10+ SAP Fico Consultant Interview Questions and Answers for Freshers

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

SAP CO is a module for controlling and managing costs in an organization. Personal and nominal accounts are used in financial accounting. GST is a tax system. P2P cycle is a procurement process. Asset accounting is for managing fixed assets.

• SAP CO is used for cost controlling and management

• Personal accounts are used for individuals and nominal accounts are used for expenses and revenues

• GST is a tax system used in India and other countries

• P2P cycle is a procurement process fro...read more

Financial statement version is a report that displays financial data in a specific format.

• It is used to create customized financial statements based on company requirements.

• It allows users to define the structure and layout of financial statements.

• It can be used to display data from different accounting areas and periods.

• Examples include balance sheets, income statements, and cash flow statements.

In SAP FI, fiscal year is stored in a variant and entry effects are recorded in the general ledger.

• Fiscal year is stored in a variant which defines the start and end dates of the fiscal year

• Entry effects are recorded in the general ledger accounts

• The fiscal year variant can be assigned to a company code

• Posting periods can be defined within the fiscal year variant

• Closing entries are made at the end of the fiscal year to transfer balances to retained earnings

There are multiple types of chart of accounts in SAP Fico, including operating chart of accounts, country-specific chart of accounts, and group chart of accounts.

• Operating chart of accounts is used for daily accounting transactions and is common across all company codes.

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

• Group chart of accounts is used for consolidation purposes to combine financial data from multiple comp...read more

Accounts Receivable is a subledger that records all incoming payments from customers.

• AR is used to manage customer invoices and payments

• It tracks outstanding customer balances and generates aging reports

• AR can be integrated with sales and distribution modules for seamless processing

• It allows for credit management and dunning processes to ensure timely payments

• AR can also be used for cash application and bank reconciliation

SAP is used for efficient management of business processes and data.

• SAP provides a centralized system for managing various business functions such as finance, sales, procurement, and production.

• It helps in streamlining business processes and improving productivity.

• SAP provides real-time data analysis and reporting, enabling better decision-making.

• It offers customizable solutions to meet specific business needs.

• Examples of SAP modules include FICO for finance and controlling, ...read more

Shortened fiscal year is a period of less than 12 months used for financial reporting purposes.

• Shortened fiscal year is used when a company changes its fiscal year-end date.

• It can be due to mergers, acquisitions, or changes in business operations.

• Financial statements for a shortened fiscal year are prepared for the period between the old and new fiscal year-end dates.

• For example, if a company changes its fiscal year-end from December 31st to June 30th, the first shortened fis...read more

The 4 digit alphanumeric key, company name, city, country, currency, language, and address are all important details for SAP FICO consultants.

• The 4 digit alphanumeric key is used to identify the company in the SAP system.

• The company name, city, country, and address are used for billing and legal purposes.

• The currency and language are important for financial reporting and communication with stakeholders.

• Examples of currencies include USD, EUR, and JPY, while examples of langua...read more

Acetico and FI are not relevant terms in SAP FICO. Perhaps you meant Acetone and FI (Financial Accounting)?

• Acetico is not a term used in SAP FICO

• FI stands for Financial Accounting in SAP FICO

• Acetone is a chemical compound used in various industries

• FI module in SAP FICO deals with financial transactions, accounting, and reporting

Account Payable is a sub-ledger account in SAP-FICO used to track and manage payments to vendors.

• AP is used to record and manage all vendor invoices and payments

• It helps in maintaining accurate records of outstanding payments and due dates

• AP can be integrated with other modules like MM and SD for seamless transactions

• It allows for automatic payment processing and vendor statement reconciliation

• Reports can be generated to analyze vendor performance and payment history

Field status group is a configuration setting in SAP FICO that determines the field status of various fields in financial accounting documents.

• Field status group is assigned to a company code in SAP FICO.

• It controls the field status of various fields such as posting key, account type, document type, etc.

• Field status can be defined as mandatory, optional, suppressed, or display-only.

• Field status group is used to enforce data entry rules and ensure data consistency.

• For example,...read more

Account receivable in SAP FICO involves managing customer invoices and payments.

• Involves creating customer invoices for goods or services provided

• Tracks payments received from customers

• Allows for reconciliation of accounts receivable with general ledger

• Provides reports on outstanding receivables and aging analysis

Account Payable is the amount a company owes to its vendors or suppliers for goods or services received.

• It is a liability account in the balance sheet

• It represents the amount owed to vendors or suppliers

• It includes invoices received but not yet paid

• It is managed by the Accounts Payable department

• Examples include rent, utilities, and inventory purchases

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

• It is an important metric for measuring a company's liquidity and cash flow

• Example: If a company sells goods worth $10,000 on credit, the account receivable will be $10,000 until the c...read more

A chart of accounts is a list of all the accounts used by an organization to record financial transactions.

• It provides a systematic way to categorize and track financial transactions.

• Each account in the chart of accounts represents a specific type of asset, liability, equity, revenue, or expense.

• It helps in organizing financial data and generating accurate financial statements.

• The chart of accounts can be customized to meet the specific needs of an organization.

• Examples of ac...read more