Are you in search for Oracle Apps Functional jobs? Then you are at the right place. There is no need to search for jobs or Interview Questions on Oracle Accounts Payable in different sites, here in Wisdomjobs jobs we have provide you with the complete details about the Oracle Apps Functional Interview Questions and Answers along with the jobs. If you are familiar with the Oracle then there are various leading companies that offer job position like Oracle Apps Functional - SCM (supply Chain Management), Oracle Financial Functional Consultant, Oracle Hrms Functional Consultant, Oracle EBS Functional Consultant - RTR and also offer many other job roles too. We’ve framed multiple job interview questions and answers for your reference in our www.wisdomjobs.com site. Following interview questions and answers site for quick win in job hunt.
Question 1. What Is Journal, How Many Types Of Journal?
Answer :
Journals it is used to record the business transaction it contains debit and credit lines always debit must be equal to credit. Types of journals are Suspense Journal or Unbalanced Journal, Recurring Journals and Reversal journals.
Requisitions àRFQàQuotations’àAnalysisàPOàReceivingàInvoicesàPayment.
Sales orderàBook OderàRelease the OrderàConfirm the OrderàClose the OrderàImport InvoiceàPrint the InvoiceàRevenue RecognitionàDefer the Cost of Goods àenter ReceiptàApply the Receipt.
Question 2. What Is Translations & Revaluation And Which Level Its Working?
Answer :
Translation: It is used to translate functional currency balances into foreign currency balances at the account level
Revaluation: It is used identify the unrealized gain or loss .which is occurring on the currency fluctuation.
Example:
On 01-Dec-2009
Question 3. What Is Security Rules And Cross Validation Rules?
Answer :
Question 4. What Is Dynamic Insertion?
Answer :
You can dynamically create new account code combinations when entering data by enabling dynamic insertion in the Key Flexfield Segments window. The alternative method for this is, you can require all accounts to be define manually in the Accounts Combinations window.
Points to Remember:
Question 5. Difference Between Standard Accrual And Standard Cash?
Answer :
Standard Accrual:
In case of Standard Accrual, Invoice and Payment Accounting will be there.
Reason: Transaction happens in two phases.
Since you are not paying the amount immediately, you need to keep track of the amount needs to pay to the supplier after phase one. You maintain this amount in LiabilityA/C(Cr). After second phase, you debit your LiabilityA/C and credit your CachA/C which shows your cash flow from your organization to the supplier.
Standard Cash:
In case of Standard Cash, only payment accounting will be there.
Reason: While purchasing an item you pay amount immediately to the supplier. So you don’t have any debt to the supplier to record. so there is nothing to record in LiabiltyA/C.
Question 6. Explain Flexfield Qualifiers In Gl?
Answer :
Question 7. Primary Ledger Vs Secondary Ledger Vs Reporting Currency.
Answer :
Primary Ledger Vs Secondary Ledger:
Reporting Currency Vs Secondary Ledger:
Reporting Currencies are not the same as secondary ledgers. Looking at the 4 C’s that define a ledger, we have a chart of accounts, calendar, accounting method, and currency. If you only need multiple currencies to support your reporting requirements, use reporting currencies. If you need to account for your data using different calendars, charts of accounts, accounting methods in addition to currency, use a secondary ledger.
Question 8. What Is Adjusting Period?
Answer :
Typically, the last day of the fiscal year is used as an adjusting period to perform adjusting and closing journal entries. Once you begin using your accounting calendar, you cannot change its structure to remove or add an adjusting period. Choosing whether to include an adjusting period or not in your calendar is a very important decision. You can have an unlimited number of adjusting periods.
Question 9. What Is 2 Way, 3 Way And 4 Way Matching?
Answer :
Making payments to the suppliers in 3 ways. what ever you have ordered for the PO we will make the payment for the suppliers in 2-way(we will compare two documents PO and Invoice).
eg:Suppose we Had given PO for 100 items ,for that we will receive invoice for 100 items. so that we will make payment for that 100 items. 2) In 3-Way we will compare 3 documents PO+reciept+Invoice Eg:Suppose we have ordered 100 items in PO. But we had received only 80 items ,But we had received invoice for 100 items. so, we will make payment for only 80 items 3) IN 4-Way we will compare 4 documents PO+Receipt+Invoice+Inspection Eg:Suppose we have 100 items in PO. Suppers send us 80 items We will do inspection on those items what ever we have received, If 10 items got damaged. finally, we are going to make payment to the 70 items only.
Question 10. What Is Payment Terms And How To Define Payment Terms?
Answer :
Payables uses payment terms to automatically calculate due dates, discount dates, and discount amounts for each invoice you enter. Payment terms will default from the supplier site. If you need to change the payment terms and the terms you want to use are not on the list of values, you can define additional terms in the Payment Terms window.
Question 11. What Is Sweep Program? Explain Process Of Sweep Program?
Answer :
This particular program is run in order to transfer un-accounted invioce to next opened period during period end closing of Accounts Payable. In fact you can’t close Payable Period if you have Un-Accounted Invoice in Payables. In order to negotiate (Transfer) these invoice to next open period this program is run. So that the Payable period can be closed.
Question 12. How Many Types Of Purchase Orders (po’s)?
Answer :
Standard Purchase Order: It’s a legal document to buy the goods or services by supplier it will be created when we know the goods or services, price, quotation, delivery schedule and accounting distribution and also is one time purchase order
Blanket PO: Blanket PO is created when you know the detail of the goods or services you plan to buy from a specific supplier in a period, but you do not know the detail of your delivery schedules.
Planned PO: Planned PO is a long–term agreement committing to buy items or services from a single source. You must specify tentative delivery schedules and all details for goods or services that you want to buy, including charge account, quantities, and estimated cost.
Contract PO: Contract PO is created when you agree with your suppliers on specific terms and conditions without indicating the goods and services that you will be purchasing.
Question 13. Explain Approval Hierarchies In Po?
Answer :
Question 14. How Many Types Of Ap Invoices?
Answer :
AP INVOICES: 11i invoice are there
Regular Invoice:
Special Invoice:
Question 15. How Many Types Of Ar Invoices?
Answer :
AR TRANSACTIONS (Invoice):
Question 16. Difference Between Standard And Mixed Invoices?
Answer :
Standard Invoices: Standard Invoice are invoices from a supplier representing an amount due for goods or services purchased. Standard invoices can be either matched to a purchase order or not matched. Standard invoices must be positive amounts.
Mixed Invoices: Mixed Invoices can be matched to both purchase orders and invoices. Mixed invoices can have either positive or negative amounts.
Question 17. Difference Between Ap Invoice And Ar Invoices?
Answer :
AP Invoice: it is nothing but what amount going out towards receiving Raw material from the vendor or supplier. (Expenses)
AR Invoice: it is nothing but what amount coming in buy selling the product to customer or parties (Revenues)
Question 18. What Is Pre Payment In Ap?
Answer :
Prepayment is Advance Payment made to supplier by Organization or Employee. Later it will apply against the feature debit.
These are two types:
Question 19. What Is Key Flex Filed How Many Types In Gl, Ap, Ar, & Fa?
Answer :
Key Flex field: is used to capture mandatory information of the organizations
In GL 3 types 1. Accounting flex field (mandatory) 2. Reporting attribute (optional) 3. Gl ledger flex field (optional)
IN AP No flex fields
IN AR Two types 1. Sales Tax Location flexfield (mandatory) 2. Territory Flexfield
In FA Three Flex field i.e. Category (mandatory), Asset key (mandatory), Locations flex field.
Question 20. What Is Debit Memo And Credit Memo In Ap?
Answer :
Its negative amount identified by Customer and sent to Supplier.
Ex: Purchase Returns.
Its negative amount identified by Supplier and sent to the Customer.
Ex: TDS Payables.
Question 21. What Is Debit Memo And Credit Memo In Ar?
Answer :
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