SAP FICO Interview questions

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Prepare for your interview with these top 20 SAP FICO interview questions. For more IT Profiles, Sample Resumes, Practice exams, Interview Questions, Live Training and more…visit ITLearnMore – Most …

Prepare for your interview with these top 20 SAP FICO interview questions. For more IT Profiles, Sample Resumes, Practice exams, Interview Questions, Live Training and more…visit ITLearnMore – Most Trusted Website for all Learning Needs by Students, Graduates and Working Professionals.

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  • 1. SAP FICO Interview Questions and Answers Learning IT Courses Has Never Been This Easy www.ITLearnMore.com
  • 2. 1. Define Financial Statement Version? FSV(Financial Statement Version) is a reporting tool and can be used to depict the manner in which the final accounts like Profit and Loss Account and Balance Sheet needs to be extracted from SAP. It is freely definable and multiple FSV's can be defined for generating the output for various external agencies like Banks and other statutory authorities. 2. How are input and output taxes taken care of in SAP? A tax procedure is defined for each country and tax codes are defined within this. There is flexibility to either expense out the Tax amounts or Capitalize the same to Stocks.
  • 3. 3. What is the role of a "Document type" in SAP? A Document type is specified at the Header level during transaction entry and serves the following purposes:  It defines the Number range for documents.  It controls the type of accounts that can be posted to e.g Assets, Vendor, Customer, Normal GL account.  Document type to be used for reversal of entries.  Whether it can be used only for Batch input sessions. 4. What is the clearing basis for check deposit? In the variant for check deposit we set up the fields document number ( which is the invoice number), amount and short description of the customer. The document number and the invoice amount acts as the clearing basis.
  • 4. 5. What are the Customizing prerequisites for document clearing? Account must be managed on the open item management. This tick is there in the General Ledger Master Record called Open Item Management. It helps you to manage your accounts in terms of cleared and un cleared items. A typical example would be GR/IR Account in SAP(Goods Received/Invoice Received Account) 6. Explain the importance of the GR/IR clearing account. GR/IR is an interim account. In legacy system if the goods are received and the invoice is not received the provision is made, in SAP at the Goods receipt It passes the accounting entry debiting the Inventory and crediting the GR/IR Account .Subsequently when an invoice is recd this GR/IR account is debited and the Vendor account is credited.
  • 5. 7. What the steps are configuring check deposit?  The following are the steps for configuring check deposit: Step1: Create account symbols for the main bank and      incoming check account. Step2: Assign accounts to account symbols. Step3: Create keys for posting rules. Step4: Define posting rules. Step5: Create business transaction and assign posting rule. Step6: Define variant for check deposit.
  • 6. 8. How do you configure manual bank statement?  The following are the steps for configuring manual bank       statement:Step1: Create account symbols for the main bank and the sub accounts. Step2: Assign accounts to account symbols. Step3: Create keys for posting rules. Step4: Define posting rules. Step5: Create business transaction and assign posting rule. Step6: Define variant for Manual Bank statement.
  • 7. 9. What are steps of Electronic bank statement?  The steps for Electronic Bank Statement are the same        except for couple of more additional steps which you will see down below Step1: Create account symbols for the main bank and the sub accounts. Step2: Assign accounts to account symbols. Step3: Create keys for posting rules. Step4: Define posting rules. Step5: Create transaction type. Step6: Assign external transaction type to posting rules. Step7: Assign Bank accounts to Transaction types.
  • 8. 10. Explain the importance of asset classes. What asset classes are there? The asset class is the main criterion for classifying assets. Every asset must be assigned to only one asset class. Examples of asset class are Plant& Machinery, Furniture &Fixtures, and Computers etc. The asset class also contains the Gl account which is debited when any asset is procured. It also contains the gl accounts for depreciation calculation, scrapping etc. Whenever you create an asset master you need to mention the asset class for which you are creating the required asset. In this manner whenever any asset transaction happens the gl accounts attached to the asset class is automatically picked up and the entry passed. You can also specify certain control parameters and default values for depreciation calculation and other master data in each asset class.
  • 9. 11. What are the depreciation keys? The specifications and parameters that the system requires to calculate depreciation amounts are entered in Calculation methods. Calculation methods replace the internal calculation key of the depreciation key. Depreciation keys are defaulted in Asset Master from the asset class. Refer to the configuration for more details of how depreciation is calculated. 12. What is a Account group and where is it used? An Account group controls the data that needs to be entered at the time of creation of a master record. Account groups exist for the definition of a GL account, Vendor and Customer master. It basically controls the fields which pop up during master data creation in SAP.
  • 10. 13. What is the organizational assignment in the controlling module? Every company has a unique company code assigned. The controlling module allows you to create a controlling area which contains all activities related to cost center accounting, product costing and profitability analysis. 14. What is a field status group? Field status groups control the fields which come up when the user does the transactions. There are three options for field selection. They are:  Display only  Suppressed  Mandatory
  • 11. 15. What are the functionalities available in the financial statement version? In the financial statement version the most important functionality available is the debit credit shift. This is more important in case of Bank overdraft accounts which can have a debit balance or a credit balance. Thus in case of a debit balance you would require the overdraft account to be shown on the Asset side. In case of credit balance you would require the account to be shown on the Liability side. 16. What are the various organizational assignments to a company code? Company Code is a legal entity for which financial statements like Profit and Loss and Balance Sheets are generated. Plants are assigned to the company code, Purchasing organization is assigned to the company code, and Sales organization is assigned to the company code.
  • 12. 17. What is the relation between a Controlling Areas and a Company code? A Controlling area can have the following 2 type of relationship with a Company code  a. Single Company code relation  b. Cross Company code relation This means that one single controlling area can be assigned to several different company codes. Controlling can have a one is to one relationship or a one is to many relationship with different company codes. Controlling Area is the umbrella under which all controlling activities of Cost Center Accounting, Product Costing, Profit Center and Profitability Analysis are stored. In a similar way Company Codes is the umbrella for Finance activities.
  • 13. 18. Describe the relationship between cost center accounting and profit center. Cost centers allow companies to capture all costs related to daily businesses operations, generally excluding unavoidable monthly expenses like rent or utilities. Administrative, entertainment, food and other expenses fall under this heading. Profit centers capture data related to both cost and revenue, showing how much each dollar of profit costs to generate. 19. What is dunning? Dunning is actually the process by which you “bill” or “invoice” a customer for past due items.
  • 14. 20. How to create Tax Calculation Procedure? Tax calculation procedures based on the countries depended. One country is using deferent of tax procedures. We are creating new country also and at what type calculation procedures present is running on the country and it is assigned which country used. (OR) Tax calculation procedures based on the country wise using and which country is used at what percent and it is used on the country. We are creating new country also at what percent it is used and it is assigned to using of this country.
  • 15. 21. Explain Legacy System Migration Workbench? LSMW is widely used by EDI programmers. EDI Programmers connect the SAP system to Non SAP system. During this Data migration is a necessity. When data migrates from source to destination the destination code is different from the source code. So what LSMW does is* Converts the data in to batch files* Then converts the batch files in to source code batch files* And then migrates data. Standard Interfaces like BAPI or Idoc are used in this process. The LSMW comprises the following main steps:  * Read data (legacy data in spreadsheet tables and/or sequential files).  * Convert data (from the source into the target format).  * Import data (to the database used by the R/3 application.
  • 16. 22. What is meant by GR/IR regrouping program? The balance in a GR/IR account is basically because of 2 main types of transactions: Goods delivered but invoice not received – Here the Goods receipt is made but no invoice has yet been received from the vendor. In such a scenario GR/IR account will have a credit balance.  Invoiced received but goods not delivered – Here the Invoice is received from the vendor and accounted for, but goods have not been received. In such a scenario GR/IR account will have a debit balance. The GR/IR account would contain the net value of the above two types of transactions. The GR/IR regrouping program analyses the above transactions and regroups them to the correct adjustment account.
  • 17. 23. What is the difference between profit center accounting and Profitability analysis? Profit center accounting is basically done for internal controlling purposes. It lets you determine the profit and loss using the cost of sale approach or period accounting approach. Here you can find the profit from an “area of responsibility or person” point of view, this is account based costing. Whereas in Profitability analysis, market segments based on product, customer, order or any combination of these are studied to find outs the profit. PA provides information to the marketing, sales and planning department so that they can make decisions 24. What are Different types of ERP? SAP, BAAN, JD Edwards, Oracle Financials, Siebel, PeopleSoft. Among all the ERP’s most of the companies implemented or trying to implement SAP because of number of advantages of other ERP packages.
  • 18. 25. Define Meta data, Master data and Transaction data?  Meta Data: Data that describes the structure of data or Meta Objects is called Metadata. In other words data about data is known as Meta Data.  Master Data: Master data is data that remains unchanged over a long period of time. It contains information that is always needed in the same way. Characteristics can bear master data in BW. With master data you are dealing with attributes, texts or hierarchies.  Transaction data: Data relating to the day-to-day transactions is the Transaction data.
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