Oracle Financials Interview Questions and Answers

28/09/2018 TOP 50 Oracle Financial Interview Questions [UPDATED] !!!
 Oracle Financials Article
Oracle Financials Interview

Questions And Answers
By TekSlate October 19, 2016  Total Views: 5,639
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Oracle Financial Interview Questions And Answers

How many key ex elds are there in oracle nancials?
1. General Ledger
1. Accounting Flex eld
2. Assets
1. Asset Key Flex eld
2. Location Flex eld
3. Category Flex eld
3. Service
1. Service Item Flex eld
4. Receivables
1. Territory Flex eld
2. Sales Tax Location Flex eld
5. Inventory
1. Item Categories
2. System Items
3. Sales Orders
4. Item Catalogs
What is the report used to identify duplicate suppliers?
In order to nd out duplicate supplier, SUPPLIER AUDIT REPORT is runned
What are the bene ts of ex elds?
Con gure applications to support your own accounting, product and other codes.
Enable the construction of intelligent keys.
Con gure application to capture additional data.
Use the application to validate values and value combinations entered by the user.
 Enroll Now multiple ex eld structures depending on data context.
Support ✉ LEAVE A MESSAGE
What are the types of ex elds?
Key ex eld
Descriptive ex eld
What is a key ex eld quali er?
A quali er is a label attached to a particular key ex eld segment so it can be located by the
application requiring its information. A key ex eld quali er can be of 2 types:
Flex eld quali ers identify a segment in a ex eld.

Segment quali ers identify a value set in a segment.
What are the types of Flex eld Quali er
NATURAL ACCOUNT
Each Accounting Flex eld 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.
BALANCING ACCOUNT
Each Structure must contain only one balancing segment. Oracle GL ensures that all journals
balance for each balancing segment.
COST CENTER
This segment is required for Oracle Assets. The Cost center segment is used in many Oracle
Assets reports and by Oracle Work ow to generate account numbers. In addition, Oracle Projects
and Oracle Purchasing also utilize the cost center segment.
INTERCOMPANY
GL automatically uses the intercompany segment in the account code combination to track
intercompany transactions within a single set of books. This segment has the same value set and
the same values as the balancing segment.
Segment Quali ers
ACCOUNT TYPE: Asset, Liability, Owner’s Equity, Revenue, Expense, Budgetary Dr, and Budgetary Cr.
Budget entry allowed (Yes/No)
 Enroll Now Posting allowed (Yes/No) ✉ LEAVE A MESSAGE
Control Account Reconciliation Available for speci c

Flag countries

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.
What are Cross Validating Values
For key ex elds with multiple segments, we can de ne rules to cross check value combinations
entered with in the key ex eld segments. This option is referred as Cross Validation rules.
Value Set List Types
List of values (10 to 200)
Long list of values (> 200)
Poplist (> 10)
Value Set Security Type
No Security: All security is disabled for this value set.

Hierarchical Security: With Hierarchical security, the features of the value security and value
hierarchies are combined. With this feature any security that applies to a parent value also
applies to its child values.
Non-Hierarchical Security: Security is enabled, but the rules of the hierarchical security do not
apply. That is, a security rule that applies to a parent value does not “cascade down” to its child
values.
What are the types of Value Sets
1. None: A value set of the type None has no list of approved values associated with it. A None
value set performs only minimal checking of, for example, data type and length.
p y g p yp g
2. Independent: Independent type value sets perform basic checking but also check a value
entered against the list of approved values you de ne.
3. Dependent: A dependent value set is associated with an independent value set. Dependent value
sets ensure that all dependent value are associated with a value in the related independent value
set.
4. Table: Table value sets obtain their lists of approved values from existing applications tables.
When de ning your table value set, you specify a SQL query to retrieve all the approved values
from the table.
5. Special: This specialized value set provides another ex eld as a value set for a single segment.
6. Pair: This specialized value set provides a range ex eld as a value set for a pair of segments.
7. Translated Independent: This works similar to Independent type. However, a Translated
Independent value set can contain display values that are translated into different languages.
8. Translated Dependent: This works similar to Dependent type. However, a Translated Dependent
value set can contain display values that are translated into different languages.
Oracle Financial Functional Interview Questions

How many segments are there in the key ex eld(s) in oracle general ledger?
Oracle GL Key ex eld can have 15 columns each representing a segment. However, the
segments type can be:
Cost Center segment
Balancing segment
Account segment
Intercompany segment
On which entity is a security rule applicable?
It’s a feature of Key ex eld, applicable on Value Sets.
On which entity is the cross-validation rule applicable?
It’s a feature of Key ex eld, applicable on Value Sets.
Shorthand alias.
 Enroll Now
An Alias is a label for a particular combination of key ex eld segment value.✉ThisLEAVE A MESSAGE
allows users to
enter data faster and more easily because the user has to just enter the shorthand alias, and the
ex eld automatically populates the values for the segment.
What is a period in oracle gl?
A Period corresponds to a time span within which transactions are entered prior to nalizing,
otherwise called as close of the period.
What are the period types?
Prede ned period types in Oracle GL are:
Month
Quarter
Year
If needed, period types of our own can be de ned in addition to the standard periods.
Different statuses of an accounting period.
1. Never Opened – Cannot enter or post journals.

2. Future Enterable – Enter journal, but cannot post. The number of future enterable periods is a
xed number de ned in the set of books window. The number of future enterable period can be
changed at any time.
3. Open – Enter and port journals to any open period. An unlimited number of periods can be open,
but doing so may slow the posting process and can confuse users entering journals.
4. Closed – Cannot post journals in a closed period. Must reopen closed periods before posting
journals. Should manually close periods after nishing month/quarter/year-end processing.
5. Permanently Closed – Permanently closed periods cannot be reopened. This status is required
to Archive and Purge data.
What is an adjusting period and its implications?
Typically, the last day of the scal 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.
How many types of conversion rates are there in oracle gl?
There are 5 basic types of conversion rate types prede ned in Oracle GL:
 Enroll Spot:
Now ✉ toLEAVE
An exchange rate based on the rate for a speci c date. It applies the Aimmediate
MESSAGE
delivery of a currency.
Corporate: An exchange rate that standardize rates for your company. This rate is generally a
standard market rate determined by senior nancial management for use throughout the
organization.
User: An exchange rate that you enter during foreign currency journal entry.
Emu Fixed: An exchange rate that is used by countries joining the EU during the transition
period to the Euro currency.
User De ned: A rate type de ned by your company to meet speci c needs.
What type of conversion rate is required to be de ned for all transactional purposes?
Spot (Not sure).
what are the three essential components of a gl set of book?
Chart of Accounts
Your chart of accounts is the account structure you de ne to t the speci c needs of your
organization.
You can choose the number of account segments as well as the length, name, and order of
each segment.
Accounting Calendar
An accounting calendar de nes an accounting year and the periods it contains.
You can de ne multiple calendars and assign a different calendar to each set of books.
Currencies
You select the functional currency for your set of books as well as other currencies that you
use to transact business and report in.
GL converts monetary amounts entered in a foreign currency to functional currency

equivalents using supplied rates.
What is the implication of the ‘future period” eld in the set of book de nition form?
The value mentioned in the Future Period eld 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.
 Enroll Now ✉ areLEAVE A MESSAGE
How many tabbed regions are there in the set of book de nition form? What the names of
y g
these tabbed regions?
There are 5 tabbed regions in the set of books de nition form.
1. Closing
2. Journaling
3. Average Balances
4. Budgetary Control
5. Multiple Reporting Currencies
What is retained earnings account?
GL posts the net balance of all income and expenses accounts from the prior year to this account
when you open the rst period of a scal year.
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.
Parent Do no enable
Budget Yes
Posting Yes
Account Type Ownership/Stock
What is the purpose of/unique feature of the net income account?
GL uses this account to capture the net activity of all revenue and expense accounts when
calculating the average balance for retained earnings.
What is the purpose of the transaction calendar?
Transaction calendar is de ned for the purpose of enabling average balance processing.
Transaction calendar is created optionally with valid business days mentioned.
In order to allow unbalances journal posting what action is required at set of book de nition 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
 Enroll Nowand an Account # to be provided for this feature to work during the
checked ✉ creation of set of
LEAVE A MESSAGE
books.
If you have multiple companies or balancing entities within a set of books, GL automatically
creates a suspense account for each balancing entity.
What is a value set?
A value set de nes the boundaries for the attributes that you assign to a key or descriptive
ex eld segment. Value sets control what types of values can be used as Accounting Flex eld
segment values. Value sets determine the attributes of your segments such as length, zero- ll,
and right justify, alphanumeric, and value security. Value sets also control how validation is
performed.
Inorder to allow intercompany journals what action is required at set of book de nition level?
One of the accounting key ex eld segments should be of the type Intercompany. This segment
would have the same value set and the same values as the balancing segment.
Also, enable Balance Intercompany Journals feature. This allows users to post out-of-balance
intercompany journal entries and automatically balance those journal entries against a speci ed
intercompany account. Select the Balance Intercompany Journal checkbox and enter the
intercompany account(s) in the Intercompany Accounts window. If you do not enable this feature,
you can only post intercompany journal entries that balance by balancing segment, (usually the
company segment).
What is Account Hierarchy Manager
Account hierarchy manager is a feature provided by Oracle Application which allows to:
Graphically create, maintain, and review account structure hierarchies.

De ne new parent and child segment values, as well as change parent/child dependencies.
Create new roll-up groups from the account hierarchy manager and have your changes re ected
automatically in both key segment values and rollup groups window.
Also provides option to control entities such as:
Read only
Read/write security
Segment Value Security: An oracle applications feature that lets you exclude a segment value or
ranges of segment values for a speci c user responsibility. Segment Value Security is extended
to the Account Hierarchy Manager.
Chart of Accounts Security
 Enroll
What doesNow
balance type “a” indicate? ✉ LEAVE A MESSAGE
Not Sure. May be ACTUAL.
How many buttons are there on the manual journal entry form? What are they?
By default, there are 3 buttons on the manual journal entry form:
1. More Details
2. Change Currency
3. More Actions
How many buttons are there under the “more actions” button? What are they?
When we click on the “More Actions” button, another window appears with 4 buttons:
Reverse Journal
Post
Change Period
CANCEL
What is the status of a newly entered journal?
Unposted.
Posting statuses.
Unposted
Pending
Processing
Selected for posting
Posted
Error
What is Journal Reversal Pre-Requisites
Journal balance type is Actual

Journal category has AutoReverse enabled
Journal is posted but not yet reversed
Journal reversal period is open or future enterable
Oracle Apps Financial Interview Questions

Can you create a journal entry with a parent segment value?
Not sure. May be possible with a child value combined. Parent values automatically allow posting
and budgeting.
g g
When a journal is created, which all gl tables are impacted?
GL_JE_BATCHES
GL_JE_HEADERS
GL_JE_LINES
When a journal is posted, which gl table is posted?
GL_BALANCES
When journals are interfaced, which gl table is populated?
GL_INTERFACE
What is the name of the concurrent to populate the gl tables from the interface table?
Journal Import.
What is the mechanism to rectify a posted journal?
Reverse the Journal.
What is the purpose of stat journal?
You can associate statistical amounts with monetary amounts by using statistical units of
measure.
This enables you to enter both monetary and statistical amounts in a single journal entry line.
For creation of periodically repititive journals what is the gl tool?
Recurring Journal.
What is massallocations?
A single journal entry formula that allocates revenues and expenses across a group of cost centers,
departments, or divisions.
What is the formula for creation of allocation journals?
A*B/C
A is the Cost Pool that will be allocated. It can be amount or account balance.
B is the numerator of the factor (a number or statistical account) that multiplies the cost pool for
the allocation.
C isNow
 Enroll the denominator of the factor (a number or statistical account) that divides
✉ the cost
LEAVE pool for
A MESSAGE
the allocation
the allocation.
Note: Parent values can be used in one or more segments.
Account segment types for massallocation.
Looping
Summing
Constant
What are the target and offset accounts in allocation formula?
These are the lines that are the actual journal entry.
Target (T):
Enter an account in the Target line to specify the destination for your allocation.
The parent value used in the target must be the same parent value used in the B and C lines
of the formula.
Offset (O):
Enter an account in the Offset line to specify the account to use for offsetting debit or credit
from your allocation.
The Offset account is usually the same account as formula line A to reduce the cost pool by
the allocated amount.
Can you delete an unposted journal?
Not sure.
Journals from which sub-ledger do not pass through the gl interface table?
Not sure. May be Assets.
When the journals are interfaced and imported, what posting status do they have?
Unposted.
What is the pre-requisite for conversion?
1. De ne new currencies
2. Enable seeded currencies
3. De ne rate types
4. Enter daily rates
For revaluation what rate types are available?
For revaluation, what rate types are available?
1. Daily rates
2. Historical rates
3. Revaluation rate is the inverse of period end rate.
How revaluation journals are created in which currency?
Functional currency
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1 Responses on Oracle Financials Interview Questions And Answers" 
Bratati says: REPLY
SEPTEMBER 13, 2018 AT 4:05 PM
Thanks to the author for the much informative article. Can you please help me on below query. While
assigning Business Function to Business Unit, we need to select one default LE and Ledger. Other than this
do we need to associate BU to LE anywhere else?Can one Business Unit process transactions for all the
Legal Entities in the enterprise?
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28/09/2018 TOP 50 Oracle Financial Interview Questions [UPDATED] !!!

 Oracle Financials Article

Oracle Financials Interview

 Enroll Now ✉ LEAVE A MESSAGE

Oracle Financial Interview Questions And Answers

What is the report used to identify duplicate suppliers?

In order to nd out duplicate supplier, SUPPLIER AUDIT REPORT is runned

What are the bene ts of ex elds?

What are the types of ex elds?

What is a key ex eld quali er?

Flex eld quali ers identify a segment in a ex eld.

What are the types of Flex eld Quali er

Segment Quali ers

Budget entry allowed (Yes/No)

 Enroll Now Posting allowed (Yes/No) ✉ LEAVE A MESSAGE

Control Account Reconciliation Available for speci c

What is the implication of dynamic insert?

What are Cross Validating Values

Value Set List Types

List of values (10 to 200)

Long list of values (> 200)

Poplist (> 10)

Value Set Security Type

No Security: All security is disabled for this value set.

What are the types of Value Sets

Oracle Financial Functional Interview Questions

On which entity is a security rule applicable?

It’s a feature of Key ex eld, applicable on Value Sets.

On which entity is the cross-validation rule applicable?

It’s a feature of Key ex eld, applicable on Value Sets.

What is a period in oracle gl?

What are the period types?

Prede ned period types in Oracle GL are:

Different statuses of an accounting period.

1. Never Opened – Cannot enter or post journals.

What is an adjusting period and its implications?

How many types of conversion rates are there in oracle gl?

Spot (Not sure).

what are the three essential components of a gl set of book?

An accounting calendar de nes an accounting year and the periods it contains.

GL converts monetary amounts entered in a foreign currency to functional currency

There are 5 tabbed regions in the set of books de nition form.

What is retained earnings account?

What is the purpose of translation adjustment account?

Account Type Ownership/Stock

What is the purpose of/unique feature of the net income account?

What is the purpose of the transaction calendar?

If you choose to allow posting of out-of-balance/unbalanced journal entries, GL automatically

What is a value set?

What is Account Hierarchy Manager

Graphically create, maintain, and review account structure hierarchies.

Also provides option to control entities such as:

Not Sure. May be ACTUAL.

By default, there are 3 buttons on the manual journal entry form:

What is the status of a newly entered journal?

What is Journal Reversal Pre-Requisites

Journal balance type is Actual

Oracle Apps Financial Interview Questions

When a journal is created, which all gl tables are impacted?

When a journal is posted, which gl table is posted?

When journals are interfaced, which gl table is populated?

What is the mechanism to rectify a posted journal?

Reverse the Journal.