How many key flexfields are there in oracle financials?

1. General Ledger
1. Accounting Flexfield
2. Assets
1. Asset Key Flexfield
2. Location Flexfield
3. Category Flexfield
3. Service
1. Service Item Flexfield
4. Receivables
1. Territory Flexfield
2. Sales Tax Location Flexfield
5. Inventory
1. Item Categories
2. System Items
3. Sales Orders
4. Item Catalogs

What is the report used to identify duplicate suppliers?

In order to find out duplicate supplier, SUPPLIER AUDIT REPORT is runned
What are the benefits of flexfields?

 Configure applications to support your own accounting, product and other codes.

 Enable the construction of intelligent keys.

 Configure application to capture additional data.

 Use the application to validate values and value combinations entered by the user.

 Support multiple flexfield structures depending on data context.

What are the types of flexfields?

 Key flexfield

 Descriptive flexfield
What is a key flexfield qualifier?
A qualifier is a label attached to a particular key flexfield segment so it can be located by the
application requiring its information. A key flexfield qualifier can be of 2 types:

 Flexfield qualifiers identify a segment in a flexfield.

 Segment qualifiers identify a value set in a segment.

What are the types of Flexfield Qualifier
NATURAL ACCOUNT
Each Accounting Flexfield structure must contain only one natural account segment. When
setting up the values, you will indicate the type of account as Asset, Liability, Owner’s
Equity, Revenue, or Expense.
BALANCING ACCOUNT
Each Structure must contain only one balancing segment. Oracle GL ensures that all
journals balance for each balancing segment.
COST CENTER
This segment is required for Oracle Assets. The Cost center segment is used in many
Oracle Assets reports and by Oracle Workflow to generate account numbers. In
addition, Oracle apps training Bangalore Projects and Oracle Purchasing also utilize the
cost center segment.
INTERCOMPANY
GL automatically uses the intercompany segment in the account code combination to track
intercompany transactions within a single set of books. This segment has the same value
set and the same values as the balancing segment.
Segment Qualifiers
ACCOUNT TYPE: Asset, Liability, Owner’s Equity, Revenue, Expense, Budgetary Dr, and
Budgetary Cr.

Budget entry allowed (Yes/No)

Posting allowed (Yes/No)

Control Account Reconciliation Flag Available for specific countries

What is the implication of dynamic insert?

Dynamic Insertion is a feature which controls whether the user can enter new account code
combinations from any form/window. If this feature is disabled, then the user cannot input
new account code combinations from any window/form.
Oracle applications use a particular form (called a Combination form) for directly entering
the new code combinations. Users can enter new account code combinations only through
this form if Dynamic Insertion is disabled.
What are Cross Validating Values
For key flexfields with multiple segments, we can define rules to cross check value
combinations entered with in the key flexfield segments. This option is referred as Cross
Validation rules.
Value Set List Types
 List of values (10 to 200)

Long list of values (> 200)

Poplist (> 10)

Value Set Security Type

 No Security: All security is disabled for this value set.

 Hierarchical Security: With Hierarchical security, the features of the value security and value
hierarchies are combined. With this feature any security that applies to a parent value also applies
to its child values.

 Non-Hierarchical Security: Security is enabled, but the rules of the hierarchical security do not
apply. That is, a security rule that applies to a parent value does not “cascade down” to its child
values.
What are the types of Value Sets

1. None: A value set of the type None has no list of approved values associated with it. A None value set
performs only minimal checking of, for example, data type and length.
2. Independent: Independent type value sets perform basic checking but also check a value entered
against the list of approved values you define.
3. Dependent: A dependent value set is associated with an independent value set. Dependent value sets
ensure that all dependent value are associated with a value in the related independent value set.
4. Table: Table value sets obtain their lists of approved values from existing applications tables. When
defining your table value set, you specify a SQL query to retrieve all the approved values from the
table.
5. Special: This specialized value set provides another flexfield as a value set for a single segment.
6. Pair: This specialized value set provides a range flexfield as a value set for a pair of segments.
7. Translated Independent: This works similar to Independent type. However, a Translated Independent
value set can contain display values that are translated into different languages.
8. Translated Dependent: This works similar to Dependent type. However, a Translated Dependent
value set can contain display values that are translated into different languages.

Oracle Financial Functional

Interview Questions
 How many segments are there in the key flexfield(s) in oracle general ledger?
Oracle GL Key flexfield can have 15 columns each representing a segment. However, the
segments type can be:

 Cost Center segment

 Balancing segment

 Account segment

 Intercompany segment
On which entity is a security rule applicable?
It’s a feature of Key flexfield, applicable on Value Sets.
On which entity is the cross-validation rule applicable?
It’s a feature of Key flexfield, applicable on Value Sets.
Shorthand alias.
An Alias is a label for a particular combination of key flexfield segment value. This allows
users to enter data faster and more easily because the user has to just enter the shorthand
alias, and the flexfield automatically populates the values for the segment.
What is a period in oracle gl?
A Period corresponds to a time span within which transactions are entered prior to
finalizing, otherwise called as close of the period.
What are the period types?
Predefined period types in Oracle GL are:

 Month

 Quarter

 Year
If needed, period types of our own can be defined in addition to the standard periods.
Different statuses of an accounting period.

1. Never Opened - Cannot enter or post journals.

2. Future Enterable - Enter journal, but cannot post. The number of future enterable periods is a fixed
number defined in the set of books window. The number of future enterable period can be changed at
any time.
3. Open - Enter and port journals to any open period. An unlimited number of periods can be open, but
doing so may slow the posting process and can confuse users entering journals.
4. Closed - Cannot post journals in a closed period. Must reopen closed periods before posting journals.
Should manually close periods after finishing month/quarter/year-end processing.
5. Permanently Closed - Permanently closed periods cannot be reopened. This status is required to
Archive and Purge data.
What is an adjusting period and its implications?
Typically, the last day of the fiscal year is used to perform adjusting and closing journals
entries. This period is referred to as Adjusting Period.
Choosing whether to include an adjusting period or not in a calendar is a very important
decision. There can be unlimited number of adjusting periods. Once the accounting
calendar is used, changes to its structure to remove or add an adjusting period cannot be
done.
How many types of conversion rates are there in oracle gl?
There are 5 basic types of conversion rate types predefined in Oracle GL:
Spot: An exchange rate based on the rate for a specific date. It applies to the immediate
delivery of a currency.
Corporate: An exchange rate that standardize rates for your company. This rate is
generally a standard market rate determined by senior financial management for use
throughout the organization.
User: An exchange rate that you enter during foreign currency journal entry.
Emu Fixed: An exchange rate that is used by countries joining the EU during the transition
period to the Euro currency.
User Defined: A rate type defined by your company to meet specific needs.
What type of conversion rate is required to be defined for all transactional purposes?
Spot (Not sure).
what are the three essential components of a gl set of book?
Chart of Accounts
Your chart of accounts is the account structure you define to fit the specific needs of your
organization.
You can choose the number of account segments as well as the length, name, and order of
each segment.
Accounting Calendar
An accounting calendar defines an accounting year and the periods it contains.
You can define multiple calendars and assign a different calendar to each set of books.
Currencies
You select the functional currency for your set of books as well as other currencies that you
use to transact business and report in.
GL converts monetary amounts entered in a foreign currency to functional currency
equivalents using supplied rates.
What is the implication of the ‘future period” field in the set of book definition form?
 The value mentioned in the Future Period field represents the number of future enterable
periods that users can use to input journal entries (provided those future periods are
opened). However, consideration must be given to minimize the number of future enterable
periods to prevent users from accidentally entering journal entries in an incorrect period.
How many tabbed regions are there in the set of book definition form? What are the
names of these tabbed regions?
There are 5 tabbed regions in the set of books definition form.

1. Closing
2. Journaling
3. Average Balances
4. Budgetary Control
5. Multiple Reporting Currencies

What is retained earnings account?

GL posts the net balance of all income and expenses accounts from the prior year to this
account when you open the first period of a fiscal year.
What is the purpose of the translation adjustment account?
If you translate your functional currency balances into another currency for reporting, or if
you revalue foreign currency-dominated balances, you must specify a translation
adjustment account.

Parent Do no enable

Budget Yes

Posting Yes

Account Type Ownership/Stock

What is the purpose of/unique feature of the net income account?

GL uses this account to capture the net activity of all revenue and expense accounts when
calculating the average balance for retained earnings.
What is the purpose of the transaction calendar?
Transaction calendar is defined for the purpose of enabling average balance processing.
Transaction calendar is created optionally with valid business days mentioned.
In order to allow unbalances journal posting what action is required at set of book
definition level / what is a suspense account and its purpose?
If you choose to allow posting of out-of-balance/unbalanced journal entries, GL
automatically posts the difference to Suspense Account. However, the Suspense Account
 check box should be checked and an Account # to be provided for this feature to work
during the creation of set of books.
If you have multiple companies or balancing entities within a set of books, GL automatically
creates a suspense account for each balancing entity.
What is a value set?
A value set defines the boundaries for the attributes that you assign to a key or descriptive
flexfield segment. Value sets control what types of values can be used as Accounting
Flexfield segment values. Value sets determine the attributes of your segments such as
length, zero-fill, and right justify, alphanumeric, and value security. Value sets also control
how validation is performed.
Inorder to allow intercompany journals what action is required at set of book
definition level?
One of the accounting key flexfield segments should be of the type Intercompany. This
segment would have the same value set and the same values as the balancing segment.
Also, enable Balance Intercompany Journals feature. This allows users to post out-of-
balance intercompany journal entries and automatically balance those journal entries
against a specified intercompany account. Select the Balance Intercompany Journal
checkbox and enter the intercompany account(s) in the Intercompany Accounts window. If
you do not enable this feature, you can only post intercompany journal entries that balance
by balancing segment, (usually the company segment).
What is Account Hierarchy Manager
Account hierarchy manager is a feature provided by Oracle Application which allows to:

 Graphically create, maintain, and review account structure hierarchies.

 Define new parent and child segment values, as well as change parent/child dependencies.

 Create new roll-up groups from the account hierarchy manager and have your changes reflected
automatically in both key segment values and rollup groups window.
Also provides an option to control entities such as:

 Read-only

 Read/write security

 Segment Value Security: An oracle applications feature that lets you exclude a segment value or
ranges of segment values for a specific user responsibility. Segment Value Security is extended to
the Account Hierarchy Manager.

 Chart of Accounts Security

What does balance type “a” indicate?
Not Sure. May be ACTUAL.
 How many buttons are there on the manual journal entry form? What are they?
By default, there are 3 buttons on the manual journal entry form:

1. More Details
2. Change Currency
3. More Actions

How many buttons are there under the “more actions” button? What are they?
When we click on the “More Actions” button, another window appears with 4 buttons:

 Reverse Journal

 Post

 Change Period

 CANCEL
What is the status of a newly entered journal?

 Unposted.

 Posting statuses.

 Unposted

 Pending

 Processing

 Selected for posting

 Posted

 Error
What is Journal Reversal Pre-Requisites

 Journal balance type is Actual

 Journal category has AutoReverse enabled

 Journal is posted but not yet reversed

 Journal reversal period is open or future enterable

Oracle Apps Financial Interview

Questions
Can you create a journal entry with a parent segment value?
 Not sure. Maybe possible with a child value combined. Parent values automatically allow
posting and budgeting.
When a journal is created, which all gl tables are impacted?

 GL_JE_BATCHES

 GL_JE_HEADERS

 GL_JE_LINES
When a journal is posted, which gl table is posted?
GL_BALANCES
When journals are interfaced, which gl table is populated?
GL_INTERFACE
What is the name of the concurrent to populate the gl tables from the interface table?
Journal Import.
What is the mechanism to rectify a posted journal?
Reverse the Journal.
What is the purpose of stat journal?
You can associate statistical amounts with monetary amounts by using statistical units of
measure.
This enables you to enter both monetary and statistical amounts in a single journal entry
line.
For creation of periodically repititive journals what is the gl tool?
Recurring Journal.
What is massallocations?
A single journal entry formula that allocates revenues and expenses across a group of cost
centers, departments, or divisions.
What is the formula for creation of allocation journals?

A*B/C

 A is the Cost Pool that will be allocated. It can be amount or account balance.

 B is the numerator of the factor (a number or statistical account) that multiplies the cost pool for the
allocation.

 C is the denominator of the factor (a number or statistical account) that divides the cost pool for the
allocation.
 Note: Parent values can be used in one or more segments.
Account segment types for massallocation.

 Looping

 Summing

 Constant
What are the target and offset accounts in allocation formula?
These are the lines that are the actual journal entry.
Target (T):
Enter an account in the Target line to specify the destination for your allocation.
The parent value used in the target must be the same parent value used in the B and C
lines of the formula.
Offset (O):
Enter an account in the Offset line to specify the account to use for offsetting debit or credit
from your allocation.
The Offset account is usually the same account as formula line A to reduce the cost pool by
the allocated amount.
Can you delete an unposted journal?
Not sure.
Journals from which sub-ledger do not pass through the gl interface table?
Not sure. May be Assets.
When the journals are interfaced and imported, what posting status do they have?
Unposted.
What is the pre-requisite for conversion?

1. Define new currencies

2. Enable seeded currencies
3. Define rate types
4. Enter daily rates

For revaluation, what rate types are available?

1. Daily rates
2. Historical rates
3. Revaluation rate is the inverse of period end rate.

How revaluation journals are created in which currency?

Functional currency
Explain Flexfield Qualifiers In Gl?

Need to assign qualifiers to individual accounting key flexfield segments to identify or represent the

purpose in COA.

Natural Account Each Accounting Flexfield structure must contain only one natural account

segment. When setting up the values, you will indicate the type of account as Asset,

Liability, Owner’s Equity, Revenue, or Expense.

Balancing Account Each structure must contain only one balancing segment. Oracle

General Ledger ensures that all journals balance for each balancing segment.

Cost Center This segment is required for Oracle Assets. The cost center segment is used in

many Oracle Assets reports and by Oracle Workflow to generate account numbers. In

addition, Oracle Projects and Oracle Purchasing also utilize the cost center segment.

Intercompany General Ledger automatically uses the intercompany segment in the account

code combination to track intercompany transactions within a single ledger. This segment

has the same value set and the same values as the balancing segment.
Discuss Primary Ledger Vs Secondary Ledger Vs Reporting Currency.
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.
1. Question 1. Can A Flexfield Qualifier Be Changed After It Has Been Created?
Answer :
No. Once a segment qualifier has been designated for a specific segment and has been saved,
it will permanently have the attributes with that qualifier.
For example, you accidentally designate the cost center segment as the natural account
segment. Even though you do not compile this, the system saves the changes. And once it has
been saved, it will have all the attributes designated for the natural account qualifier, even
after it has been changed back, resaved with the correct qualifier and compiled. This is the
inherent functionality of the software.
Unfortunately, there is no real easy solution for this issue. The only option is to create a new
chart of accounts and attach a new set of books.
2. Question 2. How To Delete A Segment Value?
Answer :
There is no supported way to delete a segment value. Segment values can only be disabled not
deleted.

General Accounting Interview Questions

3. Question 3. Is There A Way To Load Values For A Specific Segment Outside Of The
Form?
Answer :
iSetup is the Oracle product that provides supported APIs to load values into Oracle
Applications flexfields.
To load code combinations ADI may be used. Uploading zero amount journals will create
new code combinations.
In this case Dynamic Insertion should be enabled and all account segment values need to exist
before the new account code combinations will be dynamically created.
4. Question 4. What Are The Different Types Of Journals In General Ledger ?
Answer :
o Functional Currency Jv: This Journal, we enter Local Currency transaction purpose.
o Foreign Currency Jv: this Journal, we enter other than local currency transaction
purpose...before we define exchange rates
o Suspense Jv: this Journal, whenever debit is not equal to credit that time, we enable in set
of books window Suspense button, then it works otherwise it's not working
o Tax Jv: this Journal, calculate taxation of Purchased items
o Reverse Jv: this Journal whenever we enter recurring journal, at the time of we using..We
have two methods...one is Debit to Credit and second one is sign (+ to -)
o Recurring Jv :this one is We define one template, we use Periodically, these are 3 types
1.Standard 2.Skeleton 3.Formula
o Mass Allocation Jv :Set of Expenses or Set of Revenue allocate different parts using
Formula A*B/C
A is Total Cost Pool..B is Usage Factor...C is Total Usage Factor...
o Batch JV: Group of Journal we enter at a time, We Define Control Amount
o Stat JV: This JV we have one side of Amount either debit or Credit.....
Accounts and Finance for Managers Tutorial
5. Question 5. What Is Average Balance In Oracle Financials?
Answer :
The Average Balance feature of Oracle General Ledger provides organizations with the
ability to track average and end-of-day balances, report average balance sheets, and create
custom reports using both standard and average balances. Average balance processing is
particularly important for financial institutions, since average balance sheets are required, in
addition to standard balance sheets, by many regulatory agencies. Many organizations also
use average balances for internal management reporting and Profitability analysis.
The difference between an average and standard balance sheet is that balances are expressed
as average amounts rather Than actual period-end amounts. An average balance is computed
as the sum of the actual daily closing balance for a balance sheet account, divided by the
number of calendar Days in the reporting period .

Accounts Interview Questions

6. Question 6. Is There A Limit To The Number Of Periods In A Budget Year Or How

Many Years A Budget Can Span?
Answer :
One can define budgetary control for n number of years however, one year can have
maximum of 60 fiscal periods7.
7. Question 7. What Is A Funding Budget?
Answer :
A budget against which accounting transactions are checked for available funds when
budgetary control is enable for your set of books.

Accounting Basics TutorialAccounts and Finance for Managers Interview Questions

8. Question 8. What Is Planning Budget?

Answer :
The plan for the future expenses is planning budget. It is a paper work. There is no funds
requirement. It does not require journals. There are no restrictions for estimating of funds.
9. Question 9. I Was Able To Post A Budget Journal To A Closed Period, Why?
Answer :
Yes you can do so, reason being budget journal is not linked with your accounting period.
Once you have open the budget period then you can book budget journal for that whole
period.

Finance Interview Questions

10. Question 10. What Is The Specific Purpose Of Assigning Balancing Segment Values To
The Legal Entity In Accounting Manager Setup (as Once Assigned, The Same Value Is
Not Allowed To Be Selected For Any Other Legal Entity), If This Value Is Usable For
The Operating Unit(s) That Does Not Have This Legal Entity Context?
Answer :
Summary of key facts:
 o Common COA Structure used for Primary and Secondary Ledgers
o Ledger shared by Multiple Legal Entities
o Specific Balancing Segment Values assigned to Specific Legal Entity (Overlap not
allowed)
o Specific Legal Entity Vision Operations Assigned to Payables Manager OU for Legal
Entity Context
o User preference set to Access Vision Operations OU by Default in Payables
Conclusion and Findings:
o Balancing Segment Value Assignment to the Multiple Legal Entities, sharing the same
Ledger does not seem to restrict the user of these Balancing Segment Values in the Feeder,
Operating Unit specific Modules Like AP, wherein Legal Entity Context is passed to the
OU through the link of the Primary Ledger.
o However, access to these Balancing Segment Values could be controlled through Security
Rules being assigned to the Value Set and the Respective Responsibility
o The Key question is: If Legal Entity having the context to the Operating Unit that shares
the common Ledger does not have assignment to it, what impact it has on the integrity of
data when this access is otherwise allowed, except through Security Rules?
11. Question 11. What Are The Interface Tables In General Ledger ?
Answer :
GL_BUDGET_INTERFACE
GL_DAILY_RATES_INTERFACE
GL_IEA_INTERFACE
GL_INTERFACE
GL_INTERFACE_CONTROL
GL_INTERFACE_HISTORY
Accounting Reports Interview Questions

12. Question 12. What Is Dff?

Answer :
DFF is a mechanism that lets us create new fields in screens that are delivered by Oracle.

General Accounting Interview Questions

13. Question 13. Are These Dff's Flexible?

Answer :
A little flexible, for example, depending upon the value in a field, we can make either Field1
or Field2 to appear in DFF.
14. Question 14. Are These New Fields That Get Created As A Result Of Dff Free Text?
Answer :
If you attach a value set to the field(at time of setup of dff), then field will no longer be free
text. The entered value in the field will be validated, also a list of valid values will be
provided in LOV.
15. Question 15. Will The Values That Get Entered By The User In Dff Fields Be Updated
To Database?
Answer :
 Indeed, this happens because for each field that you create using DFF will be mapped to a
column in Oracle Applications.

Accounting Principles Interview Questions

16. Question 16. Can I Create A Dff On Any Database Column?

Answer :
Not really. Oracle delivers a predefined list of columns for each table that are meant for DFF
usage. Only those columns can be mapped to DFF segments. These columns are named
similar to ATTRIBUTE1, ATTRIBUTE2, ATTRIBUTE3 ETC. Usually Oracle provides upto
15 columns, but this number can vary.
17. Question 17. Can I Add Hundreds Of Fields To A Given Screen?
Answer :
This depends on the number of attribute columns in the table that screen uses. Also, those
columns must be flagged as DFF enabled in DFF Registration screen. Don't need to worry
much about this because all the ATTRIBUTE columns are by default flagged for their DFF
usage.

Corporate Finance Interview Questions

18. Question 18. What Is Journal Import?

Answer :
Journal import is an interface used to bring journal entries from legacy systems and other
modules into the General Ledger.(Specifically Journal Import gets entries from legacy data
into the GL base tables.
The tables populated during journal Import are
GL_JE_BATCHES,
GL_JE_HEADERS,
GL_JE_LINES,
GL_IMPORT_REFERENCES
Accounts Interview Questions

19. Question 19. What Is The Use Of Gl_interface?

Answer :
Gl_Interface is the primary interface table of General ledger. It acts as an interface between
data originating from other modules such as AP,AR, Legacy data and the Gl Base tables.
20. Question 20. What Is Actual Flag?
Answer :
Actual flag represents the Journal type.
A-Actual
B-Budget
E- Encumbrance.
 HR Interview Questions

21. Question 21. What Is Encumbrance?

Answer :
It is a process of Reservation of funds for anticipated expenditure from a budget.
Encumbrance integrates GL, Purchasing and Payables modules.
22. Question 22. How Many Key Flex Fields Are There In General Ledger?
Answer :
One. Accounting Key Flex Field.
23. Question 23. How Many Types Of Budgets Are There?
Answer :
Two Types:
o Expenditure Budgets
o Revenue Budgets.
Marketing Interview Questions

24. Question 24. What Are Spot Rate, Corporate Rate, Transaction Calendar And
Accounting Calendar?
Answer :
Spot Rate: An exchange rate which you enter to perform conversion based on the rate on a
specific date. It applies to the immediate delivery of currency.
Corporate Rate: An Exchange rate that we define to standardize rates for our company. This
rate is the standard market rate determined by the senior financial management for use
through out the organization.
User Rate: Conversion rate that is defined by the user.
EMU Fixed Rate: An exchange rate that is provided automatically by the General Ledger
while entering journals. It uses a foreign currency that has a fixed relationship with the euro.
Transaction Calendar: Defines the business days and holidays for any calendar.
Accounting Calendar: Defines different types of calendars namely Fiscal, Federal Fiscal,
Month etc.
Accounts and Finance for Managers Interview Questions

25. Question 25. What Is Security Rule?

Answer :
Security Rules are defined to control the access of a flexfield segment value (Financial
information) at a responsibility level.
26. Question 26. What Are Cross Validation & Adi?
Answer :
CVS – Cross validate segments – Allows only valid code combinations.
ADI – Allow dynamic inserts. – Allows any code combination irrespective of validity.
ADI would prevail if both of CVS and ADI are checked.
27. Question 27. What Is Translation?
 Answer :
Translation is a process used to convert functional currency to other reporting currencies at
the account balances level.

Finance Interview Questions

28. Question 28. What Is Revaluation?

Answer :
It is process used to revalue assets and liabilities denominated in foreign currency into
functional currency based on period end exchange rate we specify. Unrealized gains/losses
are resulted because of exchange rate fluctuations which are recorded in unrealized gain/loss
account in GL.
29. Question 29. What Is Fsg (financial Statement Generator)?
Answer :
Financial statement generator feature helps us to generate reports such as balance sheets and
income statements with out programming. It also provides a high degree of control on the
rows, columns, contents and calculations on the report. Different components such as row set,
column set, content set, row order, display set have to be defined before a statement is
generated, of which row set and column set are mandatory.
30. Question 30. What Is Consolidation?
Answer :
Consolidation is a period-end process of combining the financial results of separate business
subsidiaries with the parent company to form a single combined statement of financial results.
31. Question 31. At What Level General Ledger Data Is Secured?
Answer :
GL data is secured at Set of Book level. Subledger module data is secured at Responsibility
level (i.e., at Operating Unit Level).
32. Question 32. Difference Between Primary Ledger And Secondary Ledger In R12 ?
Answer :
Primary ledger: The primary ledger acts as the primary accounting representation
Secondary Leger: Secondary ledgers represent the primary ledger's accounting data in
another accounting representation that differs in one or more of the following ways:
o chart of accounts
o accounting calendar/period type combination
o currency
o subledger accounting method
o ledger processing options
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 uses the corporate chart of
accounts and subledger accounting method, and use a secondary ledger for statutory reporting
purposes that uses 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.
Assign one or more secondary ledgers to each primary ledger for an accounting setup.
 The secondary ledgers assigned can only perform the accounting for the legal entities within
the same accounting setup.
33. Question 33. In The Multi‐org Structure, At What Level Does Gl Operate?
Answer :
General Ledger operates at SOB level.

Accounting Reports Interview Questions

34. Question 34. 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:
o Open
o Closed
o Future ‐ Entry
o Permanently Closed
o Never Opened
The information is maintained in GL_PERIOD_STATUSES.
35. Question 35. 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.
36. Question 36. 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.

Accounting Principles Interview Questions

37. Question 37. 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.
38. Question 38. 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.
39. Question 39. What Happens When The Posted Journal Are Changed?
Answer :
Posted Journal cannot be modified. They can only be reversed.
40. Question 40. 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).

Corporate Finance Interview Questions

41. Question 41. 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).
42. Question 42. 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.

HR Interview Questions

43. Question 43. 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.
44. Question 44. 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.
45. Question 45. 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.
46. Question 46. What Are The Various Type Of Balances Supported By Gl?
Answer :
 Oracle GL supports three type are balances which are:
o Actual
o Encumbrance
o Budger
47. Question 47. 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
o Expense (E)
o Revenue (R)
o Asset (A)
o Liabiltiy (L)
o 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.
48. Question 48. 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)
49. Question 49. 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.
50. Question 50. What Is The Maximum Number Of Periods Allowed In A Year While
Defining Gl Calendar? Can You Two Periods In Gl Calendar 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.