Dalvi & Sons SAP Fico Consultant Interview Questions and Answers

Accounts payable is a financial term that refers to the money owed by a company to its suppliers or vendors for goods or services received.

• Accounts payable is a liability on the balance sheet.

• It represents the amount owed by a company to its creditors.

• It includes invoices, bills, and other payment obligations.

• Accounts payable is recorded when goods or services are received but payment has not yet been made.

• It is an imp...read more

SAP FICO is a module in SAP ERP that deals with financial accounting and controlling.

• SAP FICO stands for Financial Accounting and Controlling.

• It helps in managing financial transactions, generating financial statements, and analyzing financial data.

• It includes sub-modules like General Ledger Accounting, Accounts Payable, Accounts Receivable, Asset Accounting, and Controlling.

• It integrates with other SAP modules like Sa...read more

Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.

• It is a current asset on the balance sheet.

• Accounts receivable represents the credit sales made by a company.

• It is recorded when a company invoices its customers for the goods or services provided.

• The amount owed by customers is typically collected within a specified period, known as the credit terms.

• If a...read more

A cost center is a specific location, department, or function within a business that is responsible for incurring costs.

• Cost centers help track and allocate expenses within an organization.

• They are used for budgeting, forecasting, and performance evaluation.

• Examples include marketing department, IT department, and production line.

• Month-end activities may include closing financial books, reconciling accounts, and prepar