Please find below list of links you may refer for GL Interview Questions:
- GL Tables info on knoworacle - Its good for every functional to have this basic information on GL tables.
Saturday, October 31, 2009
Other Links with GL Questions
Please find below list of links you may refer for GL Interview Questions:
Oracle General Ledger Interview Questions - Basic
Here are few of the basic Oracle General Ledger (GL) interview Questions:
Question 1 In the multi-org structure, at what level does GL operate?
Answer General Ledger operates at SOB level.
Question 2 What are the various statuses of GL Periods? And in which table this information is stored?
Answer The statuses of GL periods are are below:
Question 3 If Journal Approval flag is checked while defining Set of Books (SOB) then all journals will necessarily require approval. Is this statement correct?
Answer In addition to enabling Journal Approval flag at SOB level; Require Journal Approval flag at Journal Sources level for journals to require approval.
Question 4 Does GL support Accrual or Cash system of accounting?
Answer GL is a central repository and all the journal entries from sub-ledger flow to GL. And there is no option to specify which method of accounting is allowed. So, such an option is available only at sub-ledger level; at GL level, users are free to entry either type of entries. Hence, we can say that GL supports both methods of accounting.
Question 5 Journal can be entered only in Open Periods. Is this statement correct?
Answer No, journals can be entered both in Open and Future-Entry periods. However, journals can be posted only in Open periods.
Question 6 Can a GL period be opened after the period is being closed? Can the period be opened after the closure of Financial Year?
Answer Yes, a GL period can be opened any time after it is closed; even after financial year is closed (though not recommended). However, once a period is permanently closed it cannot be re-opened.
Question 7 What happens when the Posted journal are changed?
Answer Posted Journal cannot be modified. They can only be reversed.
Question 8 What is the difference between Revaluation and Translation?
Answer
Revaluation is used to determine the position of foreign currency debtors, creditors etc at the end of month; and it created revaluation journal entries.
While Traslation is a functionality used to convert all balances including functional currency (say INR) balances in a given foreign currency (USD). Then, Trial Balance in that currency(USD) can be generated. It is used whenof a subsidiary or branch (INR) are required to be merged with another company reporting in different currency (USD).
Question 9 What is the meaning of Retained Earning? Where the retained earning account given?
Answer
Retained Earnings represent the undistributed profits of a company i.e. profits retained. The retained earning account is a mandatory account to be given at the time of defining Set of Books (SOB).
Question 10 Can the GL period be closed when there are unposted journals in the period? What error will it give?
Answer Unlike AP and AR, where period cannot be closed unless all transactions are processed; GL period can be closed even if there are unposted journals. So, it gives no error as such.
Question 11 What are the maximum number of period that can be open in GL? Answer There is no limit on number of periods that can be concurrently open GL; however, it is advised to keep the number of GL Open periods to minimum.
Question 12 What are the key tables of GL module?
Answer The tables that store the information of GL journals are - GL_JE_BATCHES - GL_JE_HEADERS - GL_JE_LINES While the summary of balances is stored in GL_BALANCES. And the GL interface table is GL_INTERFACE.
Question 13 What is the difference FSG report and D2k report?
Answer Financial Statement Generator (FSG) is a functionality GL which can used to develop financial reports based on data in GL only (i.e. sub-ledger details cannot be displayed in the report) and FSG reports can be developed by functional users. However, to develop a D2K report knowledge of table structures and SQL (may be even PL/SQL) would be required. And using D2K report can be build for any module or extract data from multiple modules based on user requirement.
Question 14 What are the various type of balances supported by GL?
Answer Oracle GL supports three type are balances which are:
- Actual
- Encumbrance
- Budger
Question 15 What are the various type of accounts in GL? And at what point is the type of account identified? And explain the nature of accounts.
Answer Five type of accounts are maintained in GL
- Expense (E)
- Revenue (R)
- Asset (A)
- Liabiltiy (L)
- Owner's Equity (O)
While defining the Natual Account segment values, in the segment qualifier we specify the nature of account. The type of account for a Code combination is stored in GL_CODE_COMBINATIONS
Expense and Revenue accounts represent expenses/losses and Revenues/Gains respectively. And these accounts have a ZERO balance at the start of the year. This point has to be taken care of while developing reports where Opening Balance is calculated rather than using GL_BALANCES table.
Owner's Equity represent Share Capital and includes retained earnings and reserves, if any. Owner's Equity along with Asset and Liability Balances are carried forward at the end of year.
Question 16 Explain the concepts of PTD, YTD, QTD and PJTD in GL?
Answer All the below are various ways of calculating balances and each indicate the starting point since when the balance is calculated
PTD - Period To date (i.e. from the start of period till date)
YTD - Year to date
QTD - Quater to Date
PJTD - Project to Date (i.e. from the start of the project and it can span multiple years)
Question 17 What is a funding budget? And what is its purpose?
Answer A funding budget is a budget for which 'Require Budget Journals' check box is checked. Funding budget can be used to control expenses if budgeting control is enabled at Set of Books (SOB) level.
Question 18 What is the maximum number of periods allowed in a year while defining GL calander? Can you two periods in GL calander overlap?
Answer GL calander allows for 1 to 366 periods per year. And two periods cannot overlap unless one of them is an adjustment period.
Question 19 When entering a Code Combination in Journals screen, user is getting the error - Please choose an existing combination.
How can this issue be resolved? Can any changes be done so that this issue doenst doesn't arise again?
Answer The issue can be instantly resolved by defining the combinations to be used in GL Accounts screen. And to prevent re-occurence of this issue, 'Allow Dynamic Inserts' check-box should be enabled while defining the Chart of Accounts.
Question 1 In the multi-org structure, at what level does GL operate?
Answer General Ledger operates at SOB level.
Question 2 What are the various statuses of GL Periods? And in which table this information is stored?
Answer The statuses of GL periods are are below:
- Open
- Closed
- Future - Entry
- Permanently Closed
- Never Opened
Question 3 If Journal Approval flag is checked while defining Set of Books (SOB) then all journals will necessarily require approval. Is this statement correct?
Answer In addition to enabling Journal Approval flag at SOB level; Require Journal Approval flag at Journal Sources level for journals to require approval.
Question 4 Does GL support Accrual or Cash system of accounting?
Answer GL is a central repository and all the journal entries from sub-ledger flow to GL. And there is no option to specify which method of accounting is allowed. So, such an option is available only at sub-ledger level; at GL level, users are free to entry either type of entries. Hence, we can say that GL supports both methods of accounting.
Question 5 Journal can be entered only in Open Periods. Is this statement correct?
Answer No, journals can be entered both in Open and Future-Entry periods. However, journals can be posted only in Open periods.
Question 6 Can a GL period be opened after the period is being closed? Can the period be opened after the closure of Financial Year?
Answer Yes, a GL period can be opened any time after it is closed; even after financial year is closed (though not recommended). However, once a period is permanently closed it cannot be re-opened.
Question 7 What happens when the Posted journal are changed?
Answer Posted Journal cannot be modified. They can only be reversed.
Question 8 What is the difference between Revaluation and Translation?
Answer
Revaluation is used to determine the position of foreign currency debtors, creditors etc at the end of month; and it created revaluation journal entries.
While Traslation is a functionality used to convert all balances including functional currency (say INR) balances in a given foreign currency (USD). Then, Trial Balance in that currency(USD) can be generated. It is used whenof a subsidiary or branch (INR) are required to be merged with another company reporting in different currency (USD).
Question 9 What is the meaning of Retained Earning? Where the retained earning account given?
Answer
Retained Earnings represent the undistributed profits of a company i.e. profits retained. The retained earning account is a mandatory account to be given at the time of defining Set of Books (SOB).
Question 10 Can the GL period be closed when there are unposted journals in the period? What error will it give?
Answer Unlike AP and AR, where period cannot be closed unless all transactions are processed; GL period can be closed even if there are unposted journals. So, it gives no error as such.
Question 11 What are the maximum number of period that can be open in GL? Answer There is no limit on number of periods that can be concurrently open GL; however, it is advised to keep the number of GL Open periods to minimum.
Question 12 What are the key tables of GL module?
Answer The tables that store the information of GL journals are - GL_JE_BATCHES - GL_JE_HEADERS - GL_JE_LINES While the summary of balances is stored in GL_BALANCES. And the GL interface table is GL_INTERFACE.
Question 13 What is the difference FSG report and D2k report?
Answer Financial Statement Generator (FSG) is a functionality GL which can used to develop financial reports based on data in GL only (i.e. sub-ledger details cannot be displayed in the report) and FSG reports can be developed by functional users. However, to develop a D2K report knowledge of table structures and SQL (may be even PL/SQL) would be required. And using D2K report can be build for any module or extract data from multiple modules based on user requirement.
Question 14 What are the various type of balances supported by GL?
Answer Oracle GL supports three type are balances which are:
- Actual
- Encumbrance
- Budger
Question 15 What are the various type of accounts in GL? And at what point is the type of account identified? And explain the nature of accounts.
Answer Five type of accounts are maintained in GL
- Expense (E)
- Revenue (R)
- Asset (A)
- Liabiltiy (L)
- Owner's Equity (O)
While defining the Natual Account segment values, in the segment qualifier we specify the nature of account. The type of account for a Code combination is stored in GL_CODE_COMBINATIONS
Expense and Revenue accounts represent expenses/losses and Revenues/Gains respectively. And these accounts have a ZERO balance at the start of the year. This point has to be taken care of while developing reports where Opening Balance is calculated rather than using GL_BALANCES table.
Owner's Equity represent Share Capital and includes retained earnings and reserves, if any. Owner's Equity along with Asset and Liability Balances are carried forward at the end of year.
Question 16 Explain the concepts of PTD, YTD, QTD and PJTD in GL?
Answer All the below are various ways of calculating balances and each indicate the starting point since when the balance is calculated
PTD - Period To date (i.e. from the start of period till date)
YTD - Year to date
QTD - Quater to Date
PJTD - Project to Date (i.e. from the start of the project and it can span multiple years)
Question 17 What is a funding budget? And what is its purpose?
Answer A funding budget is a budget for which 'Require Budget Journals' check box is checked. Funding budget can be used to control expenses if budgeting control is enabled at Set of Books (SOB) level.
Question 18 What is the maximum number of periods allowed in a year while defining GL calander? Can you two periods in GL calander overlap?
Answer GL calander allows for 1 to 366 periods per year. And two periods cannot overlap unless one of them is an adjustment period.
Question 19 When entering a Code Combination in Journals screen, user is getting the error - Please choose an existing combination.
How can this issue be resolved? Can any changes be done so that this issue doenst doesn't arise again?
Answer The issue can be instantly resolved by defining the combinations to be used in GL Accounts screen. And to prevent re-occurence of this issue, 'Allow Dynamic Inserts' check-box should be enabled while defining the Chart of Accounts.
Thursday, October 29, 2009
Oracle Treasury Interview Questions
Please find below Treasury Interview Questions:
Question 1 How can you ensure that user has access to entering a Deal FX-SPOT, but cannot Validate it?
Answer User Access Levels allow restricting the access of Company and Deals. Further, in Deals there is an option to restrict Input and Validation of Deals
Question 2 Why is it advised to keep the number of Porfolios to minimum during treasury implementation?
Answer For every additional portfolio, Journal Entry Actions needs to be set-up for a combination of Deal, Deal Subtype and Product Types. And this adds to a great deal complexity. So creating that many number of as required by accounting practice make it easier to maintain in long run.
Question 3 In the multi-org structure where does treasury module operate?
Answer Treasury operates Legal Entity Level as a separate Company is created for each Legal Entity.
Question 4 How can FX deal be cancelled in Oracle Treasury?
Answer To cancell a deal the Deal Status of FX deal needs to be changed to Cancelled
Question 5 Can you set-up User Access in such a way that the user has access to FX deal for Company X and have TMM deal access for Company Y?
Answer No! User Access Levels, currently, doesnt support giving access of deals/deal subtypes/ products company wise; and hence the requirement cannot be met.
Question 6 How Treasury Users can be created against one Application User?
Answer The relationship between Application User and Treasury User is One-To-One. Hence, only one Treasury User can be created against a given Application User.
Question 7 What is Net Exposure?
Answer Maximum amount of the currency that you want to hold at any time.
Question 8 What is the difference between Base Currency and Spot Currency? Explain with example.
Answer Base currency is the first currency quoted in a currency pair on forex. For example, if you were looking at the CAD/USD currency pair, the Canadian dollar would be the base currency and the U.S. dollar would be the quote/contra currency. The price represents how much of the contra/quote currency is needed for you to get one unit of the base currency.
Question 9 What are the various types of Counter Parties allowed in Oracle Treasury?
Answer Treasuy supports creation of two type of Counter Parties Internal and External.
Question 10 How can a Counter Party be set-up as an Internal counter party?
Answer While defining the Counter Party, in the Cross Reference field the parent Company name should be given.
Question 11 What are the Open Interface/ API currently available in Treasury and what do they do?
Answer There are Open Interface/ API available for
Question 12 Can a user add new Amount Type for FX deal type?
Answer RTMM is the only Treasury deal type where users can create their own amount types, which show up in the Principal Type LOV under the Principal Adjustment tab on the RTMM deal form. For all other Treasury deal types, including FX deals, the user cannot create amount types.
Question 13 What the steps of Accounting Process in Oracle Treasury? What is the name of program run using which all the steps can be completed in one ?
Answer
- Perform revaluations (optional)
- Generate accruals and amortizations
- Generate daily journals
- Transfer journals to General Ledger
You can post journal entries for cash flow amounts (that is, non-revaluation and non-accrual journal entries) on a daily or weekly basis, and post journal entries for your revaluation/accrual deals on a separate timeline. The posting of cash flow amounts does not require performing revaluations or generating accruals prior to generating daily journals.
The concurrent program which can be used completing all the above 4 steps in one go is Program - Accounting Streamline Processing.
Question 14
While Generating Journals what are the two type of journals that can be created?
Answer When running the General Journals process you can choose to generate journals of two kinds:
Question 15 What are the two types of Accruals supported by Oracle Treasury?
Answer Two type of accruals supported by Treasury are:
- Straight Line Accruals
- Effective Interest Accruals
Question 16
What are the options available for rectifying a Accrual accounting batch after Daily Journals have been generated?
Answer
As long as Daily Journals are not transferred to GL, the daily journals can be deleted. Once daily journals are deleted, Accrual Batches can be unauthorized and thereafter changes can be done.
Question 1 How can you ensure that user has access to entering a Deal FX-SPOT, but cannot Validate it?
Answer User Access Levels allow restricting the access of Company and Deals. Further, in Deals there is an option to restrict Input and Validation of Deals
Question 2 Why is it advised to keep the number of Porfolios to minimum during treasury implementation?
Answer For every additional portfolio, Journal Entry Actions needs to be set-up for a combination of Deal, Deal Subtype and Product Types. And this adds to a great deal complexity. So creating that many number of as required by accounting practice make it easier to maintain in long run.
Question 3 In the multi-org structure where does treasury module operate?
Answer Treasury operates Legal Entity Level as a separate Company is created for each Legal Entity.
Question 4 How can FX deal be cancelled in Oracle Treasury?
Answer To cancell a deal the Deal Status of FX deal needs to be changed to Cancelled
Question 5 Can you set-up User Access in such a way that the user has access to FX deal for Company X and have TMM deal access for Company Y?
Answer No! User Access Levels, currently, doesnt support giving access of deals/deal subtypes/ products company wise; and hence the requirement cannot be met.
Question 6 How Treasury Users can be created against one Application User?
Answer The relationship between Application User and Treasury User is One-To-One. Hence, only one Treasury User can be created against a given Application User.
Question 7 What is Net Exposure?
Answer Maximum amount of the currency that you want to hold at any time.
Question 8 What is the difference between Base Currency and Spot Currency? Explain with example.
Answer Base currency is the first currency quoted in a currency pair on forex. For example, if you were looking at the CAD/USD currency pair, the Canadian dollar would be the base currency and the U.S. dollar would be the quote/contra currency. The price represents how much of the contra/quote currency is needed for you to get one unit of the base currency.
Question 9 What are the various types of Counter Parties allowed in Oracle Treasury?
Answer Treasuy supports creation of two type of Counter Parties Internal and External.
Question 10 How can a Counter Party be set-up as an Internal counter party?
Answer While defining the Counter Party, in the Cross Reference field the parent Company name should be given.
Question 11 What are the Open Interface/ API currently available in Treasury and what do they do?
Answer There are Open Interface/ API available for
- Foreign Exchange Transactions
- Exposure Transactions etc
Question 12 Can a user add new Amount Type for FX deal type?
Answer RTMM is the only Treasury deal type where users can create their own amount types, which show up in the Principal Type LOV under the Principal Adjustment tab on the RTMM deal form. For all other Treasury deal types, including FX deals, the user cannot create amount types.
Question 13 What the steps of Accounting Process in Oracle Treasury? What is the name of program run using which all the steps can be completed in one ?
Answer
- Perform revaluations (optional)
- Generate accruals and amortizations
- Generate daily journals
- Transfer journals to General Ledger
You can post journal entries for cash flow amounts (that is, non-revaluation and non-accrual journal entries) on a daily or weekly basis, and post journal entries for your revaluation/accrual deals on a separate timeline. The posting of cash flow amounts does not require performing revaluations or generating accruals prior to generating daily journals.
The concurrent program which can be used completing all the above 4 steps in one go is Program - Accounting Streamline Processing.
Question 14
While Generating Journals what are the two type of journals that can be created?
Answer When running the General Journals process you can choose to generate journals of two kinds:
- Non-Revaluation/Non-Accrual Related Journal Processing
- Revaluation/Accrual Related Journal Processing
Question 15 What are the two types of Accruals supported by Oracle Treasury?
Answer Two type of accruals supported by Treasury are:
- Straight Line Accruals
- Effective Interest Accruals
Question 16
What are the options available for rectifying a Accrual accounting batch after Daily Journals have been generated?
Answer
As long as Daily Journals are not transferred to GL, the daily journals can be deleted. Once daily journals are deleted, Accrual Batches can be unauthorized and thereafter changes can be done.
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