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Oracle Fusion Financials General Ledger Fresher Interview Questions

Tech Leads IT

Tue, 16 Jul 2024

Oracle Fusion Financials General Ledger Fresher Interview Questions

1.      What is Legal Entity?

a)      Legal entity is a recognized party with rights and responsibilities given by legislation.

 

2.      How many Segments are in Accounting Flexfield (AFF)

b)      30 in total (Min 2 – Max 30)


3.      What is the structure of KFF in the Accounting Flexfields? We create and show you these segments in the Oracle Fusion Financials Training

a)      Company

b)      Department

c)       Account

d)      Services

e)      Future Use1

f)       Future Use2


4.       List the mandatory Flexfield Qualifiers in Oracle fusion financials?

                  a) Primary Balancing Segment – Company

                  b) Natural Account - Account


5.       What is the purpose of Dynamic Insertion?

                 a) At run time to create code combinations

6.       What is Fiscal Calendar in Oracle Cloud Financials?

                 a) Fiscal Calendar (Other than Jan to December)


7.       What Roles are used in GL?

a.       General Accountant

b.      General Accounting Manager

 

8.       What is the role used to create User and assign roles?

a.       IT Security Manager

 

9.       What are 4C’s ?

a)      Chart of Accounts

b)      Calendar

c)       Currency

d)      Convention Method

 

10.   What are the type of Flexfields ?

    1. Key flexfield
    2. Descriptive flexfield

 

11.   Cross Validation rule applicable?

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

 

12.   What is the status of Periods?

a)      Never Open

b)      Open

c)       Closed

d)      Future Enterable

e)      Permanently Closed

 

13.   Newly Entered Journal Status?

a)      Unposted.

b)      Posting statuses.

c)       Unposted

d)      Pending

e)      Processing

f)       Selected for posting

g)      Posted

h)      Error

 

14.   GL Journal posted transactions is impacted with which table ?

a.       GL_Balances

 

15.   Posted Journals can be rectified by which Process ?

a)      Reverse the Journal

 

16.   Define Mass Allocations?

a)      A single journal entry formula that allocates revenues and expenses across a group of cost centres, departments, or divisions.

 

17.   Rate types available for Revaluation?

a)      Daily rates

b)      Historical rates

c)       The revaluation rate is the inverse of the period-end rate.

 

18.  Revaluation Journals are created in which currency?

a)      Functional Currency

 

19.  Definition of Retained Earnings Account in Oracle cloud financials?

a)      GL posts the net balance of all income and expenses accounts from the prior year to this account when you open the first period of a fiscal year.

 

20.  How do you decide on the Chart of Account Structure?

a)      The Chart of account structure depends upon the reporting requirement.

 

21.  What is the purpose of Chart of Account Instances?

a)      The Chart of account instance helps in duplicating a segment.

 

22.  Types of Conversion Rates in GL?

a.      Corporate b. Spot. c. User

 

23.  If a user chooses to post out-of-balance/unbalanced journal entries, what setup is supported?

a)      Suspense Account

 

24.  Parent and Child values can be defined through which setup?

a.      Account Hierarchies

 

25.  How can we exclude a segment value or multiple value?

a)      Segment Value Security

 

26.  How to define unique transaction number in Fusion General Ledger?

a.      Document sequence

 

27.  How you manage Journal Approvals ?

a)      BPM (Business Process Management)

 

28.  Tool to upload exchange Rates, Journals ?

a.      ADFDI (Application Development Framework Desktop Integration)

 

29.  Important Oracle Fusion General Ledger Tables

a)      GL_LEDGERS

b)      GL_JE_HEADERS

c)       GL_JE_LINES

d)      GL_CODE_COMBINATIONS

e)      GL_JE_BATCHES

f)       GL_IMPORT_REFERENCES

g)      GL_PERIODS

h)      GL_CURRENCIES

i)        GL_DAILY_RATES

 

30.  Mention the Implementation user’s required for doing setups?

a)      Application Implementation Consultant

b)      Functional Setup user

 

31.  Easy way to track GL Transactions generated from Sub-Ledgers?

a)      Sources

 

32.  Easy way to track GL transactions based on activities?

a)      Category

 

33.  Mechanism to Translate Journal Balances (functional) to other currency ?

a)      Secondary Ledger

b)      Reporting currencies

 

34.  Which process is used to adjust account balances denominated in a foreign currency?

a)      Revaluation

 

35.  Which process you can use for a specific Reporting Currency, you select the target Reporting Currency and perform the activity.

a)      Translation Process

 

36.  The transactions can only be entered but can’t be posted to which Period status?

a)      Future Enterable

 

37.  The GL period once closed, can never be opened? which status it’s in?

b.      Permanently Closed status.

 

38.  Which setup enables transactions to enter as monetary / static journals?

a)      Enable stat journals

 

39.  Difference of exchange rate transactions can be posted to which enabled accounts in setups?

a)      Realized Gain / Loss Accounts

 

40.  Multiple Ledger’s can be handled through Single Role by which setup?

a)      Data Ledger Sets

 

41.  What is a mechanism that lets us create new fields in screens that are delivered by Oracle.

a)      DFF (Descriptive Flexfields)

 

42.  An interface used to bring journal entries from legacy systems and other modules into the General Ledger?

a)      Journal Import

 

43.  Different types of Flags which represent Journals?

A-Actual
B-Budget
E- Encumbrance.

44.   A process of Reservation of funds for anticipated expenditure from a budget. Encumbrance integrates GL, Purchasing and Payables modules.

a)      Encumbrance

 

45.   Types of Budgets?

a)      Expenditure & Revenue Budgets

 

46.   A period-end process of combining the financial results of separate business subsidiaries with the parent company to form a single combined statement of financial results.

a)      Consolidation Process

 

47.   Mechanism to modify/change the posted journals?

a)      Journals Reversal

 

48.   Maximum Number of periods that can be kept open in GL?

a)      No Limit.

 

49.   Outstanding Subledger Transactions can be identified through which report?

a)      Subledger Period Close Exception report.

 

50.   Option to move balances from Primary to Secondary Ledger?

a)      Transfer Balances to Secondary Ledger


Oracle Fusion financials online training delivered by Tech Leads IT to many students with the passion to mould students to Oracle fusion carrier side, if they are fresher or experienced, they can easily change their profile to the Oracle fusion platform and we help them to upskill their knowledge and packages.

 

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