Masters Management Consultants Interview Questions and Answers

Four situations where we have to create a Bank Reconciliation Statement

• When there is a discrepancy between the bank balance and the company's books

• When there are outstanding checks or deposits in transit

• When there are bank errors or fees that need to be reconciled

• When there are adjustments for interest earned or bank charges

Not maintaining account modifier can lead to incorrect financial reporting and accounting errors.

• Account modifier is used to differentiate between different types of transactions in financial reporting.

• If not maintained, it can lead to incorrect financial statements and accounting errors.

• For example, if a company has multiple revenue streams, not maintaining account modifier can lead to revenue from different streams being reported together, leading to incorrect financial ana...read more

Condition record is used to define pricing and discounts for customers and materials.

• Condition record is used in SAP FICO module.

• It is used to define pricing and discounts for customers and materials.

• It helps in maintaining the consistency of pricing and discounts across the organization.

• It can be used to define different pricing and discounts for different customers and materials.

• Examples of condition records include pricing for a specific customer or material, discounts for...read more

Kofi & Kofa are not related to SAP Fico. No relevant information found.

Integration between FI, MM, and SD involves sharing data between financial accounting, materials management, and sales and distribution modules in SAP.

• FI module records financial transactions and generates financial reports.

• MM module manages procurement and inventory processes.

• SD module handles sales orders and customer invoices.

• Integration ensures seamless flow of data between modules for accurate financial reporting.

• Example: When a sales order is created in SD, it triggers ...read more

The number of cod configured depends on the specific requirements of the project and can vary.

• Number of cod configured is determined by the specific needs of the project

• Cod configuration can range from a few to many depending on complexity

• Examples of cod configurations include GL accounts, cost centers, profit centers, etc.