Behavioral Ledger Interview Questions & Answers:
1. General Ledger Questions Part 2:
11)Recurring Invoice
12)Budget's
13)After permanently closed period. in the same period how to pass transactions.
14)We passed one invoice with 90 days payments term but we paid amount to supplier after 10 days how do in apps a.p
15)What is use of set of books
16)Debit invoice and credit invoice accounting in apps
2. General Ledger Questions Part 1
1)Invoice approval work flow
2)Invoice validations
3)Invoice accounting
4)Auto invoice in Accounts pay ables
5)Legacy P.O's conversions
6)legacy Invoice's conversions
7)Autoaccounting,autocash rule set
8)How many set of books attach to one legal entity
9)Many set of books attach to one operating unit
10)Expense invoice
3. Do you know what is meant by business?
Business is an activity performed with the sole intention of earning profit. The activity may vary according to the scope and volume.
4. Do you know what is about Future Period and Adjustment Period?
Future period means in oracle not yet opened, u can't post any entry in this period, U can have two future periods or one displayed in calander options, adjustment period means, normally comany may have 12 months, or 13 months as per co's requiremens, if u have 13 month, jan to dec its 12 months, addtional one month i.e dec say example 25th to 31st Dec. So here we have 13 months, additional 5 days called adjustment period, this is use full to enter additonal entries Audit time,if your dec period is closed, u may still have 5 days period to entery adjustment entries given by auditiors.
5. Explain why do companies need adjusting journal entries?
Current account balances may not represent correct balances due to following reasons:
a. Company made mistakes in preparing journal entries in the past.
b. Accounting records are not updated to reflect new transactions or amount changes in previous transactions.
Adjusting journal entries are usually prepared at the end of an accounting period to update account balances to reflect correct balances as of the balance sheet date (the date at the end of an accounting period).
The timing differences in recognizing revenues and expenses between accrual basis and cash basis accounting are frequently corrected by adjusting journal entries.
6. Explain adjustments for saving a/c of branches and Head Office?
year closing of banking software which General ledger balance carried forward and which is closed. and tell me adjustment about the saving a/c of branches and Head Office for year ending operation
7. Tell me how the Sub Ledgers(AP,AR) integrate with GL?
we can integrate the general ledger with subledger through reconsilation account.
8. Explain scenario of Multi-Org. setup?
Meaning of Multiorg:Its a serverside enhancement which supports multiple organisations with single installation of oracle application product and its keep and stores data secure and safe way and seperately.
MULTI-ORG STRUCTURE
BUSINESS GROUP (HEAD COMPANY)
LEGAL ENTITY(SET OF BOOKS)
OPERATING UNIT(AP,PO,AR,FA)
INVENTORY ORG
10. Explain flow in General ledger?
1 Define value sets : setup--> financials--> flexfield--> key--> validation--> sets.
2.Define accounting flexfield(key flexfield) : setup--> financials--> flexfield--> key--> segment
A. Define segments
B .Assign value sets to segments
c.assign the flexfied qualifiers
d. select allow dynamic inserts or cross validate segment.
3.define values for value sets : setup--> financials--> flexfield--> key--> validation--> values
4. define set of books : setup--> financials--> books
5.defining responsibility in system administrator module : security--> responsibility--> define
6.assign your responsibility to the user in sysadmin module: security--> user--> define
7. assign your set of books to the responsibility in sysadmin module through the profile option GL: SET OF BOOKS NAME' : profile--> system
8.go to your responsbility and open periods : setup--> open/close
9.start entering transactions using journal form : journals--> enter
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