Interview Questions Answers in Oracle Apps Financial

Questions / { raghu }

Questions Answers Category Views Company eMail

How can we Define Corporate law sob and Income Tax law Sob?

Answer

Setup-> Assetsystem -> Book controls

Asset Book Controls has a field that asks what book we are
defining depending upon the requirement we can mention as
Corporate or Tax Book.

If we are defining Tax book sepcify the Corporate book
Associated.

Is This Answer Correct ?

3 Yes

0 No

Question { HDFC, 19700 }

In Multiorg, how & where we set up Legal Entity?

Answer

HRMS Manager ->WorkStructures->Organization->Description

Enter the Org Name

Enter the Location of the Org ( Not Mandatory)

<<>>

Click on classification
Enter GRE/Legal Entity, Enable the Check Box

<<>>

Click (Others)

Enter Legal Entity Information supply SOB Information

Is This Answer Correct ?

8 Yes

2 No

Question { KPMG, 176903 }

Five main difference between Tally & ERP?

Answer

Tally and Erp are both different species and cannot be
interrelated.

Is This Answer Correct ?

161 Yes

74 No

Question { Genpact, 8714 }

if you are not having a cashmanagement module how to
reconcile or how to clear the transactions?

Answer

If Cash Management is not implemented GL Cash account gets
affected and clearing of transactions does not arise.

Is This Answer Correct ?

2 Yes

1 No

Question { Satyam, 29717 }

In GL Module
When does the GL_BALANCES Table Hit ?

Answer

After Journals are Posted GL_Balances table gets updated

Is This Answer Correct ?

16 Yes

0 No

Question { 12597 }

Why are expenses items typically accrued at period end, and why
are inventory items always accrued on receipt?

Answer

As per Matching Concept all costs which are applicable to
the revenue of the period should be charged against that
revenue in order to determine net income of the business.

Inventory items are always accrued at receipt bcos you
cannot book liability without receiving the asset.

Is This Answer Correct ?

5 Yes

3 No

Question { 8791 }

Use of recurring invoice?

Answer

Recurring Invoice concept is used if a expenditure is
occuring at regular intervals,to speed up the accounting
process these recurring invoices can also be scheduled.

Example Rent - standard
Telephone - Skeleton
Commission- Formula

Is This Answer Correct ?

8 Yes

0 No

Question { 24682 }

Types of Prepayments? And difference between them?

Answer

Two types of Prepayment

Permanent Temporary

Cannot adjust to invoice an be adjusted to invoice

Can be converted to Temporary Can be converted to Perm
if no adjustment exists

For a prepayment to be adjusted it has to be fully paid.

Multiple installments are supported

Is This Answer Correct ?

16 Yes

3 No

Question { DELL, 28562 }

What is Zero-Payment in AP

Answer

There are certain cirumstances wherein we record a debit
memo to reduce the laibility, (What ever may be the reason)
though the payable balance decreses, the invoice still
shows the orginal amount to be paid, to correct this
position we make a zero payment and account is nullified.

In order to do this we need to enable Zero payments Check
box at Bank Account Defnition.

Is This Answer Correct ?

28 Yes

2 No

Question { 33034 }

What is meant by accrual write off?

Answer

Writing of Accruals which are not matched to particular PO
or Receipts, we run a accrual write of Report and select
all the Payable invoices that are not related to any PO and
also duplicted invoices and reverse these entries.

Tha happens when PO Module is not implemented.

Is This Answer Correct ?

13 Yes

3 No

Question { 8884 }

What is meant my PO?

Answer

PO is a document requesting supplier to send the goods
contained.

In the Encumberances it is shown as Obligation

Is This Answer Correct ?

2 Yes

0 No

Question { Chartered Accountant, 6964 }

What is ment by leased asset?

Answer

Asset which is not owned by you and you bring the asset on
lease for a predetermined period which can be extended from
time to time.

In this process two parties are involved Lessor and Lesse.

Is This Answer Correct ?

10 Yes

0 No

Question { 8311 }

What is ment by physical inventory reconciliation?

Answer

In the routine course of business there there are many
mismatch between physical inventory and Book inventory to
correct this process we generally carry out physical
verification proces to match the physical stock and book
stock.

Is This Answer Correct ?

7 Yes

0 No

Question { Aurobindo, 13917 }

Trial balance can run which level, legal entity level or
operating unit level.

Answer

Trial Balance can be run at both GL level that is Legal
Entity at Operating Unit level i.e at Subledger level.

Is This Answer Correct ?

4 Yes

5 No

Question { Syntel, 56049 }

what is the difference between Revaluation and Translation?
what are the steps in GL?

Answer

Revaluation increases or decreases the value of Assets and
liabilities due to currency fluctuations.

Translation converts functional balances to target currency
balances.

The increase or Decrease in value due to Revaluation is
posted to Revaluation reserve A/C

Due to Difference in Exchange rates used to translate
Assets/Liabilites and Income/Expenses, balance is Posted to
Cumulative translation Adjustment Account.

Is This Answer Correct ?

33 Yes

4 No