10+ Cakewalk Interview Questions and Answers

Posting key is a two-digit numerical code used in SAP FICO to determine the type of transaction and the general ledger account to be posted.

• Posting key is used to control the entry of accounting documents in SAP FICO.

• It determines the type of transaction, such as debit or credit, and the general ledger account to be posted.

• Posting keys are predefined in SAP and can be customized as per business requirements.

• The posting key is assigned to each line item in an accounting docume...read more

Cash journal is a special journal used to record all cash transactions in a company.

• Cash journal is used to record all cash transactions in a company

• It is a special journal that is used to manage cash transactions

• Cash journal is used to record all incoming and outgoing cash transactions

• There are 3 steps in cash journal: creating a cash journal, posting transactions, and closing the cash journal

There are three types of tolerance groups in SAP: payment, invoice, and purchasing.

• Payment tolerance group controls the maximum amount of difference between the invoice and payment.

• Invoice tolerance group controls the maximum amount of difference between the invoice and purchase order.

• Purchasing tolerance group controls the maximum amount of difference between the purchase order and goods receipt.

• Each tolerance group is assigned to a user or a group of users.

• Tolerance groups ...read more

Asset class is a categorization of assets based on their characteristics. It is made by the company's management.

• Asset class is used to group similar assets together for reporting purposes

• It helps in tracking and managing assets efficiently

• Examples of asset classes include buildings, machinery, vehicles, and furniture

• Asset classes are created by the company's management based on their business needs

There are three levels of configured down payment: partial, final, and intermediate.

• Partial down payment is made before the delivery of goods or services.

• Final down payment is made after the delivery of goods or services.

• Intermediate down payment is made during the delivery of goods or services.

• Each level can have different percentages and due dates.

• Down payment configuration can vary based on company policies and customer agreements.

Desperation is not a process that can be calculated. Did you mean depreciation?

• Desperation cannot be calculated as it is an emotion.

• Depreciation is the process of allocating the cost of an asset over its useful life.

• Depreciation can be calculated using various methods such as straight-line, declining balance, and sum-of-the-years' digits.

• Depreciation is important for financial reporting and tax purposes.

• For example, a company may purchase a machine for $10,000 with a useful l...read more

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

• SAP FICO is an acronym for SAP Financial Accounting and Controlling.

• It is a module in SAP ERP that integrates financial accounting and controlling processes.

• It helps organizations manage their financial transactions, financial reporting, and cost controlling.

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

• I...read more

There are three types of chart of accounts: Operating chart of accounts, Group chart of accounts, and Country-specific chart of accounts.

• Operating chart of accounts is used for daily accounting activities and is assigned to a company code.

• Group chart of accounts is used for consolidating financial statements of multiple company codes.

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

• Examples: Operating chart of accounts ...read more

Financial Statement Version is a configuration tool in SAP FICO used to define the structure and layout of financial statements.

• Financial Statement Version is used to group and organize financial statement items.

• It allows customization of the structure and presentation of financial statements.

• It helps in generating accurate and meaningful financial reports.

• It can be used to define multiple versions of financial statements for different purposes or reporting requirements.

• Examp...read more

Posting period variant is a configuration setting that controls the posting periods for financial transactions.

• Posting period variant determines the open and closed periods for posting financial transactions.

• It is assigned to a company code and controls the posting periods for all financial modules.

• It can be customized to meet the specific needs of the organization, such as defining special periods for year-end closing.

• Examples of posting period variants include K4 for calend...read more

Product costing is the process of determining the cost of producing a product or service.

• It involves identifying all the costs associated with producing a product or service, including direct and indirect costs.

• Direct costs include materials, labor, and other expenses directly related to production.

• Indirect costs include overhead expenses such as rent, utilities, and administrative costs.

• Product costing is important for determining the profitability of a product or service an...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 preparing financial reports.

Document types are categories of documents used in SAP to classify and organize business transactions.

• Document types are assigned to each transaction in SAP to identify the type of transaction and its purpose.

• Examples of document types include vendor invoices, customer invoices, purchase orders, and payment requests.

• Document types are used to control the posting of accounting entries and to determine the document number range.

• Document types can be customized to meet the speci...read more

AAP configuration involves setting up the Asset Accounting module in SAP FICO.

• Define chart of depreciation

• Create asset classes

• Specify depreciation areas

• Assign asset classes to depreciation areas

• Define screen layout rules

• Configure number ranges for asset master records

• Set up depreciation keys

• Define tax depreciation areas

• Configure integration with other modules

Account payable is the amount owed by a company to its suppliers or vendors for goods or services received but not yet paid for.

• It is a liability account in the balance sheet

• It represents the amount owed to suppliers or vendors

• It includes invoices received but not yet paid

• It is an important component of working capital management

• Example: A company receives a bill for $10,000 from a supplier for raw materials purchased. The amount owed to the supplier is recorded as an account...read more

Account receivable is the amount of money owed to a company by its customers for goods or services sold on credit.

• It is a current asset on the balance sheet

• It represents the amount of money that a company expects to receive from its customers

• It is recorded as a debit entry in the company's books

• Examples include outstanding invoices, credit notes, and bad debts