SV Tech IT Solution SAP Fico Consultant Interview Questions, Process, and Tips

A company code can be assigned to only one chart of accounts.

• A company code can have multiple company codes, but each company code can only be assigned to one chart of accounts.

• The chart of accounts determines the account structure and is used for recording transactions.

• If a company has multiple subsidiaries with different accounting requirements, it may need to create multiple company codes with different charts of ac...read more

Change management is the process of planning, implementing, and monitoring changes to improve organizational effectiveness.

• It involves identifying the need for change

• Developing a plan for change

• Communicating the change to stakeholders

• Implementing the change

• Monitoring the change to ensure it is effective

• Examples include implementing new software, restructuring a department, or changing company policies

IDoc is a SAP document format used for exchanging data between systems. T-code WE19 is used to test IDocs.

• IDoc stands for Intermediate Document

• It is used for exchanging data between SAP and non-SAP systems

• IDocs can be sent and received using T-codes such as WE19, WE02, WE05, etc.

• T-code WE19 is used to test IDocs by manually creating and processing them

• IDocs can be customized using transaction codes such as WE30, WE31,

Accounts receivable is the money owed to a company by its customers, while accounts payable is the money a company owes to its suppliers.

• Accounts receivable refers to the outstanding invoices or money owed to a company by its customers for goods or services provided.

• Accounts payable refers to the outstanding invoices or money that a company owes to its suppliers for goods or services received.

• Accounts receivable is an ...read more

Suspense A/C is a temporary account used to hold transactions until they can be properly classified.

• Suspense A/C is also known as a clearing account or a transit account.

• It is used when there is uncertainty or discrepancy in the classification of a transaction.

• Transactions are initially recorded in the suspense account until they can be correctly allocated to the appropriate accounts.

• Once the correct classification is ...read more

The profit in the P&L a/c is transferred to the retained earnings account.

• Profit is transferred to the retained earnings account to reflect the accumulated profits of the company.

• Retained earnings account is a part of the equity section on the balance sheet.

• The transfer is done at the end of the accounting period.

• Retained earnings can be used for reinvestment, dividends, or other purposes.

• Example: If a company has a pr...read more