Interview Questions.

Q1. What Is Value Set?

A value set is a definition of the values approved for access or display by means of a selected flexfield phase. A value set may additionally incorporate a list of real accepted values although this isn't required.

Some fee sets allow a constrained range of values; others allow best sure values; others have minimum regulations.

Different flexfields can percentage the identical fee set. For instance, a cost set containing the names of local offices could be utilized by many unique flexfields.

Different segments of the identical flexfield can use the equal cost set, as an instance a date fee set. Segments defined to one-of-a-kind systems of the same flexfield can percentage value set. Many of the report parameters used with Standard Request Submission (SRS) bureaucracy are tied to shared price units.

Value units do not need to have the equal actual values described for them.

Q2. Types Of Flexfield Qualifier?

NATURAL ACCOUNT: Each Accounting Flexfield structure ought to include only one herbal account phase. When putting in the values, you may indicate the form of account as Asset, Liability, Owner’s Equity, Revenue, or Expense.

BALANCING ACCOUNT: Each Structure should include best one balancing phase. Oracle GL ensures that every one journals balance for each balancing phase.

COST CENTER: This phase is needed for Oracle Assets. The Cost center section is used in many Oracle Assets reviews and by Oracle Workflow to generate account numbers. In addition, Oracle Projects and Oracle Purchasing additionally make use of the price center phase.

INTERCOMPANY: GL robotically makes use of the intercompany section within the account code mixture to song intercompany tractions inside a single set of books. This section has the equal cost set and the same values as the balancing section.

Q3. What Is The Purpose Of The Traction Calendar?

Traction calendar is described for the purpose of enabling common balance processing. Traction calendar is created optionally with legitimate enterprise days mentioned.

Q4. On Which Entity Is The Cross-validation Rule Applicable?

It’s a characteristic of Key flexfield, applicable on Value Sets.

Q5. What Is The Implication Of Dynamic Insert?

Dynamic Insertion is a function which controls whether or not the person can enter new account code combos from any shape/window. If this selection is disabled, then the user cannot enter new account code mixtures from any window/form.

Oracle programs use a particular form (known as a Combination form) for at once getting into the brand new code combos. Users can enter new account code mixtures only through this shape if Dynamic Insertion is disabled.

Q6. Key And Dexcriptive Flexfield Comparison?

KEY FLEXFIELD

Owned by way of one utility; utilized by many

Required to installation; now not constantly required to use

Intelligent keys

Identifies entities

DESCRIPTIVE FLEXFIELD

Associated with tables in a selected software

Setup is optional

No intelligence; best stores extra facts

Captures additional facts only

Q7. What Are The Three Essential Components Of A Gl Set Of Book?

CHART OF ACCOUNTS

Your chart of accounts is the account structure you outline to in shape the specific wishes of your enterprise.

You can choose the range of account segments as well as the duration, name, and order of each section.

ACCOUNTING CALENDAR

An accounting calendar defines an accounting yr and the durations it includes.

You can define more than one calendars and assign a distinctive calendar to every set of books.

CURRENCIES

You choose the functional foreign money to your set of books as well as other currencies that you use to tract commercial enterprise and record in.

GL converts economic quantities entered in a overseas foreign money to useful foreign money equivalents using supplied prices.

Q8. What Is A Key Flexfield Qualifier?

A qualifier is a label attached to a specific key flexfield section so it could be located by the application requiring its facts. A key flexfield qualifier can be of two kinds:

Flexfield qualifiers become aware of a phase in a flexfield.

Segment qualifiers perceive a fee set in a segment.

Q9. How Many Tabbed Regions Are There In The Set Of Book Definition Form? What Are The Names Of These Tabbed Regions?

There are five tabbed areas within the set of books definition shape.

Closing

Journaling

Average Balances

Budgetary Control

Multiple Reporting Currencies

Q10. What Are The Types Of Flexfields?

Key flexfield

Descriptive flexfield

Q11. How Many Segments Are There In The Key Flexfield(s) In Oracle General Ledger?

Oracle GL Key flexfield could have 15 columns each representing a segment. However, the segments type may be:

Cost Center section

Balancing segment

Account segment

Intercompany segment

Q12. What Is The Purpose Of/specific Feature Of The Net Income Account?

Net income (NI) is a corporation's total income (or profit); internet profits is calculated by using taking sales and subtracting the expenses of doing enterprise which include depreciation, interest, taxes and other fees. Net profits also refers to an person's earnings after taking taxes and deductions under consideration.

Q13. What Is Value Set Security Type?

No Security: All protection is disabled for this price set.

Hierarchical Security: With Hierarchical security, the functions of the value safety and fee hierarchies are combined. With this selection any security that applies to a figure cost additionally applies to its baby values.

Non-Hierarchical Security: Security is enabled, but the guidelines of the hierarchical safety do no longer practice. That is, a security rule that applies to a parent value does now not “cascade down” to its toddler values.

Q14. What Are Value Set List Types?

List of values (10 to two hundred)

Long list of values (> 200)

Poplist (> 10)

Q15. Cross Validating Values?

For key flexfields with more than one segments, we will outline regulations to cross test cost combos entered with in the key flexfield segments. This alternative is referred as Cross Validation rules.

Q16. In Order To Allow Unbalances Juurnal Posting What Action Is Required At Set Of Book Definition Level / What Is A Suspense Account And Its Purpose?

If you choose to allow posting of out-of-stability/unbalanced journal entries, GL robotically posts the distinction to Suspense Account. However, the Suspense Account take a look at field must be checked and an Account to be provided for this feature to paintings all through the introduction of set of books.

If you've got more than one businesses or balancing entities within a fixed of books, GL mechanically creates a suspense account for every balancing entity.

Q17. What Should Be The Characteristic (phase Qualifier) Of The Natural Segment Of The Retained Earnings Segment?

Parent – Do no allow.

Budget – Yes.

Posting – Yes.

Account Type – Ownership/Stock.

Q18. What Is The Purpose Of Trlation Adjustment Account?

If you trlate your practical foreign money balances into another forex for reporting, or if you revalue overseas currency-dominated balances, you must specify a trlation adjustment account.

Parent – Do no enable.

Budget – Yes.

Posting – Yes.

Account Type – Ownership/Stock.

Q19. How Many Key Flexfields Are There In Oracle Financials?

General Ledger

Accounting Flexfield

Assets

Asset Key Flexfield

Location Flexfield

Category Flexfield

Service

Service Item Flexfield

Receivables

Territory Flexfield

Sales Tax Location Flexfield

Inventory

Item Categories

System Items

Sales Orders

Item Catalogs

Q20. What Are The Benefits Of Flexfields?

Configure applications to guide your own accounting, product and different codes.

Enable the construction of clever keys.

Configure utility to seize additional statistics.

Use the application to validate values and price combinations entered via the user.

Support a couple of flexfield structures depending on records context.

Q21. What Is A Period In Oracle Gl?

A Period corresponds to a time span within which tractions are entered previous to finalizing, in any other case called as close of the length.

Q22. What Are The Period Types?

Predefined duration kinds in Oracle GL are:

Month

Quarter

Year

Q23. Different Statuses Of An Accounting Period?

NEVER OPENED: Cannot enter or publish journals.

FUTURE ENTERABLE: Enter journal, but cannot post. The number of destiny enterable intervals is a fixed wide variety defined inside the set of books window. The number of destiny enterable period may be modified at any time.

OPEN: Enter and port journals to any open duration. An unlimited number of intervals may be open, however doing so can also gradual the posting manner and might confuse users entering journals.

CLOSED: Cannot put up journals in a closed period. Must reopen closed periods before posting journals. Should manually close periods after completing month/zone/yr-end processing.

PERMANENTLY CLOSED: Permanently closed durations can not be reopened. This reputation is required to Archive and Purge statistics.

Q24. What Is Retained Earnings Account?

Retained profits talk over with the share of net income not paid out as dividends, however retained via the corporation to be reinvested in its center business, or to pay debt. It is recorded beneath shareholders' equity on the stability sheet.

Q25. Segment Qualifiers?

ACCOUNT TYPE: Asset, Liability, Owner’s Equity, Revenue, Expense, Budgetary Dr, and Budgetary Cr.

Budget access allowed (Yes/No).

Posting allowed (Yes/No).

Control Account Reconciliation Flag: Available for precise countries.

Q26. How Many Types Of Conversion Rates Are There In Oracle Gl?

There are 5 basic types of conversion charge types predefined in Oracle GL:

SPOT: An alternate rate based at the charge for a specific date. It applies to the immediate delivery of a currency.

CORPORATE: An change fee that standardize costs on your employer. This rate is typically a trendy market rate determined by using senior monetary management to be used throughout the corporation.

USER: An alternate charge that you input at some stage in foreign forex magazine entry.

EMU FIXED: An change rate that is used by nations becoming a member of the EU during the trition period to the Euro forex.

USER DEFINED: A charge type defined with the aid of your agency to fulfill specific desires.

Q27. What Types Of Value Sets?

NONE: A fee set of the sort None has no listing of permitted values associated with it. A None cost set performs simplest minimum checking of, for instance, information kind and duration.

INDEPENDENT: Independent type fee units carry out primary checking but additionally check a price entered in opposition to the list of approved values you define.

DEPENDENT: A established fee set is related to an unbiased price set. Dependent cost sets make certain that every one established cost are associated with a fee in the associated independent price set.

TABLE: Table cost units obtain their lists of accepted values from present applications tables. When defining your table value set, you specify a SQL query to retrieve all of the authorised values from the table.

SPECIAL: This specialised fee set offers some other flexfield as a price set for a single section.

PAIR: This specialized fee set provides a selection flexfield as a cost set for a couple of segments.

TRANSLATED INDEPENDENT: This works just like Independent kind. However, a Trlated Independent price set can comprise display values that are trlated into special languages.

TRANSLATED DEPENDENT: This works much like Dependent type. However, a Trlated Dependent fee set can contain display values that are trlated into distinct languages.