77-427 Online Practice Questions and Answers

Correct Answer: AC

Correct Answer: D

The various Protect Workbook options are as follows:

1.

Mark as Final: This option is used to make the document read-only. When a spreadsheet is marked as final, various options such as typing, editing commands, and proofing marks are disabled or turned off and the spreadsheet becomes

read-only. This command helps a user to communicate that he is sharing a completed version of a spreadsheet. This command also prevents reviewers or readers from making inadvertent modifications to the spreadsheet.

2.

Encrypt with Password: When a user selects the Encrypt with Password option, the Encrypt Document dialog box appears. In the Password box, it is required to specify a password. Microsoft is not able to retrieve lost or forgotten

passwords, so it is necessary for a user to keep a list of passwords and corresponding file names in a safe place.

3.

Protect Current Sheet: This option is used to select password protection and permit or prohibit

other users to select, format, insert, delete, sort, or edit areas of the spreadsheet. This option

protects the worksheet and locked cells.

4.

Protect Workbook Structure: This option is used to select password protection and select options to prevent users from changing, moving, and deleting important data. This feature enables a user to protect the structure of the worksheet.

5.

Restrict Permission by People: This option works on the basis of Window Rights Management to restrict permissions. A user is required to use a Windows Live ID or a Microsoft Windows account to restrict permissions. These permissions

can be applied via a template that is used by the organization in which the user is working. These permissions can also be added by clicking Restrict Access.

6.

Add a Digital Signature: This option is used to add a visible or invisible digital signature.

It

authenticates digital information such as documents, e-mail messages, and macros by using computer cryptography. These signatures are created by specifying a signature or by using an image of a signature for establishing authenticity,

integrity, and non-repudiation.

Correct Answer: ABDE

Take the following steps to run a Macro:

1.

Click on the 'Macros' icon in the 'Developer' tab under the 'Code' category to run a Macro.

2.

The Macro dialogue box appears on the screen which contains a list of Macros in it.

Select the

Macro to run and click the Run button.

3.

The Macro will be run in any worksheet of the Workbook.

4.

A user can run the created Macro by using the shortcut key that he has specified while creating the Macro. The macro records the user's mouse clicks and keystrokes while he works and lets him play them back later. The macro can be used to record the sequence of commands that the user uses to perform a certain task. When the user runs the macro, it plays those exact commands back in the same order. Answer option C is incorrect. The benefit of connecting to external data from Microsoft Excel is that a user can automatically update Excel workbooks from the real data source whenever the data source is updated with new information. It is possible that the external data connection might be disabled on the computer. For connecting to the data source whenever a workbook is opened, it is required to enable data connections by using the Trust Center bar or by putting the workbook in a trusted location.

Correct Answer: BC

Correct Answer: AD

Various financial functions (reference) are as follows:

1.

ACCRINT function: It is used to return the accrued interest for a security that pays periodic interest.

2.

ACCRINTM function: It is used to return the accrued interest for a security that pays interest at maturity.

3.

AMORDEGRC function: It is used to return the depreciation for each accounting period by using a depreciation coefficient.

4.

COUPDAYBS function: It is used to return the number of days from the beginning of the coupon period to the settlement date.

5.

AMORLINC function: It is used to return the depreciation for each accounting period.

6.

COUPDAYS function: It is used to return the number of days in the coupon period containing the settlement date.

7.

COUPDAYSNC function: It is used to return the number of days from the settlement date to the next coupon date.

8.

COUPNCD function: It is used to return the next coupon date after the settlement date.

9.

COUPNUM function: It is used to return the number of coupons payable between the settlement date and maturity date.

10.

COUPPCD function: It is used to return the previous coupon date before the settlement date.

11.

CUMIPMT function: It is used to return the cumulative interest paid between two periods.

12.

CUMPRINC function: It is used to return the cumulative principal paid on a loan between two periods.

13.

DB function: It is used to return the depreciation of an asset for a specified period by using the fixed-declining balance method.

14.

DDB function: It is used to return the depreciation of an asset for a particular period by using the double-declining balance method.

15.

DISC function: It is used to return the discount rate for a security.

16.

DOLLARDE function: It is used to convert a dollar price that is expressed as a fraction into a dollar price that is expressed as a decimal number.

17.

DOLLARFR function: It is used to convert a dollar price that is expressed as a decimal number into a dollar price that is expressed as a fraction.

18.

DURATION function: It is used to return the annual duration of a security with periodic interest payments.

19.

EFFECT function: It is used to return the effective annual interest rate.

20.

FV function: It is used to return the future value of an investment.

21.

FVSCHEDULE function: It is used to return the future value of a starting principal after applying a series of compound interest rates.

22.

INTRATE function: It is used to return the interest rate for a fully invested security.

23.

IPMT function: It is used to return the interest payment for an investment for a specified period.

24.

IRR function: It is used to return the internal rate of return for a series of cash flows.

25.

ISPMT function: It is used to calculate the interest paid during a particular period of an investment.

26.

MDURATION function: It is used to return the Macauley modified duration for a security with an assumed par value of $100.

27.

MIRR function: It is used to return the internal rate of return in which positive and negative cash flows are financed at different rates.

28.

NOMINAL function: It is used to return the annual nominal interest rate.

29.

NPER function: It is used to return the number of periods for an investment.

30.

NPV function: It is used to return the net present value of an investment on the basis of a series of periodic cash flows and a discount rate.

31.

ODDFPRICE function: It is used to return the price per $100 face value of a security with an odd first period.

32.

ODDFYIELD function: It is used to return the yield of a security with an odd first period.

33.

ODDLPRICE function: It is used to return the price per $100 face value of a security with an odd last period.

34.

ODDLYIELD function: It is used to return the yield of a security with an odd last period.

35.

PMT function: It is used to return the periodic payment for an annuity.

36.

PPMT function: It is used to return the payment on the principal for an investment for a particular defined period.

37.

PRICE function: It is used to return the price per $100 face value of a security that pays Periodic interest.

38.

PRICEDISC function: It is used to return the price per $100 face value of a discounted security.

39.

PRICEMAT function: It is used to return the price per $100 face value of a security that pays interest at maturity.

40.

PV function: It is used to return the current value of an investment.

41.

RATE function: It is use d to return the interest rate per period of an annuity.

42.

RECEIVED function: It is used to return the amount received at maturity for a fully invested security.

43.

SLN function: It is used to return the straight-line depreciation of an asset for one period.

44.

SYD function: It is used to return the sum-of-years' digits depreciation of an asset for a particular period.

45.

TBILLEQ function: It is used to return the bond-equivalent yield for a Treasury bill.

46.

TBILLPRICE function: It is used to return the price per $100 face value for a Treasury bill.

47.

TBILLYIELD function: It is used to return the yield for a Treasury bill.

48.

VDB function: It is used to return the depreciation of an asset for a specified or partial period by using a declining balance method.

49.

XIRR function: It is used to return the internal rate of return for a schedule of cash flows that is not necessarily periodic.

50.

XNPV function: It is used to return the net present value for a schedule of cash flows that is not necessarily periodic.

51.

YIELD function: It is used to return the yield on a security that pays periodic interest.

52.

YIELDDISC function: It is used to return the annual yield for a discounted security.

53.

YIELDMAT function: It is used to return the annual yield of a security that pays interest at maturity.

Correct Answer: C

A PivotTable report is used to summarize large amounts of data, to analyze numerical data, and to answer unexpected questions about data. Answer option B is incorrect. Stand-alone slicers are referenced from Online Analytical Processing

(OLAP) Cube functions. These stand-alone slicers can be connected with any PivotTable in future.

They can be added by using the slicer button on the Ribbon. They need to be manually linked into grids as required.

Answer option D is incorrect. A form control is an original control that is compatible with old versions of Excel, beginning with Excel version 5. 0. It is designed for use on XLM macro sheets. It can be used when a user wants to simply interact

with cell data without using VBA code and when he wants to add controls to chart sheets. By using form controls, the user can run macros. He can attach an existing macro to a control, or write or record a new macro. These controls cannot

be added to UserForms, used to control events, or modified to run Web scripts on Web pages.

Answer option A is incorrect. The accounting template is used for numbering months of a financial year to period numbering. It is used to compare month to month, actual v budget, quarter to quarter, year to year variances. It is the initial point

for other reports that need the use of months.

Correct Answer: AB

The Failure to Look Up Values in Excel error occurs when a user gets an unexpected error while trying to look up or match a lookup_value within an array and Excel is not able to recognize the matching value. If the lookup_value or the array the user is searching resides in a cell, the user can have unseen spaces at the start or end of that cell. This will create the situation where the contents of the two cells that the user is comparing look the same but extra spaces in one of the cells cause the cells to have slightly different content. The other reason is that the contents of the cells that are being compared may have different data types. Answer option C is incorrect. The Lookup Function Won't Copy Down to Other Rows error occurs when a user uses a function in one cell and it works perfectly but when he attempts to copy the function down to other rows, he gets the #REF error. The #REF! error arises when Excel tries to reference an invalid cell. This error occurs if the user has referenced an entire worksheet by clicking on the grey square at the top left of the worksheet. For Excel, this reference range is 1 to 1048576. Since the references are Relative References, Excel automatically increases the row references when this cell is copied down to other rows in the spreadsheet. Answer option D is incorrect. The Excel Won't Calculate My Function error occurs when a user types in a function and presses Enter, the cell shows the function as the user typed it, instead of returning the function's value. The reason that causes this problem is that the cells containing the formula are formatted as 'text' instead of the 'General' type. This happens when the user inserts a new column, next to a column that is already formatted as text due to which the new column inherits the formatting of the adjacent column.

Correct Answer: B

In order to accomplish the task, she should take the following steps: Select the cell which is to be monitored.

On the Formulas tab in the Formula Auditing group, click Watch Window. Click Add Watch. Answer option D is incorrect. Evaluate Formula is the formula examination tool provided by Microsoft Excel. This tool is useful for examining formulas

that do not produce an error but are not generating the expected result.

Answer options A and C are incorrect. Clicking the New Window option in the Window group on the View tab opens an instance of the workbook within the Excel window. This is useful when you work on different worksheets, and at the same

time you want to navigate among them.

Correct Answer: B

According to the question, you want the sheet tabs of the sheets containing chart to appear in red color. In order to accomplish the task, you will have to take the following steps:

Correct Answer: A

A trendline is defined in Excel 2013. It is a data visualization tool to display the trend of a particular data range. It is used to show the slope of data points in a chart. There are various types of trendlines, such as linear trendlines, exponential trendlines, and linear forecast trendlines. Answer option B is incorrect. A sparkline is defined as a tiny chart in the background of a cell. Unlike charts on an Excel worksheet, sparklines are not objects. It is used because data presented in a row or column is useful, but patterns can be hard to spot at a glance. It is used to display a trend based on adjacent data in a clear and compact graphical representation by taking up a small amount of space. The benefit of using the sparklines is that these can be printed when a user prints a worksheet that contains them. This feature is not available in charts. Answer option C is incorrect. The Microsoft Office Backstage view is used to replace the traditional file menu with a new approach that uses In and Out features for efficiency. The improved Ribbon enables users to access their preferred commands rapidly and create custom tabs to personalize the way they work.Answer option D is incorrect. Excel provides a column chart facility to display data that is arranged in columns or rows on a worksheet. Line charts are used to display continuous data over time, set against a common scale. In a line chart, category data is distributed along the horizontal axis, and all value data is distributed along the vertical axis. Line charts are ideal for showing trends in data at equal intervals.

A line chart should be used where category labels are text, and are representing evenly spaced values such as months, quarters, or years.