Accentuate Business Solutions SAP Fico Consultant Interview Questions and Answers

Q1. What is Virtualization
Ans. 
Virtualization is the creation of a virtual version of something, such as an operating system, a server, a storage device, or network resources.
• Virtualization allows multiple operating systems to run on a single physical machine

• It enables better utilization of hardware resources

• Examples include VMware, Hyper-V, and VirtualBox
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Q2. What is hypervisorsss
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A hypervisor is a software that creates and manages virtual machines on a physical server.
• It allows multiple operating systems to run on a single physical machine

• It provides isolation and security between virtual machines

• Examples include VMware, Hyper-V, and KVM
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Q1. Normal basic questions
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Q1. What is difference between bonds and equity
Ans. 
Bonds are debt instruments issued by companies or governments, while equity represents ownership in a company.
• Bonds are loans made by investors to companies or governments, who promise to repay the principal amount with interest.

• Equity represents ownership in a company and gives shareholders the right to vote on company matters and receive a share of profits.

• Bonds have a fixed maturity date, while equity has no maturit...read more
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Q1. What is your strength and weekness
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What about the sap fi , financial statements, fiscal year, chart of accounts etc.

Chart of accounts and fiscal year

Q1. In sap fi how was the store the fiscal year and entry effects
Ans. 
In SAP FI, fiscal year is stored in a variant and entry effects are recorded in the general ledger.
• Fiscal year is stored in a variant which defines the start and end dates of the fiscal year

• Entry effects are recorded in the general ledger accounts

• The fiscal year variant can be assigned to a company code

• Posting periods can be defined within the fiscal year variant

• Closing entries are made at the end of the fiscal year to
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Q2. What is the shortened fiscal year
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Shortened fiscal year is a period of less than 12 months used for financial reporting purposes.
• Shortened fiscal year is used when a company changes its fiscal year-end date.

• It can be due to mergers, acquisitions, or changes in business operations.

• Financial statements for a shortened fiscal year are prepared for the period between the old and new fiscal year-end dates.

• For example, if a company changes its fiscal year-en...read more
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Q3. Defined field status group
Ans. 
Field status group is a configuration setting in SAP FICO that determines the field status of various fields in financial accounting documents.
• Field status group is assigned to a company code in SAP FICO.

• It controls the field status of various fields such as posting key, account type, document type, etc.

• Field status can be defined as mandatory, optional, suppressed, or display-only.

• Field status group is used to enforce...read more
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Q4. How many types of chart of accounts and which
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There are multiple types of chart of accounts in SAP Fico, including operating chart of accounts, country-specific chart of accounts, and group chart of accounts.
• Operating chart of accounts is used for daily accounting transactions and is common across all company codes.

• Country-specific chart of accounts is used to meet legal and statutory requirements of a specific country.

• Group chart of accounts is used for consolida...read more
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Q1. Based on the role you apply for.
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Self introduction, Basic accounting

Q1. In details concept of sap fico
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