The document discusses frequently asked questions in SAP FICO interviews. It defines key concepts like chart of accounts, account groups, posting keys, and business areas. It explains that the chart of accounts is the top-level financial structure and contains all defined GL accounts. Account groups determine the fields configured in GL master records and control account number ranges. Posting keys control the line item debit and credit postings in GL entries. Business areas represent organizational units for external accounting and segment reporting.

1. What are the frequently asked questions on SAP FICO Interview Questions?
1. What is chart of account? What is the relevance of defining chart of account?
A. It is the top level financial structure, contains the GL Accounts we define the all the accounts and one
chart of accounts assign to company code and one chart of accounts will assign to many company codes .
It is list of Gl accounts and it contains account no , account name, language, length, cost element,
blocking information that controls the how an account functions and how a gl account created in
company code . COA Key.
2. What is account group? What does it control?
A. IT determines the which fields you need to configure on the GL master record. It is necessary to have
at least 2, one for B/S and another one for P&L accounts. It controls the number ranges of GL. The
Status fields of the master record of GL Belong to company code area.
3. What is posting key? What is its role?
A. It controls the line item of GL entry debit and credit.
4. What is business area?
A. Organizational unit of external accounting that corresponds to a specific business segment or area of
responsibility in a company. Financial statements can be created for business areas for internal purposes.
They are primarily used to facilitate external segment reporting across company codes covering the main
operation of a company (product line, Branches). The Business area may be the branch of the company
or product lines it deals with
5. while defining chart of account, there is field " manual creaation of cost element" and
"automatic creation of cost element". what is it?
A. Generally when ever we are creating cost elements we can create some of exependitures manually
some automatically so we can create manually cost elements in defining chart of accounts.
6. After creating a customer/vendor, how can we check that under which account group we have
configured this customer/vendor?
A. We can check through customer group and vendor group it was created by ours when we are creating
vendor and customer groups.
7. How the system will know that april is your first posting period?
A. Yes the system will find out april was first posting period. While configuring fiscal year we giving april
to 1 may to 2, june to 3, like this system will identify april was the first posting period.
8. Define the term "fiscal year" , "posting period varient" & " field status varient".
A. FSGV controls the additional account assignments and other fields that can be posted at the line item
level for GL a/c. FSGV can be control at three level i.e.,
1) In OBC4 (ch of a/c’s) - which controls the screen for a particular GL a/c group,
2) Posting Keys - which controls the screen for a particular posting key transaction is taken, &
3) Accounting Groups - which controls the screen for a particular account group i.e., customer group or
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2. vendor group.
A. Posting period variant which controls posting periods, both normal and special periods are open for
each company code. The posting period is independent of fiscal year variant.
A. Fiscal year is controls the which type year we are following like calendar year, year dependent
year,.
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