If you're looking for Oracle Apps Functional Interview Questions for Experienced or Freshers, you are at the right place. There are a lot of opportunities from many reputed companies in the world. According to research, Oracle Apps Functional has a market share of about 5.7%.
So, You still have the opportunity to move ahead in your career in Oracle Apps Functional Development. Mindmajix offers Advanced Oracle Apps Functional Interview Questions 2022 that help you in cracking your interview & acquire a dream career as Oracle Apps Functional Developer.
Ans: Journals it is used to record the business transaction it contains debit and credit lines always debit must be equal to the credit. Types of journals are Suspense Journal or Unbalanced Journal, Recurring Journals, and Reversal journals.
Sales orderàBook OderàRelease the OrderàConfirm the OrderàClose the OrderàImport InvoiceàPrint the InvoiceàRevenue RecognitionàDefer the Cost of Goods àenter ReceiptàApply the Receipt.
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Translation: It is used to translate functional currency balances into foreign currency balances at the account level
Revaluation: It is used to identify the unrealized gain or loss .which is occurring on the currency fluctuation.
As per the above journal lines on 01-Dec-2009, the customer is liable to pay 200 USD to the supplier.
Ans: You can dynamically create new account code combinations when entering data by enabling dynamic insertion in the Key Flexfield Segments window. The alternative method for this is, you can require all accounts to be defined manually in the Accounts Combinations window.
Points to Remember:
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In the case of Standard Accrual, Invoice and Payment Accounting will be there.
Reason: Transaction happens in two phases.
Since you are not paying the amount immediately, you need to keep track of the amount need to pay to the supplier after phase one. You maintain this amount in liability/C(Cr). After the second phase, you debit your LiabilityA/C and credit your CachA/C which shows your cash flow from your organization to the supplier.
In the case of Standard Cash, only payment accounting will be there.
Reason: While purchasing an item you pay the amount immediately to the supplier. So you don’t have any debt to the supplier to record. so there is nothing to record in LiabiltyA/C.
Ans: Primary Ledger Vs Secondary Ledger
Use secondary ledgers for supplementary purposes, such as consolidation, statutory reporting, or adjustments for one or more legal entities within the same accounting setup.
For example, use a primary ledger for corporate accounting purposes that use the corporate chart of accounts and subledger accounting method, and
use a secondary ledger for statutory reporting purposes that use the statutory chart of accounts and subledger accounting method.
This allows you to maintain both a corporate and statutory representation of the same legal entity’s transactions in parallel.
Reporting Currency Vs Secondary Ledger
Reporting Currencies are not the same as secondary ledgers. Looking at the 4 C’s that define a ledger, we have a chart of accounts, calendar, accounting method, and currency. If you only need multiple currencies to support your reporting requirements, use reporting currencies. If you need to account for your data using different calendars, charts of accounts, accounting methods in addition to currency, use a secondary ledger.
Ans: Typically, the last day of the fiscal year is used as an adjusting period to perform adjusting and closing journal entries. Once you begin using your accounting calendar, you cannot change its structure to remove or add an adjusting period. Choosing whether to include an adjusting period or not in your calendar is a very important decision. You can have an unlimited number of adjusting periods.
Ans: Standard Purchase Order: It’s a legal document to buy the goods or services by the supplier it will be created when we know the goods or services, price, quotation, delivery schedule, and accounting distribution and also is a one-time purchase order
Ans: Making payments to the suppliers in 3 ways.
whatever you have ordered for the PO we will make the payment for the suppliers in 2-way(we will compare two documents PO and Invoice).
Eg: Suppose we Had given PO for 100 items, for that we will receive an invoice for 100 items. so that we will make payment for that 100 items.
In 3-Way we will compare 3 documents PO+reciept+Invoice
Eg: Suppose we have ordered 100 items in PO. But we had received only 80 items, But we had received an invoice for 100 items. so, we will make payment for only 80 items
IN 4-Way we will compare 4 documents PO+Receipt+Invoice+Inspection
Eg: Suppose we have 100 items in PO. Suppers send us 80 items We will do an inspection on those items whatever we have received If 10 items got damaged. finally, we are going to make payment to the 70 items only.
Ans: Payables use payment terms to automatically calculate due dates, discount dates, and discount amounts for each invoice you enter. Payment terms will default from the supplier site. If you need to change the payment terms and the terms you want to use are not on the list of values, you can define additional terms in the Payment Terms window.
Ans: This particular program is run in order to transfer an unaccounted invoice to the next opened period during the period-end closing of Accounts Payable. In fact, you can’t close the Payable Period if you have an Un-Accounted Invoice in Payables. In order to negotiate (Transfer) these invoices to the next open period, this program is run. So that the Payable period can be closed.
Ans: Prepayment is Advance Payment made to suppliers by Organization or Employee. Later it will apply against the featured debit
These are two types
Ans: Key Flex field: is used to capture mandatory information of the organizations
Ans: Its negative amount identified by the Customer and sent to the Supplier. Ex: Purchase Returns.
Its negative amount identified by the Supplier and sent to the Customer. Ex: TDS Payables
In Payable we are receiving the material from the supplier. so we have to pay the amount to the supplier. in case the supplier has sent the goods more than what we order at the point of we have to return the goods to reduce the accounting balance. We send a memo to the supplier is called a debit memo or the supplier sends a memo is called a credit memo. Both of reducing our liability.
Ex: In Payables Debit Memo and Credit Memo functionality is same It decreases the supplier balance (i.e. decreases the liability) Eg Supplier has sent you to invoice X with an amount of $100 but Later we found there is a mismatch in quantity (more quantity billed)so we will inform to customer.
Then the customer has sent you the credit memo but if the customer says send me the debit memo then you will generate a debit memo from your end. Both are the same functionality.
Ans: AP INVOICES: 11 invoices are there
1) Regular invoice - 9, 2) Special invoice - 2
1. Regular Invoice
2. Special Invoice
Ans: AR TRANSACTIONS (Invoice) - 7
Ans: Approval hierarchies let you automatically route documents for approval. There are two kinds of approval hierarchies in Purchasing: position hierarchy and employee/supervisor relationships.
If an employee/supervisor relationship is used, the approval routing structures are defined as you enter employees using the Enter Person window.
In this case, positions are not required to be set up. If you choose to use position hierarchies, you must set up positions.
Even though the position hierarchies require more initial effort to set up, they are easy to maintain and allow you to define approval routing structures that remain stable regardless of how frequently individual employees leave your organization or relocate within it.
Standard Invoices: Standard Invoices are invoices from a supplier representing an amount due for goods or services purchased. Standard invoices can be either matched to a purchase order or not matched. Standard invoices must be positive amounts.
Mixed Invoices: Mixed Invoices can be matched to both purchase orders and invoices. Mixed invoices can have either positive or negative amounts.
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