Technical Interview Questions Oracle Financials

Consultant
Structured from the following three dimensions Technology, People and Processes

Technology
General Ledger

Explain the organisational concepts of business group, set of books, legal entity,
operating unit and inventory organization and the hierarchical structure relating to
these.
What are the three Cs in relation to a set of books?
Explain the difference between a key flexfield and descriptive flexfield
What is the difference between a cross validation rule and a security rule?
What is a value set and what are the different types of value sets that you will find
within Oracle?

Accounts Payable

Describe the Key Configuration decisions you would need to undertake when
implementing the Accounts Payable module.
Briefly describe the Supplier Invoice to Payment process within Oracle.

Accounts Receivable

Describe the Key Configuration decisions you would need to undertake when
implementing the Accounts Receivable module.
Briefly describe/draw the Customer Invoice to Cash process within Oracle
Describe the Key difference in setting up accounting for Accounts Receivable and
Accounts Payable
What happens when you have a receipt in Oracle that can't be applied to an
invoice?

Fixed Assets

Describe the key configuration decisions you would need to undertake when
implementing the fixed assets module.
Briefly describe/draw the asset additions process within Oracle.

Cash Management

Describe the key configuration decisions you would need to undertake when
implementing the cash management module.

Outline the Statement to Reconciliation process within Oracle with particular

reference to the different options you might want to consider when reconciling.

All Modules
Describe/draw the sequence of events you would undertake in closing the various
financials modules.

People

Draw a typical structure relating to project implementation and describe the role
each person would play within a project.
Describe how to implement an effective training strategy within an
implementation include the timing of training relative to the project lifecycle.
Within an implementation describe a Change Management strategy that you
would put in place.

Process

Describe/draw the main phases of an implementation lifecycle and the key

milestones and deliverables within each of these phases.
Describe the key differences between a process and work instruction
Within a project describe the different test phases that you might go through and
what level of testing would be undertaken.
Describe a typical process you would implement for managing Change Requests
and Bug requests within your organization.

Oracle GL Overview
Nilesh Jethwa | Sep 28, 2006 | Comments (11)
Continuing with the simplicity and popularity of "What is Oracle Apps?" article, this
article will try to explain the GL basics in simple terms. It assumes you have basic
accounting knowledge like debit, credits, expense, accounts etc

What is General Ledger

Most people are familiar with their own bank statement, which shows an opening
balance, transactions that occurred throughout the period, and a closing balance. That
statement is a snapshot of your account at a particular point in time. A company keeps an

account, like the records the bank keeps of your bank account, for every organization or
customer that the company does business with.

Balance Sheet

The balance sheet summarizes accounts and financial activities in three broad categories:
assets, which represent all the things that the company owns; liabilities, which show how
much money the company owes to others; and capital/retained earnings, which show the
total cash invested in the business by the owners or shareholders.

Income Statement

In addition, accounts are kept for all the revenues and expenses of the company. These
accounts are summarized in an income statement, also called a profit and loss statement,
which represents the performance of a company over time.
The first step in capturing your transactions is to set up your chart of accounts. Your chart
of accounts determines how your accounting information is collected, categorized, and
stored for reporting purposes. In Oracle Financials, all accounts are identified by a unique
Accounting key Flexfield combination, which is your chart of accounts structure. You
assign each account the qualifier of asset, liability, owner's equity, revenue, or expense.
Periods are identified by names such as FEB-2000 or WEEK1 2-98 and represent nonoverlapping consecutive date ranges. FEB-2000 would include the date ranges O1-FEB2000 to 29-FEB-2000 and would be followed by MAR-2000 starting on 01 -MAR-2000.
You choose the names, following whatever convention you devise, and you assign the
date ranges. You can even set up a one-day period for year-end adjustments that begins
and ends on the same day.
Double-Entry Accounting
Double-entry accounting requires constant symmetry; total debits must equal total
credits. Every accounting transaction results in one or more debits and credits that always
remain in balance. For example, a $5000 purchase of office equipment would result in an
increase to the asset account as well as an increase to a liability account.

In Oracle Financials, the account number is referred to as the Accounting Flexfield,

which is used throughout all of Oracle Applications whenever a transaction is entered
into the system. The Accounting Flexfield consists of multiple segments, such as those
for company, cost center, and account. One full Accounting Flexfield is called a
combination. Each journal entry line is tagged with an Accounting Flexfield combination.
For expense
transactions, the AFF usually identifies who incurred the cost (for example, which
company or department) and what the cost was for (for example, travel expense).

If you want more detailed information, such as which region, cost center, and product
incurred the cost, you can design your AFF structure to include that information as well.
Because total debits must always equal total credits in every transaction, Oracle General
Ledger requires that all journals balance. If you try to enter an unbalanced journal, Oracle
General Ledger will either reject the transaction or force the transaction to balance by
posting the difference to a suspense account.