In my previous article, I discussed SAP FICO interview questions & answers- Part 1. In my opinion, first, you should go through part 1 then you can easily understand part 2. So let’s get started:
1. In finance accounting, what is General Ledger?
A company’s transaction details are stored in a General Ledger. It serves as the master record for all accounting information. Customer transactions, vendor purchases, and internal firm transactions are all common general ledger entries.
2. In SAP FI, what is a company? What exactly does it entail?
A corporation is the smallest legal entity for which financial statements can be prepared in line with commercial legal requirements.
A firm in SAP FI can have many codes, but it functions as a single entity for which financial statements are available. The chart of accounts list and fiscal year must be the same for all company codes, however, each code can have a different local currency.
3. In financial accounting, what is General Ledger?
A company’s transaction details are stored in a General Ledger. It serves as the master record for all accounting information. Customer transactions, vendor purchases, and internal firm transactions are all common general ledger entries.
4. In SAP FI, what is a company? What exactly does it entail?
A corporation is the smallest legal entity for which financial statements can be prepared in line with commercial legal requirements.
A firm in SAP FI can have many codes, but it functions as a single entity for which financial statements are available. The chart of accounts list and fiscal year must be the same for all company codes, however, each code can have a different local currency.
5. What does FI-GL accounting (Financial-General Ledger Accounting) entail?
G L (General Ledger) accounting is utilized to acquire an overview of external accounting and accounts. It records all company transactions in a software system, together with all other operational areas, and ensures that accounting data is always comprehensive and accurate.
6. What is the sort of default exchange rate that is used in all SAP transactions?
The default currency rate for all SAP transactions is M. (Average Rate).
7. What are the different ways for paying vendor invoices?
a) Manual payment without the use of any sort of output media, such as checks or money orders.
b) DME (Data Medium Exchange), checks, and wire transfers are examples of automatic payments.
8. What are the organizational assignments in Asset Accounting?
The top node in Asset Accounting is the chart of depreciation, which is allocated to the company node. All depreciation calculations are saved in the depreciation chart.
9. What issues arise when a business area is set up?
When a business area is configured, the problem of account balance splitting arises, which is especially relevant in the case of tax accounts.
10. Can depreciation be calculated down to the day?
Yes, depreciation can be calculated; however, you must turn on the indication Dep. to the day in the depreciation, key config to do so.
11. What is the difference between a chart of accounts and a balance sheet? In FI, what are the several forms of COA?
The FI chart of accounts is a list of GL accounts that are utilized in a corporation to suit daily demands and country-specific legal requirements. Each company code must have its own master chart of accounts.
The varieties of chart of accounts COA are as follows:
- Operating Chart of Accounts
It includes all General Ledger accounts that are used to suit a company’s daily demands. A company code must be issued to the operating chart of accounts.
- Country Chart of Accounts
It includes a list of all General Ledger accounts that must be maintained in order to comply with country legal requirements. You can also link a company code to a chart of accounts.
13. What does SAP Fico’s APP stand for?
The acronym APP stands for ‘Automatic Payment Program,’ which is a technology supplied by SAP to businesses for paying consumers and vendors. The APP features assist in preventing any errors that may occur when posting manually. When a company has a larger number of employees, payment via an APP becomes more reasonable and feasible.
13. What is the difference between a field status variant and a field status group in terms of field status?
There will be filed status groups in the field status variant. The filed status group is kept in the GL account and defines the fields that are used when posting to the GL.
14. What exactly is a backorder?
A corporation receives an order from a consumer. If the current stock level is insufficient or the company is out of stock, the company will place a Back-order, which simply implies that they are out of stock and must get more from the supplier or distributor. As a result, a backorder is a customer order that has not yet been fulfilled.
15. How to Analyze Profitability Using Posted Cost Center Costs
Please take the following steps:
Explanation -> Options -> Assessment -> Indirect activity allocation -> Indirect activity allocation.
Hope these questions and answers meet all your essential requirements. If you want to read SAP FICO Interview Questions & Answers part 1, please click here, and for more information, visit our website
All the best!
