Oracle Financial Functional Consultant Interview Questions and Answers

Procedures are faster as they are precompiled and stored in memory, while functions need to be compiled each time they are called.

• Procedures are precompiled and stored in memory, making them faster to execute.

• Functions need to be compiled each time they are called, which can slow down execution.

• Procedures are commonly used for performing tasks, while functions are used to return a value.

• Example: If you have a procedure to calculate employee salaries, it would be faster than a...read more

Lexical parameter is a placeholder in a SQL query that is replaced by a specific value at runtime. Bind parameter is a placeholder in a SQL query that is bound to a specific value before execution.

• Lexical parameter is denoted by a colon followed by a name, like :parameter_name.

• Bind parameter is denoted by a question mark, like ?.

• Lexical parameters are replaced with values at runtime, while bind parameters are bound to values before execution.

• Example: SELECT * FROM employees W...read more

Oracle bill in advance accounting entries

• When billing in advance, recognize revenue over the service period

• Debit Accounts Receivable and credit Unearned Revenue upon billing

• Recognize revenue by debiting Unearned Revenue and crediting Revenue over time

• Adjust entries as revenue is earned

O2C process stands for Order to Cash process, which involves all the steps from receiving an order to receiving payment.

• Includes order entry, order fulfillment, invoicing, and payment collection

• Involves multiple departments such as sales, operations, finance, and customer service

• Key steps include order creation, order processing, shipping, invoicing, and payment processing

• Ensures timely delivery of goods or services to customers and timely payment collection

Important points for package include customization, integration, user training, and support.

• Customization to meet specific business requirements

• Integration with other systems for seamless data flow

• User training to ensure effective utilization of the package

• Ongoing support for troubleshooting and updates

P2P cycle stands for Procure to Pay cycle, which involves the process of purchasing goods or services from a vendor and making payment for them.

• The cycle starts with the creation of a purchase order (PO) based on the requirements identified in the requisition.

• The vendor delivers the goods or services, and the receiving department confirms receipt in the system.

• An invoice is generated by the vendor and matched with the PO and receipt in the system for payment processing.

• Paymen...read more

Business processes are a series of tasks or activities that organizations perform to achieve a specific goal or outcome.

• Business processes involve a series of steps or activities that are interconnected and contribute to achieving a specific objective.

• They can be documented using flowcharts, diagrams, or written procedures.

• Business processes can be automated using software systems like ERP systems to improve efficiency and accuracy.

• Examples include order-to-cash process, proc...read more

P2P cycle for asset involves procurement of assets, creation of asset records, and tracking asset lifecycle.

• Procurement of assets through purchase orders or requisitions

• Creation of asset records in the system with details like cost, depreciation method, and useful life

• Tracking asset lifecycle including additions, retirements, and transfers

• Integration with fixed assets module for depreciation calculations