Assignment-1: MCQ’s on MS Dynamics 365

1. What is the primary purpose of the Finance module described in the

content?
a) Inventory management
b) Human resource management
c) Financial performance monitoring
d) Customer relationship mana

2. Which module is responsible for tracking customer invoices and

incoming payments?
a) General Ledger
b) Accounts Receivable
c) Accounts Payable
d) Cash and Bank Management

3. What is the primary purpose of the Revenue Recognition module?

a) Managing customer relationships
b) Allocating revenue
c) Deferring revenue
d) Recognizing revenue based on guidelines

4. What does the scope of a number sequence determine in financial

management?
a) The number of users who can access it
b) The format of the identifier
c) The level of security
d) The reporting capabilities

5. What does the Cost Accounting module help managers analyse?

a) Customer relationships
b) Financial performance
c) Human resource management
d) Inventory management

6. What is the purpose of the "Remittance journal" in Dynamics 365

Finance?
a) To generate financial statements
b) To create vendor disbursement transactions
c) To manage fixed assets
 d) To create year-end tax reports

7. What is the primary purpose of a journal entry in accounting?

a) Generating invoices
b) Recording business transactions
c) Calculating payroll
d) Managing customer relationships

8. What is the chart of accounts in Dynamics 365?

a) A list of customers
b) A list of Financial transactions
c) An index of Financial accounts
d) A list of employees

9. What is the purpose of the periodic financial closing process?

a) To open new financial periods
b) To generate annual financial statements
c) To settle invoices
d) To calculate tax liabilities

10. Which module in Dynamics 365 Finance enables recurring

billing and price management for subscriptions?
a) Credit Management
b) Revenue Recognition
c) Subscription Billing
d) Collections Management

11. Can subscription billing and revenue recognition features be

used simultaneously in Dynamics 365 Finance?
a) Yes
b) No

12. What is the primary purpose of accounts payable in Dynamics

365 Finance?
a) To manage customer payments
b) To manage vendor payments
c) To track employee salaries
d) To record tax payments
13. What is the main purpose of three-way matching in accounts
payable?
a) To match vendor invoices with purchase orders and payments
b) To match vendor invoices with purchase orders and
product receipts
c) To match vendor invoices with customer invoices
d) To match vendor invoices with sales orders

14. What is a pro forma invoice in accounts receivable?

a) An estimate of the actual invoice amounts before posting
b) An invoice generated based on sales orders
c) A finalized sales invoice
d) An invoice related to overdue payments

15. What are the primary components of Dynamics 365 Finance

and Operations apps?
a) Marketing and Sales
b) Financial Management and Human Resources
c) Supply Chain Management and Commerce
d) All of the above

16. What does Dynamics 365 Business Central require as a

minimum number of users for implementation?
a) 5 users
b) 10 users
c) 20 users
d) 50 users

17. What is the purpose of a data set in creating SSRS reports?

a) To define the layout of the report
b) To select a data source for the report
c) To specify the report's audience
d) To schedule report execution

18. What are the primary learning objectives of the module on

reporting and integration capabilities in finance and operations
apps?
a) Developing custom reports and dashboards
b) Understanding Microsoft Word integration
c) Describing built-in reporting capabilities
d) Learning advanced Excel functions
19. What are the most commonly used business analysis
applications integrated with Dynamics 365?
a) PowerPoint and Outlook
b) Excel and Word
c) SharePoint and Teams
d) OneNote and Access

20. What is Power BI primarily used for in finance and operations

apps?
a) Creating compliance documents
b) Developing custom reports
c) Interactively exploring and visualizing data
d) Printing financial statements

Assignment-2: MCQ’s on RPA

21. The Additional factor included in Fraud Diamond apart from

the ones which are there in Fraud Triangle is
a) Opportunity
 b) Incentive
c) Rationalisation
d) Capability

22. Rationalisation in Fraud Triangle refers to

a) The inner urge within a person that what that person is
doing is right
b) The factors leading the person to commit a fraud
c) Weak internal controls within the organisation promoting a fraud
d) Poor tone at the top leading to a fraud

23. Seggregation of Duties would prevent which one of the

dimensions within fraud diamond to happen
a) Opportunity
b) Incentive
c) Rationalisation
d) Capability

24. A Fraud Scheme where in Investors at each stage, charge a

fee called initiation fee, which is paid by next layer of investors-a
portion of the same is paid to the ones at the top layer and a portion
is given to them is known as:
a) Pyramid Scheme
b) Ponzi Scheme
c) Money Laundering
d) Deposit Scheme

25. Commonly used Forensic Accounting Software include all

except
a) Caseware Idea
b) Zauba Corp
c) Ocrolus
d) Fraud Finder

26. Section 69C of the Income Tax Act,1961 Covers

a) Unexplained Expenditure
b) Unexplained Money
c) Unexplained Investments
 d) Cash Credits

27. FAIS 140 Deals with

a) Applying Hypothesis
b) Engaging with Agencies
c) Conducting Interviews
d) Review and Supervision

28. The Fraud Scheme where the money collected from the new
investors are used for paying the old investors is
a) Pyramid Scheme
b) Ponzi Scheme
c) Money Laundering
d) Deposit Scheme

29. To get the Company Master Information from the MCA portal
a) One need to be a registered user in the Portal
b) One need not be a registered user in the Portal
c) One need to have a valid DIN
d) One need to be a professional of ICAI, ICSI or ICMAI.

30. To access details of a registered person under GST in GST

Portal
a) GSTIN is mandatory
b) PAN is sufficient
c) GSTIN along with OTP to the registered person’s Mobile
number is needed
d) GST Portal user ID and password of the registered person is
needed

Assignment-3: Descriptive questions on RPA

Q1) Define RPA and its functions.

Ans: RPA (Robotic Process Automation) is a software-based "Digital
Worker" that has no physical form. It acts as a technological advancement
combining a software platform with AI and Machine Learning to automate
mundane, repetitive human tasks that offer little to no added value.

The 3 Core Functions of RPA:

1. Collection (Input): It acts as a digital sponge, gathering data from

any source—including PDFs, images, voice recordings, social media
posts, and complex databases (ERPs).
2. Processing (Engine): It uses a powerful processing engine to perform
complex calculations, format raw data, and compare information
from multiple sources to spot errors or anomalies at high speed.
3. Execution (Output): It "finishes" the job by entering data into
applications (like SAP or Tally), filling out web forms, sending emails,
or even interacting with users via chatbots.

Q)2. Explain Value Added Task for RPA?

Ans: RPA was developed to reduce dependency on such mundane tasks

so that humans can focus efforts and energy on value-added tasks for
promoting business interests.

Tasks such as mentioned below:

Research and Development

Taking Decisions for actions with no significant historical precedence
Innovative ideas
Customer connects and service
Certifications

Q)3. Describe different domains where RPA is used?

Ans: RPA is used for the benefit of different domains:

• Finance- RPA in Finance can help by automating

 Vendor Invoice Processing
 Bank Reconciliation
 Receiving and Sending e-mails with documents and reminders

• Supply Chain- RPA in Supply Chain helps by automating and gathering

data from the World Wide Web and analysing business patterns Internal
adjustments to avoid potential disruptions and bottlenecks Effective
planning and execution of business

• Human Resources- RPA in Human Resources can help by automating

New employee onboarding and joining formalities Payroll Processing
Chatbots for queries and clarifications Employee productivity analysis.

Q)4. What are the common benefits of RPA?

Ans: There are a lot of benefits of using RPA in real-life scenarios. Quality
and quantum of benefits will vary from business to business, however,
Some of the common benefits due to RPA are:

COST SAVINGS- A major benefit of RPA is a quick reduction in costs

associated with the operations. By automating tasks cost savings of
anything between 30% - 50% is realized immediately. This becomes the
major factor in the adoption of RPA.

EMPLOYEE PRODUCTIVITY- RPA supplements human efforts of doing work

more effectively and efficiently, thereby freeing them to focus on other
revenue-generating activities like customer connection, and relation
management. Spending time on revenue-generating activities rather than
mundane activities has an impact on growing revenue.

QUALITY & ACCURACY- RPA is deployed to automate processes, which have

a high probability of human errors when processed manually. RPA is
always consistent, and reliable and never complains when expected to
overwork tirelessly. These qualities of RPA reduce the chances of re-work
and enhance quality. The most important point is that RPA works on a set
of rules and never deviates from rules thereby producing 100% accuracy.

SCALABLE- RPA is a piece of software with no emotions, it can be easily

adjusted for business changes due to seasonality. It can easily be scaled
up and down as per the requirements of the business without any
complaints.

CONTROL- Companies prefer to outsource such tasks to external partners,

which leads to compromise in quality, inefficiency, and risk of losing
confidential data to competitors. RPA provides a solution where the work
and data remain in-house with no such challenges of data compromise or
inefficiency.

5) What are the Challenges in Implementing RPA?

Ans: Though RPA has significant benefits it comes with its own set of
challenges. One must be mindful of these challenges before adopting RPA
across functions. Some of the critical challenges include:

CHANGE MANAGEMENT- The adoption of RPA is generally conceived as a

replacement of people with Bots, hence the fear of job loss, which results
in potential resistance by employees to its adoption. The decisive success
factor for automation is therefore communication as part of Change
Management.

RECURRING MAINTENANCE- RPA needs to be maintained for changes in the

business environment and changes in Source and Target data structures.

HIGH INITIAL COSTS- Setting up RPA has costs of both software, associated
hardware, and initial setup. One must be watchful of these costs before
adopting RPA for the functions.

THANK YOU