Interview Questions.

Top 100+ Oracle General Ledger (gl) Interview Questions And Answers

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Top 100+ Oracle General Ledger (gl) Interview Questions And Answers

Question 1. Can A Flexfield Qualifier Be Changed After It Has Been Created?

Answer :

No. Once a phase qualifier has been certain for a specific phase and has been stored, it will completely have the attributes with that qualifier.

For example, you by chance designate the value center section because the herbal account segment. Even although you do now not bring together this, the gadget saves the changes. And once it's been saved, it's going to have all of the attributes unique for the herbal account qualifier, even after it's been changed returned, resaved with the ideal qualifier and compiled. This is the inherent functionality of the software program.

Unfortunately, there's no actual smooth answer for this difficulty. The most effective alternative is to create a brand new chart of money owed and connect a new set of books.

Question 2. How To Delete A Segment Value?

Answer :

There is no supported way to delete a segment fee. Segment values can simplest be disabled no longer deleted.

General Accounting Interview Questions
Question three. Is There A Way To Load Values For A Specific Segment Outside Of The Form?

Answer :

iSetup is the Oracle product that offers supported APIs to load values into Oracle Applications flexfields.

To load code mixtures ADI can be used. Uploading 0 quantity journals will create new code mixtures.

In this example Dynamic Insertion must be enabled and all account phase values want to exist earlier than the brand new account code combos can be dynamically created.

Question four. What Are The Different Types Of Journals In General Ledger ?

Answer :

Functional Currency Jv: This Journal, we enter Local Currency transaction purpose.
Foreign Currency Jv: this Journal, we input other than neighborhood forex transaction cause...Earlier than we define trade rates
Suspense Jv: this Journal, each time debit is not identical to credit that point, we enable in set of books window Suspense button, then it works in any other case it's now not running
Tax Jv: this Journal, calculate taxation of Purchased objects
Reverse Jv: this Journal every time we input habitual magazine, at the time of we the usage of..We have two strategies...One is Debit to Credit and second one is signal (+ to -)
Recurring Jv :this one is We outline one template, we use Periodically, those are 3 types
1.Standard 2.Skeleton 3.Formula
Mass Allocation Jv :Set of Expenses or Set of Revenue allocate distinct parts the usage of Formula A*B/C
A is Total Cost Pool..B is Usage Factor...C is Total Usage Factor...
Batch JV: Group of Journal we enter at a time, We Define Control Amount
Stat JV: This JV we have one aspect of Amount either debit or Credit.....
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Question 5. What Is Average Balance In Oracle Financials?

Answer :

The Average Balance feature of Oracle General Ledger gives businesses with the capacity to tune average and cease-of-day balances, file average stability sheets, and create custom reviews using both widespread and average balances. Average stability processing is in particular essential for financial institutions, considering the fact that common stability sheets are required, further to standard balance sheets, by many regulatory organizations. Many businesses additionally use average balances for inner control reporting and Profitability analysis.

The distinction between a median and popular stability sheet is that balances are expressed as average amounts instead Than real duration-quit quantities. An common balance is computed because the sum of the actual every day last balance for a balance sheet account, divided via the wide variety of calendar Days inside the reporting duration .

Accounts Interview Questions
Question 6. Is There A Limit To The Number Of Periods In A Budget Year Or How Many Years A Budget Can Span?

Answer :

One can outline budgetary manipulate for n quantity of years but, 365 days can have maximum of 60 monetary periods7.

Question 7. What Is A Funding Budget?

Answer :

A finances against which accounting transactions are checked for to be had budget when budgetary manipulate is permit on your set of books.

Accounting Basics Tutorial Accounts and Finance for Managers Interview Questions
Question eight. What Is Planning Budget?

Answer :

The plan for the future expenses is planning finances. It is a paper work. There is no price range requirement. It does no longer require journals. There are not any regulations for estimating of budget.

Question 9. I Was Able To Post A Budget Journal To A Closed Period, Why?

Answer :

Yes you could do so, motive being budget journal isn't linked along with your accounting length. Once you have open the price range period then you could ebook finances journal for that whole period.

Finance Interview Questions
Question 10. What Is The Specific Purpose Of Assigning Balancing Segment Values To The Legal Entity In Accounting Manager Setup (as Once Assigned, The Same Value Is Not Allowed To Be Selected For Any Other Legal Entity), If This Value Is Usable For The Operating Unit(s) That Does Not Have This Legal Entity Context?

Answer :

Summary of key data:

Common COA Structure used for Primary and Secondary Ledgers
Ledger shared by way of Multiple Legal Entities
Specific Balancing Segment Values assigned to Specific Legal Entity (Overlap now not allowed)
Specific Legal Entity Vision Operations Assigned to Payables Manager OU for Legal Entity Context
User desire set to Access Vision Operations OU by Default in Payables
Conclusion and Findings:

Balancing Segment Value Assignment to the Multiple Legal Entities, sharing the equal Ledger does no longer seem to restrict the person of these Balancing Segment Values within the Feeder, Operating Unit precise Modules Like AP, in which Legal Entity Context is exceeded to the OU via the link of the Primary Ledger.
However, access to these Balancing Segment Values could be controlled through Security Rules being assigned to the Value Set and the Respective Responsibility
The Key question is: If Legal Entity having the context to the Operating Unit that stocks the not unusual Ledger does not have undertaking to it, what impact it has on the integrity of facts while this get entry to is in any other case allowed, except via Security Rules?
Question 11. What Are The Interface Tables In General Ledger ?

Answer :

GL_BUDGET_INTERFACE 
GL_DAILY_RATES_INTERFACE 
GL_IEA_INTERFACE 
GL_INTERFACE 
GL_INTERFACE_CONTROL 
GL_INTERFACE_HISTORY 

Accounting Reports Interview Questions
Question 12. What Is Dff?

Answer :

DFF is a mechanism that we could us create new fields in screens that are delivered by way of Oracle.

General Accounting Interview Questions
Question 13. Are These Dff's Flexible?

Answer :

A little flexible, for example, depending upon the price in a subject, we are able to make  either Field1 or Field2  to appear in DFF. 

Question 14. Are These New Fields That Get Created As A Result Of Dff Free Text?

Answer :

If you attach a value set to the field(at time of setup of dff), then subject will no longer be free text. The entered fee in the field can be confirmed, additionally a list of valid values can be furnished in LOV. 

Question 15. Will The Values That Get Entered By The User In Dff Fields Be Updated To Database?

Answer :

Indeed, this happens because for each subject that you create the usage of DFF may be mapped to  a column in Oracle Applications.

Accounting Principles Interview Questions
Question 16. Can I Create A Dff On Any Database Column?

Answer :

Not genuinely. Oracle supplies a predefined list of columns for every desk which can be intended for DFF usage. Only the ones columns may be mapped to DFF segments. These columns are named similar to ATTRIBUTE1, ATTRIBUTE2, ATTRIBUTE3 ETC. Usually Oracle gives upto 15 columns, however this variety can vary.

Question 17. Can I Add Hundreds Of Fields To A Given Screen?

Answer :

This relies upon at the quantity of attribute columns within the table that screen makes use of. Also, those columns should be flagged as DFF enabled in DFF Registration display screen. Don't want to worry a great deal approximately this due to the fact all of the ATTRIBUTE columns are by way of default flagged for their DFF usage.

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Question 18. What Is Journal Import?

Answer :

Journal import is an interface used to deliver magazine entries from legacy systems and other modules into the General Ledger.(Specifically Journal Import gets entries from legacy records into the GL base tables.

The tables populated at some stage in magazine Import are

GL_JE_BATCHES,
GL_JE_HEADERS,
GL_JE_LINES,
GL_IMPORT_REFERENCES

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Question 19. What Is The Use Of Gl_interface?

Answer :

Gl_Interface is the primary interface table of General ledger. It acts as an interface between statistics originating from different modules consisting of AP,AR, Legacy information and the Gl Base tables.

Question 20. What Is Actual Flag?

Answer :

Actual flag represents the Journal kind.

A-Actual
B-Budget
E- Encumbrance.

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Question 21. What Is Encumbrance?

Answer :

It is a system of Reservation of price range for anticipated expenditure from a budget. Encumbrance integrates GL, Purchasing and Payables modules.

Question 22. How Many Key Flex Fields Are There In General Ledger?

Answer :

One. Accounting Key Flex Field.

Question 23. How Many Types Of Budgets Are There?

Answer :

Two Types:

Expenditure Budgets
Revenue Budgets.
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Question 24. What Are Spot Rate, Corporate Rate, Transaction Calendar And Accounting Calendar?

Answer :

Spot Rate: An trade rate that you input to perform conversion primarily based on the charge on a specific date. It applies to the on the spot shipping of forex.

Corporate Rate: An Exchange price that we define to standardize costs for our company. This price is the same old market fee decided by way of the senior monetary control to be used thru out the company.

User Rate: Conversion fee this is defined via the user.

EMU Fixed Rate: An alternate charge that is furnished robotically via the General Ledger even as entering journals. It makes use of a foreign foreign money that has a fixed courting with the euro.

Transaction Calendar: Defines the business days and holidays for any calendar.

Accounting Calendar: Defines special types of calendars particularly Fiscal, Federal Fiscal, Month and so forth.

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Question 25. What Is Security Rule?

Answer :

Security Rules are described to manipulate the get right of entry to of a flexfield section cost (Financial records) at a obligation level.

Question 26. What Are Cross Validation & Adi?

Answer :

CVS – Cross validate segments – Allows simplest valid code combos.

ADI – Allow dynamic inserts. – Allows any code mixture irrespective of validity.

ADI would be successful if both of CVS and ADI are checked.

Question 27. What Is Translation?

Answer :

Translation is a system used to transform functional forex to different reporting currencies at the account balances stage.

Finance Interview Questions
Question 28. What Is Revaluation?

Answer :

It is manner used to revalue belongings and liabilities denominated in overseas foreign money into purposeful foreign money primarily based on length cease exchange fee we specify. Unrealized profits/losses are resulted because of change charge fluctuations which are recorded in unrealized benefit/loss account in GL.

Question 29. What Is Fsg (financial Statement Generator)?

Answer :

Financial statement generator function enables us to generate reviews which include stability sheets and profits statements with out programming. It additionally affords a high diploma of control on the rows, columns, contents and calculations on the report. Different components including row set, column set, content set, row order, display set ought to be defined earlier than a announcement is generated, of which row set and column set are obligatory.

Question 30. What Is Consolidation?

Answer :

Consolidation is a duration-quit manner of mixing the financial results of separate business subsidiaries with the parent business enterprise to shape a single combined statement of financial consequences.

Question 31. At What Level General Ledger Data Is Secured?

Answer :

GL statistics is secured at Set of Book degree. Subledger module information is secured at Responsibility degree (i.E., at Operating Unit Level).

Question 32. Difference Between Primary Ledger And Secondary Ledger In R12 ?

Answer :

Primary ledger: The primary ledger acts as the primary accounting representation

Secondary Leger: Secondary ledgers constitute the primary ledger's accounting information in some other accounting illustration that differs in one or extra of the following approaches: 

chart of accounts
accounting calendar/duration type mixture
currency
subledger accounting technique
ledger processing alternatives
Use secondary ledgers for supplementary purposes, consisting of consolidation, statutory reporting, or modifications for one or greater legal entities within the same accounting setup. For example, use a primary ledger for company accounting functions that uses the company chart of bills and subledger accounting method, and use a secondary ledger for statutory reporting purposes that makes use of the statutory chart of money owed and subledger accounting technique. This lets in you to preserve both a company and statutory representation of the equal felony entity's transactions in parallel. 

Assign one or extra secondary ledgers to every number one ledger for an accounting setup. 

The secondary ledgers assigned can only perform the accounting for the felony entities inside the same accounting setup. 

Question 33. In The Multi?org Structure, At What Level Does Gl Operate?

Answer :

General Ledger operates at SOB degree.

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Question 34. What Are The Various Statuses Of Gl Periods? And In Which Table This Information Is Stored?

Answer :

The statuses of GL periods are are below:

Open
Closed
Future ? Entry
Permanently Closed
Never Opened
The information is maintained in GL_PERIOD_STATUSES.

Question 35. If Journal Approval Flag Is Checked While Defining Set Of Books (sob) Then All Journals Will Necessarily Require Approval. Is This Statement Correct?

Answer :

In addition to enabling Journal Approval flag at SOB level; Require Journal Approval flag at Journal Sources degree for journals to require approval.

Question 36. Does Gl Support Accrual Or Cash System Of Accounting?

Answer :

GL is a principal repository and all of the journal entries from sub?ledger go with the flow to GL. And there's no choice to specify which technique of accounting is authorized. So, such an alternative is available simplest at sub?ledger degree; at GL degree, users are loose to entry either kind of entries. Hence, we are able to say that GL supports both methods of accounting.

Accounting Principles Interview Questions
Question 37. Journal Can Be Entered Only In Open Periods. Is This Statement Correct?

Answer :

No, journals may be entered both in Open and Future?Entry intervals. However, journals can be published most effective in Open periods.

Question 38. Can A Gl Period Be Opened After The Period Is Being Closed? Can The Period Be Opened After The Closure Of Financial Year?

Answer :

Yes, a GL duration may be opened any time after it is closed; even after monetary year is closed (even though now not advocated). However, as soon as a period is permanently closed it cannot be re?opened.

Question 39. What Happens When The Posted Journal Are Changed?

Answer :

Posted Journal can not be modified. They can most effective be reversed.

Question 40. What Is The Difference Between Revaluation And Translation?

Answer :

Revaluation is used to decide the placement of overseas forex debtors, lenders and so forth on the quit of month; and it created revaluation journal entries.

While Traslation is a functionality used to convert all balances including practical forex (say INR) balances in a given foreign foreign money (USD). Then, Trial Balance in that currency(USD) can be generated. It is used whenof a subsidiary or branch (INR) are required to be merged with some other agency reporting in different forex (USD).

Corporate Finance Interview Questions
Question 41. What Is The Meaning Of Retained Earning? Where The Retained Earning Account Given?

Answer :

Retained Earnings constitute the undistributed profits of a corporation i.E. Profits retained. The retained earning account is a mandatory account to accept on the time of defining Set of Books (SOB).

Question 42. Can The Gl Period Be Closed When There Are Unposted Journals In The Period? What Error Will It Give?

Answer :

Unlike AP and AR, wherein duration can't be closed unless all transactions are processed; GL length may be closed despite the fact that there are unposted journals. So, it gives no mistakes as such.

HR Interview Questions
Question forty three. What Are The Maximum Number Of Period That Can Be Open In Gl?

Answer :

There is not any limit on range of durations that may be concurrently open GL; but, it is recommended to hold the range of GL Open durations to minimum.

Question forty four. What Are The Key Tables Of Gl Module?

Answer :

The tables that store the information of GL journals are ? GL_JE_BATCHES ? GL_JE_HEADERS ? GL_JE_LINES While the summary of balances is saved in GL_BALANCES. And the GL interface desk is GL_INTERFACE.

Question forty five. What Is The Difference Fsg Report And D2k Report?

Answer :

Financial Statement Generator (FSG) is a capability GL that could used to increase economic reports based on information in GL handiest (i.E. Sub?ledger details can't be displayed inside the report) and FSG reviews can be advanced by practical customers. However, to develop a D2K document information of table systems and SQL (may be even PL/SQL) could be required. And using D2K report can be build for any module or extract facts from a couple of modules primarily based on user requirement.

Question 46. What Are The Various Type Of Balances Supported By Gl?

Answer :

Oracle GL supports three type are balances which are:

Actual
Encumbrance
Budger
Question 47. What Are The Various Type Of Accounts In Gl? And At What Point Is The Type Of Account Identified? And Explain The Nature Of Accounts?

Answer :

Five type of money owed are maintained in GL

Expense (E)
Revenue (R)
Asset (A)
Liabiltiy (L)
Owner's Equity (O)
While defining the Natual Account section values, within the section qualifier we specify the nature of account. The sort of account for a Code mixture is saved in GL_CODE_COMBINATIONS

Expense and Revenue accounts constitute prices/losses and Revenues/Gains respectively. And these debts have a ZERO balance on the start of the 12 months. This factor must be taken care of whilst developing reviews wherein Opening Balance is calculated rather than the usage of GL_BALANCES table.

Owner's Equity constitute Share Capital and includes retained profits and reserves, if any. Owner's Equity together with Asset and Liability Balances are carried forward on the quit of year.

Question 48. Explain The Concepts Of Ptd, Ytd, Qtd And Pjtd In Gl?

Answer :

All the under are diverse methods of calculating balances and every suggest the start line due to the fact that when the stability is calculated

PTD ? Period To date (i.E. From the start of length till date)
YTD ? Year to date
QTD ? Quater to Date
PJTD ? Project to Date (i.E. From the start of the undertaking and it may span more than one years)

Question 49. What Is A Funding Budget? And What Is Its Purpose?

Answer :

A funding finances is a budget for which 'Require Budget Journals' take a look at field is checked. Funding price range may be used to manipulate costs if budgeting control is enabled at Set of Books (SOB) level.

Question 50. What Is The Maximum Number Of Periods Allowed In A Year While Defining Gl Calendar? Can You Two Periods In Gl Calendar Overlap?

Answer :

GL calander lets in for 1 to 366 periods in line with yr. And  periods cannot overlap until one of them is an adjustment period.




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