|What are the frequently asked
questions on SAP FICO Interview Questions?
1. What is chart of account? What is the relevance of defining chart of account?
A. It is the top level financial structure, contains the GL Accounts
we define the all the accounts and one chart of accounts assign to company
code and one chart of accounts will assign to many company codes . It is
list of Gl accounts and it contains account no , account name, language,
length, cost element, blocking information that controls the how an account
functions and how a gl account created in company code . COA Key.
2. What is account group? What does it control?
A. IT determines the which fields you need to configure on the GL master
record. It is necessary to have at least 2, one for B/S and another one
for P&L accounts. It controls the number ranges of GL. The Status fields
of the master record of GL Belong to company code area.
3. What is posting key? What is its role?
A. It controls the line item of GL entry debit and credit.
4. What is business area?
A. Organizational unit of external accounting that corresponds to a
specific business segment or area of responsibility in a company. Financial
statements can be created for business areas for internal purposes. They
are primarily used to facilitate external segment reporting across company
codes covering the main operation of a company (product line, Branches).
The Business area may be the branch of the company or product lines it
5. While defining chart of account, there is field "manual
creaation of cost element" and "automatic creation of cost element", what
6. After creating a customer/vendor, how can we check that under which account group we have configured this customer/vendor?
A. We can check through customer group and vendor group it was created
by ours when we are creating vendor and customer groups.
7. How the system will know that april is your first posting period?
A. Yes the system will find out april was first posting period. While
configuring fiscal year we giving april to 1 may to 2, june to 3, like
this system will identify april was the first posting period.
8. Define the term "fiscal year" , "posting period varient" & " field status varient".
A. FSGV controls the additional account assignments and other
fields that can be posted at the line item level for GL a/c. FSGV can be
control at three level i.e.,
2) Posting Keys - which controls the screen for a particular posting key transaction is taken, &
3) Accounting Groups - which controls the screen for a particular account group i.e., customer group or vendor group.
A. Posting period variant which controls posting periods, both normal and special periods are open for each company code. The posting period is independent of fiscal year variant.
A. Fiscal year is controls the which type year we are following like calendar year, year dependent year.
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