Question 1. What Is Journal, How Many Types Of Journal?
Journals it is used to file the enterprise transaction it contains debit and credit score traces constantly debit have to be equal to credit. Types of journals are Suspense Journal or Unbalanced Journal, Recurring Journals and Reversal journals.
P2P Process & O2C Process
P2P procedure start with
B. O2C processing four excessive-level methods i.E. Order, Invoices, Recognize the COGS and Cash Receipt.
Sales orderàBook OderàRelease the OrderàConfirm the OrderàClose the OrderàImport InvoiceàPrint the InvoiceàRevenue RecognitionàDefer the Cost of Goods àenter ReceiptàApply the Receipt.
Question 2. What Is Translations & Revaluation And Which Level Its Working?
Translation: It is used to translate purposeful forex balances into overseas forex balances on the account degree
Revaluation: It is used identify the unrealized advantage or loss .That is going on on the forex fluctuation.
Functional Currency is USD
Foreign Currency is INR.
Conversion Rate is two.
Created bill for one hundred INR, established and accounted. Not Paid.
As in step with the above magazine strains on 01-Dec-2009, purchaser is liable to pay 2 hundred USD to the dealer.
End of the length, conversion fee has been changed to two.5.
So client’s legal responsibility will get multiplied to 250 USD(100*2.5).
So purchaser think to pay 250 USD in preference to 200 USD to the dealer.
This is the authentic legal responsibility at the quit of the duration and this need to be reflected in patron’s General Ledger. Loss 50 USD have to be populated in Loss account.
Revaluation adjusts those quantities and keeps benefit/loss amounts in Unrealized Gain/Loss bills described in Revaluation window.
Oracle 10g Interview Questions
Question 3. What Is Security Rules And Cross Validation Rules?
It is used to limit the customers from getting into the segments. It will work on the responsibility degree.
It is used to restriction the give up customers from coming into the code combinations. It will work at shape level.
Question 4. What Is Dynamic Insertion?
You can dynamically create new account code combinations while coming into statistics by using enabling dynamic insertion inside the Key Flexfield Segments window. The alternative technique for this is, you may require all debts to be outline manually in the Accounts Combinations window.
Points to Remember:
Dynamic instertion can be enabled or disabled at any time.
You can define pass validation regulations to prevent incorrect account mixtures from being created by means of dynamic insertion.
If you are defining an Accounting Flexfield for Oracle Projects, you need to outline your phase with the Allow Dynamic Inserts choice set to Yes.
Oracle 10g Tutorial
Question 5. Difference Between Standard Accrual And Standard Cash?
In case of Standard Accrual, Invoice and Payment Accounting may be there.
Reason: Transaction occurs in two phases.
Order items and receive items(Create PO, Create Receipt, Create Invoice and account it)
Pay the quantity for received goods within due time set with the aid of the provider( Pay the invoice and account it)
Since you aren't paying the amount immediately, you need to preserve track of the amount wishes to pay to the supplier after phase one. You maintain this quantity in LiabilityA/C(Cr). After second section, you debit your LiabilityA/C and credit score your CachA/C which suggests your coins glide from your agency to the supplier.
In case of Standard Cash, only charge accounting might be there.
Reason: While buying an item you pay amount straight away to the supplier. So you don’t have any debt to the supplier to document. So there is not anything to document in LiabiltyA/C.
Oracle 9i Interview Questions
Question 6. Explain Flexfield Qualifiers In Gl?
Need to assign qualifiers to character accounting key flexfield segments to identify or constitute the reason in COA.
Natural Account Each Accounting Flexfield structure must contain handiest one herbal account section. When putting in place the values, you will imply the type of account as Asset, Liability, Owner’s Equity, Revenue, or Expense.
Balancing Account Each structure ought to comprise best one balancing phase. Oracle General Ledger guarantees that each one journals stability for every balancing section.
Cost Center This phase is required for Oracle Assets. The fee center phase is used in many Oracle Assets reviews and by using Oracle Workflow to generate account numbers. In addition, Oracle Projects and Oracle Purchasing also make use of the value center phase.
Intercompany General Ledger robotically makes use of the intercompany segment within the account code mixture to music intercompany transactions inside a single ledger. This section has the equal value set and the identical values as the balancing segment.
Question 7. Primary Ledger Vs Secondary Ledger Vs Reporting Currency.
Primary Ledger Vs Secondary Ledger:
Use secondary ledgers for supplementary purposes, including consolidation, statutory reporting, or adjustments for one or greater criminal entities within the equal accounting setup.
For example, use a number one ledger for corporate accounting functions that use the corporate chart of bills and subledger accounting technique, and use a secondary ledger for statutory reporting purposes that use the statutory chart of debts and subledger accounting method.
This lets in you to maintain both a corporate and statutory representation of the same legal entity’s transactions in parallel.
Reporting Currency Vs Secondary Ledger:
Reporting Currencies aren't the same as secondary ledgers. Looking at the 4 C’s that outline a ledger, we've a chart of debts, calendar, accounting technique, and foreign money. If you only need a couple of currencies to support your reporting necessities, use reporting currencies. If you need to account to your information the use of one-of-a-kind calendars, charts of bills, accounting strategies in addition to currency, use a secondary ledger.
Oracle 9i Tutorial Oracle 8i Interview Questions
Question eight. What Is Adjusting Period?
Typically, the remaining day of the monetary yr is used as an adjusting duration to carry out adjusting and ultimate journal entries. Once you begin the usage of your accounting calendar, you cannot exchange its shape to get rid of or upload an adjusting duration. Choosing whether or not to include an adjusting duration or now not on your calendar is a totally critical choice. You can have an unlimited wide variety of adjusting intervals.
Question 9. What Is 2 Way, 3 Way And four Way Matching?
Making bills to the suppliers in three ways. What ever you have got ordered for the PO we will make the payment for the providers in 2-manner(we are able to evaluate two files PO and Invoice).
Eg:Suppose we Had given PO for a hundred objects ,for that we can acquire bill for 100 objects. So that we can make charge for that a hundred items. 2) In 3-Way we will examine three files PO+reciept+Invoice Eg:Suppose we have ordered 100 items in PO. But we had received simplest eighty objects ,But we had obtained invoice for a hundred gadgets. So, we are able to make fee for most effective eighty items 3) IN 4-Way we will examine 4 files PO+Receipt+Invoice+Inspection Eg:Suppose we've got a hundred objects in PO. Suppers send us eighty gadgets We will do inspection on the ones objects what ever we have obtained, If 10 items were given broken. Eventually, we are going to make price to the 70 items simplest.
Oracle 11g Interview Questions
Question 10. What Is Payment Terms And How To Define Payment Terms?
Payables makes use of price phrases to mechanically calculate due dates, bargain dates, and cut price quantities for each bill you input. Payment terms will default from the provider website online. If you need to change the price phrases and the phrases you need to use are not on the listing of values, you may define extra phrases inside the Payment Terms window.
Oracle 8i Tutorial
Question 11. What Is Sweep Program? Explain Process Of Sweep Program?
This specific software is administered which will transfer un-accounted invioce to subsequent opened length all through period quit closing of Accounts Payable. In reality you could’t near Payable Period if you have Un-Accounted Invoice in Payables. In order to negotiate (Transfer) these bill to next open duration this program is administered. So that the Payable duration can be closed.
Oracle apps Interview Questions
Question 12. How Many Types Of Purchase Orders (po’s)?
Standard Purchase Order: It’s a prison document to buy the products or services through provider it is going to be created whilst we know the products or services, price, quotation, transport agenda and accounting distribution and also is one time buy order
Blanket PO: Blanket PO is created while you recognise the element of the goods or services you intend to buy from a selected dealer in a duration, but you do now not recognise the detail of your transport schedules.
Planned PO: Planned PO is an extended–time period settlement committing to shop for objects or offerings from a unmarried source. You ought to specify tentative shipping schedules and all information for items or offerings that you need to shop for, which includes fee account, quantities, and anticipated cost.
Contract PO: Contract PO is created while you consider your suppliers on specific phrases and conditions with out indicating the products and offerings that you will be buying.
Oracle 10g Interview Questions
Question 13. Explain Approval Hierarchies In Po?
Approval hierarchies can help you mechanically direction files for approval. There are styles of approval hierarchies in Purchasing: position hierarchy and employee/manager relationships.
If an worker/manager courting is used, the approval routing structures are described as you input personnel the use of the Enter Person window. In this example, positions are not required to be setup.
If you select to use function hierarchies, you ought to set up positions. Even though the position hierarchies require greater initial effort to installation, they may be smooth to maintain and allow you to define approval routing systems that continue to be solid irrespective of how frequently man or woman personnel depart your corporation or relocate within it.
Oracle 11g Tutorial
Question 14. How Many Types Of Ap Invoices?
AP INVOICES: 11i bill are there
Regular bill (nine)
Withholding Tax invoice
Question 15. How Many Types Of Ar Invoices?
AR TRANSACTIONS (Invoice):
Oracle Apps ERP Interview Questions
Question sixteen. Difference Between Standard And Mixed Invoices?
Standard Invoices: Standard Invoice are invoices from a provider representing an amount due for goods or services bought. Standard invoices may be either matched to a buy order or no longer matched. Standard invoices should be high quality quantities.
Mixed Invoices: Mixed Invoices can be matched to both purchase orders and invoices. Mixed invoices may have either advantageous or terrible quantities.
Question 17. Difference Between Ap Invoice And Ar Invoices?
AP Invoice: it's far not anything however what amount going out toward receiving Raw fabric from the vendor or provider. (Expenses)
AR Invoice: it's far not anything however what amount coming in purchase promoting the product to purchaser or parties (Revenues)
Oracle 7.Three Interview Questions
Question 18. What Is Pre Payment In Ap?
Prepayment is Advance Payment made to dealer by means of Organization or Employee. Later it will apply against the characteristic debit.
These are two types:
Oracle 9i Interview Questions
Question 19. What Is Key Flex Filed How Many Types In Gl, Ap, Ar, & Fa?
Key Flex subject: is used to seize mandatory records of the agencies
In GL three kinds 1. Accounting flex subject (obligatory) 2. Reporting characteristic (optional) 3. Gl ledger flex discipline (optionally available)
IN AP No flex fields
IN AR Two types 1. Sales Tax Location flexfield (obligatory) 2. Territory Flexfield
In FA Three Flex subject i.E. Category (mandatory), Asset key (mandatory), Locations flex field.
Question 20. What Is Debit Memo And Credit Memo In Ap?
Its poor quantity identified by using Customer and despatched to Supplier.
Ex: Purchase Returns.
Its poor amount diagnosed with the aid of Supplier and sent to the Customer.
Ex: TDS Payables.
Oracle ADF Interview Questions
Question 21. What Is Debit Memo And Credit Memo In Ar?
In AR Debit memo is Positive Amount for example we are promoting the product to the client.
Either we can also forget to add a freight fees or some other issue. So at that time we are put together or Rise the Debit memo it's far elevated the Org stability.(Customer is Under Charged at that point Org prepare Debit memo)
In AR Credit memo is Negative Amount in case you billed greater than your consumer then Org need to elevate Credit memo to offer the credit to your Customer, so it is decreasing the Org stability.