Accenture Sap Fico Interview Questions And Answers Pdf

Accenture Sap Fico Interview Questions And Answers Pdf

Discover a compilation of SAP FICO interview questions and answers designed to assist both freshers and experienced candidates in securing their desired job.

Contents

SAP FICO Interview Questions and Answers for Freshers

SAP FICO, which stands for Financial Accounting and Controlling, is a software that handles various accounting tasks such as financial statement preparation and tax calculations (FI) as well as inter orders, cost allocations, and inventory management (CO). It effectively stores data, performs computations based on current market conditions, and ensures the accuracy of information. Additionally, SAP FICO safeguards against data loss while also verifying and generating reports.

2) What are the other modules to which ‘Financial Accounting’ is integrated?

The other modules that are connected with “Financial Accounting” include.

3) In SAP FI what are the organizational elements?

To identify the type of transaction recorded in a line item, a numerical code called the “Posting Key” is utilized.

5) What is the company code in SAP?

The company code is utilized to produce financial statements such as the Profit and Loss statement and Balance sheets.

6) How many Chart of Accounts can company code have?

In India, it is possible to assign a single Chart of Accounts to a company code.

8) What are the options in SAP for Fiscal years?

The fiscal year in SAP refers to how financial information is organized and stored within the system. It consists of 12 regular periods and four additional special periods. These time divisions are defined by a specific fiscal year variant in SAP.

Accenture SAP FICO Interview Questions and Answers in PDF Format

SAP system does not know what is broken fiscal year e.g April 2012 to March 2013 and only understand the calendar year. If, for any business, the fiscal year is not a calendar year but the combination of the different months of two different calendar year and then one of the calendar year has to classified as a fiscal year for SAP and the month falling in another year has to be adjusted into the fiscal year by shifting the year by using the sign -1 or +1. This shift in the year is known as ‘year shift’.

From April 2012 to December 2012, we consider it as our first calendar year. Then, from January 2013 to March 2013, it is considered the second year. However, if you choose April-12 to Dec-12 as your fiscal year, then Jan-13 to Mar-13 automatically becomes the second year and needs adjustment by using a -1 shift. Conversely, if the scenario is reversed, you would use a +1 shift for adjustment.

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10) What is year dependent fiscal year variant?

In a fiscal year variant that depends on the year, the length of each month does not follow the standard calendar. For instance, in 2005, January ended on the 29th and February ended on the 26th.

11) In SAP how input and output taxes are taken care?

In India, a tax procedure is established for each country, and within this procedure, specific tax codes are defined. There is an option to either treat the tax amounts as expenses or include them in the capitalization of stocks.

12) Explain what is validations and substitutions in SAP?

In SAP, there are defined validation or substitution rules for different functional areas such as Assets and Controlling. These rules are implemented at various levels within the system.

13) What are the application areas that use validation and substitutions?

FSV, also known as Financial Statement Version, serves as a reporting tool within SAP. Its purpose is to extract essential financial statements such as the Profit and Loss Account and Balance Sheet. By utilizing multiple FSVs, organizations can generate outputs tailored for different external entities like banks and statutory authorities.

15) What is a field status group?

The fields that appear when a user performs transactions are controlled by “field status groups.” These field status groups are stored in the Financial General Ledger (FIGL) master.

Accenture SAP FICO Interview Questions and Answers PDF: Understanding FI-GL (Financial-General Ledger) Accounting

G L (General Ledger) Accounting is utilized to gain a comprehensive understanding of external Accounting and accounts. It involves the registration of all business transactions within a software system, alongside other operational areas, guaranteeing the constant accuracy and entirety of Accounting data.

Accenture SAP FICO Interview Questions and Answers in PDF Format: Commonly Asked Queries about SAP Exchange Rate Types

The average rate (M) is set as the default exchange rate for all SAP transactions.

Methods for Making Vendor Invoice Payments

Making a payment without the need for any physical form of payment such as cheques or other output mediums.

b) Automated payment methods such as DME (Data Medium Exchange), checks, and wire transfers.

19) What are the problems when business area is configured?

One challenge that arises during the configuration of a business area is the division of account balances, especially when it comes to tax accounts.

Customizing Prerequisites for Document Clearing in Accenture SAP FICO Interview: What are they?

To ensure document clearing, it is necessary to verify the status of cleared and uncleared items. This verification process is carried out through open item management, which oversees outstanding accounts such as accounts payable and accounts receivable. For example, an unpaid invoice remains classified as an open account until it has been settled.

Importance of GR/IR Clearing Account in Accenture SAP FICO Interview: Explained

The GR/IR (Good Received/Invoice Received) account serves as a temporary holding account. In the previous system, if goods were received but no invoice was received yet, a provision would be made. In SAP, this provision is created at the time of goods receipt by debiting the Inventory and crediting the GR/IR account. Similarly, when an invoice is received, the vendor account is credited and the GR/IR account is debited. The GR/IR account will display as uncleared items until the invoice has been received.

22) What is parallel and local currency in SAP?

In addition to the local currency, each company code has the option to include two parallel currencies. These parallel currencies, known as group currency and hard currency, can be used for foreign business transactions and international transactions.

23) Where can you use the internal order?

Internal orders are utilized to monitor expenses and are intended for short-term use.

Can depreciation be calculated on a daily basis?

Certainly, it is feasible to compute depreciation by activating the Dep. to the day indicator in the configuration of the depreciation key.

Accenture SAP FICO Interview Questions and Answers PDF: Organizational Assignments in Asset Accounting

In Asset Accounting, chart of depreciation is rated as the highest node, and this is assigned to the company node. All the depreciation calculations are stored under the chart of depreciation.

How can I successfully pass my SAP FICO interview?

SAP FICO stands for SAP Financial Accounting and Controlling. It is a module in the SAP software that helps businesses manage their financial operations, including accounting, budgeting, and reporting.

The main purpose of using SAP FICO is to streamline financial processes within an organization. It allows companies to track their financial transactions accurately, generate reports for analysis and decision-making, manage budgets effectively, and ensure compliance with accounting standards.

SAP FICO Interview Questions for Experienced Candidates

The asset class serves as the primary classification for assets, ensuring that each asset is assigned to a single class. Examples of asset classes include Furniture & Fixtures, Plant & Machinery, and Computers. Within an asset class, there is also a G1 account which is debited when an asset is acquired. When creating an asset master record, it is mandatory to specify the corresponding asset class. This allows for automatic selection of the associated G1 account and entry posting whenever there are transactions involving the assets. Additionally, default values can be set within each asset class for depreciation calculations and other master data requirements.

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27) How capital WIP (Work In Process) and Assets accounted for in SAP?

In SAP, the term “Capital WIP” is used to describe assets that are still under construction. These assets are categorized under a specific asset class and typically do not incur depreciation charges. The expenses associated with constructing a capital asset can be recorded using an “internal order” and then transferred to an “Asset Under Construction” through settlement procedures.

28) What are the major components of Chart of Accounts?

To establish a Credit Control Area in SAP, you can utilize the transaction code OB45 or follow a specific path.

To access the credit control area in SAP FICO, you need to follow these steps: go to SPRO, then navigate to enterprise structure and select maintain structure. From there, choose financial accounting and click on maintain credit control area. Finally, enter the required description for the credit control area.

31) What is posting period variants?

The posting period in SAP refers to a specific time frame during which transaction figures are updated for the fiscal year. It is responsible for managing the opening and closing of accounting periods, ensuring that only open periods can be used for posting transactions and maintaining balance in closed periods.

Accenture SAP FICO Interview Questions and Answers PDF: Understanding Field Status and its Control

The field status group is a designated group within the Field Status Variant (FSV) that is used to manage the field status for General Ledger (G/L) accounts. It determines which fields should be hidden, shown, optional, or mandatory.

33) What is short-end fiscal year?

A short-end financial year occurs when there is a transition from a regular fiscal year to a non-calendar fiscal year, or vice versa. This change typically happens when an organization becomes part of a different corporate group.

Accenture SAP FICO Interview Questions and Answers PDF: Understanding Account Groups and Their Applications

An account group is utilized to manage the information that must be inputted during the creation of a master record. These groups are established for defining GL accounts, Customer Master, and Vendors.

35) What is the purpose of “Document type” in SAP?

The types of accounts that can be posted are determined by the SAP FICO system. These include assets, vendors, customers, and normal general ledger (GL) accounts.

Is business area applicable at the company code level?

No, the business area is determined at the client level, allowing for multiple company codes to be assigned to the same business area.

What level are Customer and Vendor codes stored at in SAP?

Tolerance is a crucial factor in determining whether an invoice will be subject to matching or tax hold. Logistic Invoice Verification offers various instances where tolerance can be defined.

39) What is a country Chart of Accounts?

The Chart of Accounts for a specific country includes the necessary General Ledger accounts to comply with the legal regulations in that country.

40) What is APP in SAP Fico?

In some organizations, particularly those involved in large cash transactions, it may not be feasible to create new vendor master records for every trading partner. To address this issue, one-time vendors are utilized, which involve the use of a dummy vendor code during invoice entry and the inclusion of relevant information typically stored in the vendor master record.

43) What are the standard stages of the SAP payment run?

The subsequent procedures represent the typical phases involved in executing the SAP payment run. Restate this information using your own words, without elaborating on the subject matter. Use Indian English for your response.

b) Scheduling of proposals – the system suggests a schedule for the payment of invoices.

c) Recording of payment- the process of entering the actual payments into the financial records.

Accenture SAP FICO Interview Questions and Answers PDF: Exploring the Differences between Residual Payment and Part Payment Methods in Accounts Receivable

Repetitive entries can eliminate the requirement for manually posting Accounting documents that remain unchanged on a monthly basis. For instance, an expenditure document can be produced and scheduled to occur at the end of each month or as per individual preference. Typically, multiple repetitive entries are generated simultaneously and then processed collectively as a batch at the end of the month using a transaction.

Accenture SAP FICO Interview Questions and Answers: PDF Guide

Statistical internal orders are fictitious cost objects that are utilized for the purpose of reporting and analysis. They need to be associated with a genuine object, such as a cost center, in order to be posted.

50) For what purposes internal orders can be used?

Overhead Orders: It tracks internal tasks that are allocated to cost centers.

b) Investment Orders: It tracks and oversees internal projects related to fixed assets.

c) Accrual Orders: Offsetting the recording of calculated accrued costs in CO.

d) Orders with Revenue: This feature showcases the cost management aspects of Sales and Distribution, without impacting the main operations of the organization.

These interview questions can also be beneficial for your viva or oral examinations.

Possible Questions in an Accenture Interview

What is the purpose of the “static” keyword in Java? Can we have multiple interfaces implemented in a single Java class? What is the importance of the “super” and “this” keywords in Java? How does run-time polymorphism work and how is it achieved in Java?

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The “static” keyword in Java is used to declare variables, methods, or inner classes that belong to a class itself rather than an instance of that class. These static members can be accessed directly using the class name without creating an object. For example, if we have a static variable called count in a class named MyClass, we can access it as MyClass.count.

In Java, the “super” keyword refers to the superclass (parent) of a subclass (child). It is used to call superclass constructors or access superclass members that are hidden by subclasses. On the other hand, the “this” keyword refers to the current instance of an object within its own scope. It is often used for distinguishing between local variables and instance variables with similar names.

Run-time polymorphism occurs when different objects respond differently based on their actual types at runtime instead of their declared types at compile time. In Java, this type of polymorphism is achieved through method overriding – where a subclass provides its own implementation for an inherited method from its superclass while maintaining compatibility with other objects through inheritance relationships.

What are the fundamental concepts of SAP FICO?

SAP FICO, which stands for Financial Accounting and Controlling, is a crucial module of SAP ERP. It consists of two main components: Financial Accounting (FI) and Controlling (CO). The FI component focuses on financial reporting and accounting management within an organization. It helps in recording financial transactions, generating financial statements, managing accounts payable and receivable, as well as handling asset accounting.

On the other hand, the CO component of SAP FICO emphasizes planning and monitoring costs across various departments or business units within an organization. It enables businesses to track their expenses, analyze profitability by different cost centers or projects, allocate costs accurately to specific areas or products, and make informed decisions based on this data.

By integrating these two components seamlessly into one module, SAP FICO provides organizations with a comprehensive solution for managing their financial processes effectively. With its robust features and functionalities, it streamlines finance-related tasks such as general ledger accounting, bank reconciliation statements preparation, tax calculations/reporting compliance adherence.

What is the maximum pay in SAP FICO?

The average salary for SAP FICO Consultants in India is ₹14,15,729 per year. This figure represents the typical annual income earned by professionals working in this field across the country. Additionally, SAP FICO Consultants in India can expect to receive an average additional cash compensation of ₹7,20,000. It is worth noting that this amount remains consistent within a narrow range from ₹7,20,000 to ₹7,20,000.

P.S. The salaries mentioned above are based on industry averages and may vary depending on factors such as experience level, location within India, and the specific company or organization one works for.

Accenture FICO Salary: What is it?

The salary range for an Accenture SAP FICO Analyst in India is between ₹ 3.0 Lakhs to ₹ 11.0 Lakhs per year, with the average annual salary being around ₹ 7.1 Lakhs. This means that some professionals in this role may earn as low as ₹ 3.0 Lakhs per year, while others can earn up to ₹ 11.0 Lakhs per year.

SAP FICO stands for Financial Accounting and Controlling module of the SAP software system, which is widely used by businesses for managing their financial operations and controlling processes. An Accenture SAP FICO Analyst is a professional who specializes in implementing and maintaining this module within organizations.

In simpler terms, an Accenture SAP FICO Analyst is responsible for helping companies effectively manage their finances using the SAP software system. They ensure that financial transactions are accurately recorded, provide insights on financial performance through reporting and analysis, assist in budgeting and forecasting activities, and support overall financial control processes within the organization.

– The salary range for an Accenture SAP FICO Analyst in India varies from ₹ 3.0 Lakhs to ₹ 11.0 Lakhs annually.

– An Accenture SAP FICO Analyst specializes in implementing and maintaining the Financial Accounting and Controlling module of the SAP software system.

– Their main responsibilities include managing financial transactions, providing insights on financial performance, assisting with budgeting activities, and supporting overall financial control processes within organizations

Number of rounds in an SAP FICO interview?

The first round is usually a Technical round where candidates are tested on their knowledge of SAP Fico concepts, including financial accounting, controlling, and integration with other modules. The interviewer may ask questions about various scenarios and expect the candidate to provide solutions or explain how they would handle specific situations. It is important for candidates to have a strong understanding of SAP Fico functionalities and be able to demonstrate their expertise during this round.

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What was the reason for selecting SAP FICO?

SAP FICO course certification offers several benefits for financial management systems in organizations. It enhances record keeping and facilitates decision-making processes. Additionally, it simplifies modifications, product pricing, and manufacturing cost management. Moreover, the use of activity-based costing is increased throughout various processes.