FICO INTERVIEW QUESTIONS
What is Financial Accounting SAP?
Financial Accounting module is the back bone of SAP, which records, collects, and process financial transactions on a real time basis and which the data is drawn for the external and internal reporting. Financial Accounting is integrated with other modules such as
• Sales & Distribution ( SD )
• Material Management ( MM )
• Human Resources ( HR )
• Production Planning ( PP )
• Controlling (CO) etc.
What are Organizational Units in SAP?
Organizational units in SAP are the functional units in enterprise and are used in reporting.
For Example:-
1. Client ( Across the Various Modules )
2. Company Code ( FI )
3. Controlling area ( CO )
4. Plant ( Logistics )
5. Purchasing Organization ( PO)
6. Sales Organization ( SD )
7. Employee Group (HR), etc.
Explain the organizational assignment in the PA module?
The operating Concern is the highest node in Profitability Analysis.The operating concern is assigned to the Controlling Area.Within the operating concern all the transactions of Profitability Analysis are stored.The operating concern is nothing but a nomenclature for defining the highest node in PA.
What is a Company in SAP?
Company is the organizational unit for which individual financial statements can be drawn according to the relevant commercial law. A company can comprise of one or more company codes. A Company has local currencies in which its transactions are recorded. All company codes within a company must use the same transaction Chart of accounts and the same Fiscal Year. Creation of company in sap is optional.
What is a Company Code in SAP?
Company Code in SAP is the smallest organizational unit of Financial
Accounting for which you draw individual financial statements like Balance Sheet and Profit & Loss Account for purpose of external reporting. The Creation of company code in sap is mandatory.
What are the Organizational Elements in SAP FI and describe them?
The Important organizational elements in SAP FI are
• Company Code
• Business Area
• Chart of Account
• Functional Area
What are the other important activities in Profit Center?
The assignments of profit center to the cost center and also assignment of profit center to the material master is what will determine the success of the Profit center posting. If these assignments are wrongly done then the profit center postings will not come in properly.
What is a Business Area?
Business area is a separate area of operations or responsibilities of
organizational units with in a company code and used for internal and external
reporting. Different divisions of each business with in a legal entity are created as Business areas for reporting of each operational areas.
What is IBAN Number in SAP?
IBAN stands for “International bank account number, internationally recognized, unique identification number for a specific bank account.
An IBAN is a series of a maximum of 34 alphanumeric characters, and is made up of a combination of the following elements:
1. The bank country key (ISO-Code)
2. Two check digits
3. Country-specific account number
IBAN maintains in bank details of Customer/Vendor Master data and in House bank,most of the time IBAN is used for foreign currency payments time.
Can you assign more than One Company Code to a Company?
Yes. We can assign more than One ‘Company Code’ to a ‘Company’
All the Company Codes within a Company should use the same Chart of Accounts and the same Fiscal Year, though all company codes can have different Local Currencies.
What is a Posting Key and What does it control in SAP?
Posting key in SAP is a two digits numerical key that determines the type of transaction entered in line items
Posting Keys determines:-
1. Account Types ( A, D, K, M, S )
2. Type of postings i.e. Debit or Credit
3. Field status of transaction
What are the Sub modules in SAP Financial Accounting (FI)?
SAP FI Modules contains the following sub-modules
• General Ledger accounting
• Accounts Receivables
• Accounts Payable
• Asset Accounting
• Bank Accounting
• Consolidation
• Special Purpose Ledger
• Travel Management
What is a Functional Area in SAP?
Functional Area is a organizational unit in accounting that classifies the expenses of an organization by functions. The functional area is use to create P&L A/C in Financial Accounting using cost of sales accounting. E.g. of functional areas are
• Administration
• sales and distribution
• Manufacture
• Production
• Research and development.
What is a Credit Control Area in SAP?
The credit control area is an organizational unit that specifies and checks a credit limit for customers. Credit control area can includes one or more company codes
What is a Chart of Accounts and types of COA in SAP?
Ans. The chart of accounts in SAP (COA) is a list of GL accounts master record that are used by the organization. A chart of accounts must be assigned to each company code. Chart of Accounts is defined at client level.
Types of Chart of Accounts:-
• Operating chart of Accounts
• Country Specific chart of Accounts
• Group Chart of Accounts.
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