Proficiency in Oracle Financials is an added advantage for any candidate who is trying to land a job in the field of accounting. Oracle apps are superior to other business-suites, and the basic Oracle Financials Interview Questions and Answers is something that you can expect to face when applying for a job.
Below you will find the list of most commonly asked questions from the Oracle Financials.
Oracle Financial Interview Questions and Answers
1. Define a Funding Budget
It is that budget against which accounting transactions are checked for available funds with budgetary control enabled for the set of books.
2. Define a Planning Budget
It is a budget that includes future expenses and requires no journals or limitation on estimating the funds.
3. Why is DFF used?
Descriptive flex fields are used to track additional information required for a business.
4. Why are the values entered by a user in DFF fields updated in the database?
On creating any field in the DFF, Oracle Application maps them in columns. It is because of this reason they get updated.
5. What are the modules included in Encumbrance?
Encumbrance includes Purchasing module, GL module, and Payable modules.
6. What are the security types in value set?
- No security
7. What is Spot Rate?
The spot rate is the input exchange rate for immediate delivery of currency.
8. What do you know about CVS and ADI?
- CVS is an acronym for Cross Validity Segment. It restricts any invalid code combination.
- ADI is an acronym to Allow Dynamic Interests. Unlike CVS, ADI allows all code combinations.
9. A user checked both CVS and ADI together. What will happen?
ADI will be given priority in this case.
10. Name the five key tables of GI module
11. Why is a transaction calendar required?
We required a transaction calendar to enable average balance processing. It also had business days mentioned in it.
12. What is Mass Allocation?
One journal entry which allocates revenues and expenses across a different group.
13. Where are customer files stored?
14. Name the flex fields in AR
- Territory Flex Field
- Sales Tax Location Flex Field
- System Items Flex Field
15. What are the record groups?
It is a tool that is used for holding SQL query associated with the values of the list.
16. Why is SQL Loader used?
SQL loader is used to transfer data from external sources to the database of Oracle.
17. Explain Autonomous Transaction
The transactions which are independent of other transactions. It aids in SQL and rollback operations.
18. Name the different types of triggers
- Key Triggers
- Error Triggers
- Message Triggers
- Navigational Triggers
- Transactional Triggers
- Query-based Triggers
19. Why are security attributes used?
Security attributes are used to comply with security standards and manage data visible to the users.
20. Name the different status of the GI period
- Never Opened
- Permanently Closed
20. What is Adjusting Period?
Adjusting Period is the time usually considered on the last day of the fiscal year to close and manage journal entries.
21. Why is Sweep Program used?
It is used to transfer unaccounted invoices to the next succeeding opening period during the closing of current Accounts Payable.
22. What are the Target Accounts?
It is an account which a user enters in Target Line to lay down the destination for allocation. The parent value in the target must be the same as B and C lines.
23. What is an Offset Account?
An account entered in Offset line to lay down the account to use for offsetting debit or credit allocation. It is mostly as in the line A to reduce the cost.
Hope the above frequently asked questions in Oracle Financials Interview have helped you. Make sure to prepare for JDE financial interview questions if you are looking to ace such interviews. It will also be beneficial for you to put extra focus on the Oracle apps finance techno-functional and Oracle Financials Interview Questions and Answers, as the interviewers expect a candidate to know the topic.
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