ledger posting used on time and material projects?
When cost amount and invoiced amount are posted in different periods.
On a time and material project all revenue transactions apart from royalty are to be accrued. How can you make sure that royalty is not accrued when you post it from the fee journal?
On a line property you specify that it cannot be accrued, and then apply this line property for the fee transaction in question.
Which of the following describes why cost templates are used?
To define which categories to include in the calculation of a completion percentage
Which of the following is a prerequisite for using the scheduling function?
A work center group and a work center must be set up
A fixed-price project has reached its final stage. What process should be performed to prepare for the closing of the project?
Run a last period estimate with elimination
The item CL-100-B is frequently consumed in projects you set up. On which of the following can project category be set up when CL-100-B is sold or purchased from Project?
On the item
A transaction has been recorded on a project. But the transaction text is incorrect. The transaction text must be updated without creating a new ledger transaction. Which of the following describes how this can do this?
Clear the Always create adjustment transactions parameter in Project parameters and run the periodic script Adjustment.
On a time and material project, the hotel expenses are to be invoiced directly to the customer. However, the travel agency that books the hotel has a standard charge of 3% for administering all travel arrangements. This extra fee should also be invoiced to the customer. Which of the following will guarantee that this happens for every hotel transaction?
On the hotel category, set the sales price method to misc. percentage and 3%
Which of the following is a difference between operations scheduling and job scheduling?
Job scheduling uses the capacity of the individual work center, whereas operations scheduling uses the capacity of the work center group.