SAP FICO Interview Questions and Answers Article-2

Q- What are the application areas that use validation and replacements?

A- a) FI- Financial accounting

b) CO-Cost accounting

c) CS-Consolidation

d) PS-Project system

e) AM-Asset accounting

f) GL-Special purpose ledger

g) PC-Profit center accounting

h) RE-Real estate

Q-In SAP what is the utilization of FSV (Financial Statement Version)?

A- FSV ( Financial Statement Version) is a reporting device. It tends to be utilized to extricate final records from SAP like Profit and Loss Account and Balance Sheet. The different FSV's can be utilized for creating the output of different outside agencies like Banks and other statutory specialists.

Q- Explain field status group?

A- 'Field status groups' handle the fields which come up when the user does the transactions. In FIGL (Financial General Ledger) master, the field status group is saved.

Q- What is FI-GL (Financial- General Ledger) Accounting does?

A- To get a summary of outside Accounting and accounts, G L (General Ledger) Accounting is used. It does the recording of all business activities combined with all other operational areas in a software system and also guarantees that the Accounting data is always complete and correct.

Q- What is the default exchange rate type which is picked up for all SAP transactions?

A- For all SAP transaction, the default exchange rate is M (Average Rate).

Q- What are the processes by which vendor inventory payments can be made?

A- 1) Manual payment without the use of any output mechanism like cheques etc.

2) Computerized payments like DME (Data Medium Exchange), cheques, Wire transfer.

Q- What are the difficulties when the business area is configured?

A- The difficulty faced when a business area is configured, is splitting of account balance which is more appropriate in the case of tax accounts.

Q- What are the customizing prerequisites For document clearing?

A- The customizing pre-requisite for record clearing is to check the items cleared and uncleared, and this is done by open item control. Open item management controls your excellent account, i.e account payable and account receivable. For example, an inventory item that has not yet been paid is recorded as open account until it is paid.

Q- What is the importance of GR/IR ( Good Received/ Invoice Received) clearing account?

A- GR/IR ( Good Received/ Invoice Received) is an interim account. In the legacy system, if the assets are received and the invoice is not received, the provision is made, in SAP at the goods receipt. It passes the Accounting record debiting the Record and crediting the GR/IR account. So, when an invoice is received the vendor account is credited, and the GR/IR account is debited, the GR/IR will show as un-cleared items till the time the invoice is not received.

Q- What is parallel and local currency in SAP?

A- Every company code can have two additional currencies, in addition to the company code, currency entered into the organization code data. The currency listed in the company code creation is called local currency and the other two added currencies are called parallel currencies. Parallel Currencies can be used in international business transactions. In order to do the foreign transaction, parallel currency can be used. The two parallel currencies would be GROUP CURRENCY and HARD CURRENCY.

Q- Wherever can you use the internal order?

A- To trace the cost, internal orders are used; they are meant to be acquired over on a short-term basis.

Q- Is it possible to calculate discount to the day?

A- Yes, it is possible to calculate the discount, to do that you have to switch on the sign Dep. to the day in the depreciation key configuration.

SAPVITS is one among the best SAP Online Training organizations in India, USA, UK, and Malaysia. We center on giving Online SAP Training that is in accordance with the present business situation. With our prudently planned courses, we prepare you to climb the company pecking order and exceed expectations of your export objectives. SAPVITS will offer this SAP FICO course with Online Training in light of your adaptable timings. We give SAP FICO Training Material, Free Demos, Server get to the office. Visit our foundation for subtle elements and charges.