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Question 1. How Many Key Flexfields Are There In Oracle Financials?
Question 2. What Are The Benefits Of Flexfields?
Question 3. What Are The Types Of Flexfields?
Question 4. Key And Dexcriptive Flexfield Comparison?
Question 5. What Is A Key Flexfield Qualifier?
A qualifier is a label attached to a particular key flexfield segment so it can be located by the application requiring its information. A key flexfield qualifier can be of 2 types:
Question 6. Types Of Flexfield Qualifier?
NATURAL ACCOUNT: Each Accounting Flexfield structure must contain only one natural account segment. When setting up the values, you will indicate the type of account as Asset, Liability, Owner’s Equity, Revenue, or Expense.
Question 7. Segment Qualifiers?
Question 8. What Is The Implication Of Dynamic Insert?
Dynamic Insertion is a feature which controls whether the user can enter new account code combinations from any form/window. If this feature is disabled, then the user cannot input new account code combinations from any window/form.
Oracle applications use a particular form (called a Combination form) for directly entering the new code combinations. Users can enter new account code combinations only through this form if Dynamic Insertion is disabled.
Question 9. Cross Validating Values?
For key flexfields with multiple segments, we can define rules to cross check value combinations entered with in the key flexfield segments. This option is referred as Cross Validation rules.
Question 10. What Is Value Set?
A value set is a definition of the values approved for entry or display by a particular flexfield segment. A value set may also contain a list of actual approved values although this is not required.
Question 11. What Are Value Set List Types?
Question 12. What Is Value Set Security Type?
Question 13. What Types Of Value Sets?
Question 14. How Many Segments Are There In The Key Flexfield(s) In Oracle General Ledger?
Oracle GL Key flexfield can have 15 columns each representing a segment. However, the segments type can be:
Question 15. On Which Entity Is The Cross-validation Rule Applicable?
It’s a feature of Key flexfield, applicable on Value Sets.
Question 16. What Is A Period In Oracle Gl?
A Period corresponds to a time span within which transactions are entered prior to finalizing, otherwise called as close of the period.
Question 17. What Are The Period Types?
Predefined period types in Oracle GL are:
Question 18. Different Statuses Of An Accounting Period?
Question 19. What Is An Adjusting Period And It’s Implications?
Typically, the last day of the fiscal year is used to perform adjusting and closing journals entries. This period is referred to as Adjusting Period.
Choosing whether to include an adjusting period or not in a calendar is a very important decision. There can be unlimited number of adjusting periods. Once the accounting calendar is used, changes to its structure to remove or add an adjusting period cannot be done.
Question 20. How Many Types Of Conversion Rates Are There In Oracle Gl?
There are 5 basic types of conversion rate types predefined in Oracle GL:
Question 21. What Are The Three Essential Components Of A Gl Set Of Book?
CHART OF ACCOUNTS
Question 22. What Is The Implication Of The ‘future Period” Field In The Set Of Book Definition Form?
The value mentioned in the Future Period field represents the number of future enterable periods that users can use to input journal entries (provided those future periods are opened). However, consideration must be given to minimize the number of future enterable periods to prevent users from accidentally entering journal entries in an incorrect period.
Question 23. How Many Tabbed Regions Are There In The Set Of Book Definition Form? What Are The Names Of These Tabbed Regions?
There are 5 tabbed regions in the set of books definition form.
Question 24. What Is Retained Earnings Account?
Retained earnings refer to the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business, or to pay debt. It is recorded under shareholders' equity on the balance sheet.
Question 25. What Should Be The Characteristic (segment Qualifier) Of The Natural Segment Of The Retained Earnings Segment?
Question 26. What Is The Purpose Of Translation Adjustment Account?
If you translate your functional currency balances into another currency for reporting, or if you revalue foreign currency-dominated balances, you must specify a translation adjustment account.
Question 27. What Is The Purpose Of/unique Feature Of The Net Income Account?
Net income (NI) is a company's total earnings (or profit); net income is calculated by taking revenues and subtracting the costs of doing business such as depreciation, interest, taxes and other expenses. Net income also refers to an individual's income after taking taxes and deductions into account.
Question 28. What Is The Purpose Of The Transaction Calendar?
Transaction calendar is defined for the purpose of enabling average balance processing. Transaction calendar is created optionally with valid business days mentioned.
Question 29. 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-balance/unbalanced journal entries, GL automatically posts the difference to Suspense Account. However, the Suspense Account check box should be checked and an Account to be provided for this feature to work during the creation of set of books.
If you have multiple companies or balancing entities within a set of books, GL automatically creates a suspense account for each balancing entity.
Oracle Apps ERP Related Tutorials
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Oracle Apps ERP Related Interview Questions
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Oracle Apps ERP Related Practice Tests
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