10+ i2k2 Networks Interview Questions and Answers

Interview questions for SAP Fico Consultant

• Journal entry for Purchase with GST involves debiting the Purchases account and crediting the Input GST account

• Ind AS stands for Indian Accounting Standards, one of which is Ind AS 116 on Leases

• SAP is a software company that provides enterprise software to manage business operations and customer relations

• ERP stands for Enterprise Resource Planning, a software system that integrates business processes and data

• IT industry offers opport...read more

Asset accounting end to end steps with PO

• Create a purchase order (PO) for the asset

• Receive the asset and post the goods receipt in SAP

• Create an asset master record in SAP

• Post the invoice for the asset

• Settle the asset to the appropriate asset class

• Depreciate the asset over its useful life

• Retire or dispose of the asset when it is no longer in use

Cost centre internal order is a tool used in SAP FICO to track costs and expenses for a specific project or department.

• It is used to monitor and control costs within a specific area of responsibility

• It helps in tracking expenses for a particular project or department

• It is used to allocate costs to different cost centers

• It is used to generate reports for management to analyze costs and expenses

• Example: A company may create an internal order for a specific marketing campaign to...read more

CO FI MM integration refers to the integration of financial accounting (FI), controlling (CO), and materials management (MM) modules in SAP.

• CO FI MM integration allows for seamless flow of data between these modules

• It enables real-time tracking of financial transactions related to material procurement, inventory management, and production

• Examples of CO FI MM integration include automatic creation of accounting documents when goods are received or issued, and automatic updatin...read more

The product of costing entire price structure is the total cost of producing a product or providing a service.

• The costing process involves identifying all the costs associated with producing a product or providing a service.

• These costs include direct costs such as materials and labor, as well as indirect costs such as overhead and administrative expenses.

• Once all the costs have been identified, they are added together to determine the total cost of production.

• This total cost ...read more

SAP is an enterprise resource planning software that helps businesses manage their operations and finances.

• SAP stands for Systems, Applications, and Products in Data Processing

• It was founded in 1972 in Germany

• SAP offers various modules for different business functions such as finance, sales, and production

• It helps businesses streamline their processes and make data-driven decisions

• SAP is used by many large corporations worldwide, including Coca-Cola, IBM, and Microsoft

Foreign currency revaluation in SAP is the process of adjusting the value of open items in foreign currency based on the current exchange rate.

• Foreign currency revaluation is used to reflect the true value of assets and liabilities in foreign currency.

• It helps in adjusting the balance sheet to account for fluctuations in exchange rates.

• The revaluation is typically done at the end of a period using the current exchange rate.

• Any gains or losses from the revaluation are posted t...read more

A profit centre is a segment of a business that generates revenue and incurs costs, and is accountable for its own financial performance.

• A profit centre is responsible for generating revenue and incurring costs.

• It is accountable for its own financial performance.

• It helps in evaluating the profitability of different segments of a business.

• Examples of profit centres include product lines, departments, and geographical regions.

Asset class in SAP is a category used to classify assets based on similar characteristics or attributes.

• Asset class determines the general ledger accounts to which the asset values are posted

• It helps in organizing assets for reporting and analysis purposes

• Examples of asset classes include buildings, machinery, vehicles, etc.