Oracle Project Accounting is a specialized field in accounting and financial management domain. In this oracle project accounting Interview Questions blog, our goal is to cover all the questions that recruiters usually ask during any Oracle Project Accounting job interview. We aim to make your preparation smoother with the following set of interview questions.
If you're looking for Oracle Project Accounting 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 Project Accounting has a market share of about 8.95%.
So, You still have the opportunity to move ahead in your career in Oracle Project Accounting. Mindmajix offers Advanced Oracle Project Accounting Interview Questions 2023 that help you in cracking your interview & acquire a dream career as an Oracle Project Accountant.
When you think of the burden cost that is present in the Oracle project, understand that the prime motive of its design was to apply the overhead expenses as per the burden contracting method which traditionally government agencies in the United States. However, Oracle General Ledger Mass Allocations is known to offer the best traditional yet complete allocation of actual overhead expenses where the ongoing burdening method does not exist.
To test the burden structure, you need to use the window of View Burdened Costs before initiating the processing costs. You need to have accomplished the cost along with the implementation and assigned burden schedules.
In the oracle project, if it fails to find the expenditure type in the cost base at the time of the burden process, then the expenditure item will not get burdened. Ideally, the burden cost is equivalent to the raw cost.
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If there is no expenditure type, then it may result in the Create and Distribute Summarized Burden Component which needs to be processed. This needs to be done since the expenditure type is said to be the key value in the expense item record.
Journal is known for recording the traction that a business doe. It includes the credit and debit lines in which debit needs to be equivalent to the credit. It is categorized into different types such as suspense journal which is also known as Unbalanced Journal, Reversal journals, and Recurring Journals.
The translation is used for translating the functional currency balances into the foreign currency balances that need to be done at the accounting level. Then comes the revaluation which is used for identifying the unreleased gain or loss that may occur during the currency inflation. Some of the examples can be Conversion Rate is 2, Foreign Currency is INR, or Functional Currency is USD to name a few.
Security rule is used for restricting users from entering any kind of segment. While the Cross-validation rule is used for restricting the end-user to enter the combinations of the code. The security rule works at the responsibility level while the cross-validation rule works at the structure level.
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It is possible for you to create a new account dynamically with the code combinations. For this, when you enter the data, it enables the dynamic insertion in the primary option to choose.
Standard Accrual includes Invoice and Payment Accounting while in Standard Cash only payment accounting is present. Not only this, Standard Accrual undergoes two phases. In the first phase, the good order is generated and received while in the second phase, the amount is paid for receiving the goods within the due time that is actually set by the supplier.
Generally, it is assigned to the qualifiers and the individuals to make sure the definition in COA is clear. Natural Account is a type of option that should contain a single account section which is natural. Then comes the Balancing Account where every structure needs to have a single balancing segment. There needs to be also a cost center under which the section is used for the oracle asset. Furthermore, comes the intercompany GL which usually uses the intercompany section in code associated with accounting.
Let us first compare Primary Ledger Vs Secondary Ledger in which the secondary ledger is used for supplement purposes such as statutory reporting while the primary ledger is used for corporate accounting. Moving on to the reporting currency, it is designed to maintain the corporate and statutory presentation of the legal entity transaction which needs to be parallel.
Reporting current is completely different than that of the secondary ledger which fulfills the need of supporting the reporting requirements.
The last time of the financial year which is used is known as the adjusting period. It helps in performing the adjustment and closure of the journal entries. You need to choose on including the period of adjustment or not in the calendar since it is one crucial decision that needs to be made.
The first one that should be considered is the Standard Purchase Order which is a legal detailing that is used for buying the goods and services by the supplier. The Blanket PO is another type that is used when you want to know the goods and services details. Other than this, there is Planned PO which is considered to be the agreement for a long time that is used for committing in purchasing the items and services from a single source. Furthermore comes the contract PO which is made when you are in agreement with the supplier on certain terms and situations.
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To make the payment in 3 ways, you need to have PO ordered while in 4 ways, it is important to compare different documents like PO, receipt, invoice, and inspection. Furthermore, an inspection will be done on those things which we have received if the 10 items get damaged.
Payables generally opt for the payment terms to ensure that calculation is done automatically for the due date, discount date, and discount amount for every invoice that is entered. If you want to make any changes in the payment terms or the one you are intending to use, understand that it will not be on the values. For this, you need to define the terms in the payment section.
It is one such particular type of program that runs to make sure that the transfer of an unaccounted invoice is done to the next opened period at the time of the period end that closes with the accounts payable. Ideally, you are not allowed to close the payable period, in case there is an unaccounted invoice present in the payables.
AP invoice is all about the amount that goes out to receive the original material from the seller or the supplier while the AR invoice is the amount that comes in by selling the product to the customer or parties or you can say revenues.
This type of option is all about the prepayment to be done in an advanced manner which is made to the supplier by the employee or the organization. It will later be applied to the feature called a debit. Such type of option is categorized into two sections one is permanent and Temporary Prepayment.
The purpose of using the Key flex field is to capture the important details of the company which I mandatory. Under the GL sector, there is a flex field, reporting attribute, and ledger flex field of GL, In the AP section there is no flex filed, in AR there are two types which are sales tax location and territory Flex field while FA has got three types which are asset key, category, and location flex field.
When you opt for the oracle project, understand that it determines which schedule can be used to calculate the multipliers such as the schedule to be made for overriding the assigned to the lower task, scheduling to be made while assigning to the project and the standard scheduling to be made for assigning to the lowest task. Generally, when you look for the burden schedule option, you need to understand the three uses of it which are revenue accrual, internal costing, and invoicing.
If there is a schedule type that is firm then the oracle project would opt for the expenditure item date to understand which schedule is used for the burden cost calculation. But if you enter the schedule fixed date in the organization burden schedule, then the schedule fixed date is used for determining the effective burden of the schedule.
Other than this, if the schedule type turns out to be prevision, then the use of the last date of the GL period in the expenditure item date would fall out.
Generally in the oracle project, the use of expenditure organization is made to calculate the burden amount if the distribution overrides exist of the organization. But if you use the organization distribution overriding, the overriding to the organization is done instead of the expenditure organization.
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It is possible to use the Expenditure Inquiry window since it helps in reviewing the burdened cost distribution lines.
In case, the oracle project does not distribute the cost in a proper manner or create the revenue for the expense item, then you can see the revenue rejection reason under the section of the Expenditure Items window. That is when; you can use the folder option show field that displays either the Revenue Distr.
If you want to add a new organization, and then you need to add it to the version called Project Burdening Hierarchy.
KFF is the unique identifier that is stored in the segment section while DFF is used for capturing the additional information that can be used later. It is stored in the attribute column.
During this situation, there is a RA_INTERFACE_LINES_ALL table that will soon get populated. Through this, AR picks the data to create the invoice with the help of an “auto invoice”. When “auto invoice”.gets the data from ra_interface_lines_all, at the same time, it also picks up the data from the ra_interface_distributions_all and ra_interface_salescredits_all in case it is present.
DFF in the form has the symbol of a Square Bracket.
In the accounting flex field, there is accounting, cost center, product, and future use.
This type of qualifier is used for identifying the segments. There are different types of flex field qualifiers such as Segment of Intercompany, Cost Center segment, Balancing Segment, and Natural Account section Qualifier.
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Ravindra Savaram is a Technical Lead at Mindmajix.com. His passion lies in writing articles on the most popular IT platforms including Machine learning, DevOps, Data Science, Artificial Intelligence, RPA, Deep Learning, and so on. You can stay up to date on all these technologies by following him on LinkedIn and Twitter.
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