Oracle Financial Interview Questions and Answers: How Many Key Flexfields Are There in Oracle Financials?
Oracle Financial Interview Questions and Answers: How Many Key Flexfields Are There in Oracle Financials?
1. General Ledger
1. Accounting Flexfield
2. Assets
1. Asset Key Flexfield
2. Location Flexfield
3. Category Flexfield
3. Service
1. Service Item Flexfield
4. Receivables
1. Territory Flexfield
2. Sales Tax Location Flexfield
5. Inventory
1. Item Categories
2. System Items
3. Sales Orders
4. Item Catalogs
Configure applications to support your own accounting, product and other codes.
Use the application to validate values and value combinations entered by the user.
Key flexfield
Descriptive flexfield
What is a key flexfield qualifier?
A qualifier is a label attached to a particular key flexfield segment so it can be located by the
application requiring its information. A key flexfield qualifier can be of 2 types:
Hierarchical Security: With Hierarchical security, the features of the value security and value
hierarchies are combined. With this feature any security that applies to a parent value also applies
to its child values.
Non-Hierarchical Security: Security is enabled, but the rules of the hierarchical security do not
apply. That is, a security rule that applies to a parent value does not “cascade down” to its child
values.
What are the types of Value Sets
1. None: A value set of the type None has no list of approved values associated with it. A None value
set performs only minimal checking of, for example, data type and length.
2. Independent: Independent type value sets perform basic checking but also check a value entered
against the list of approved values you define.
3. Dependent: A dependent value set is associated with an independent value set. Dependent value
sets ensure that all dependent value are associated with a value in the related independent value set.
4. Table: Table value sets obtain their lists of approved values from existing applications tables. When
defining your table value set, you specify a SQL query to retrieve all the approved values from the
table.
5. Special: This specialized value set provides another flexfield as a value set for a single segment.
6. Pair: This specialized value set provides a range flexfield as a value set for a pair of segments.
7. Translated Independent: This works similar to Independent type. However, a Translated
Independent value set can contain display values that are translated into different languages.
8. Translated Dependent: This works similar to Dependent type. However, a Translated Dependent
value set can contain display values that are translated into different languages.
Oracle Financial Functional
Interview Questions
How many segments are there in the key flexfield(s) in oracle general ledger?
Oracle GL Key flexfield can have 15 columns each representing a segment. However, the
segments type can be:
Balancing segment
Account segment
Intercompany segment
On which entity is a security rule applicable?
It’s a feature of Key flexfield, applicable on Value Sets.
On which entity is the cross-validation rule applicable?
It’s a feature of Key flexfield, applicable on Value Sets.
Shorthand alias.
An Alias is a label for a particular combination of key flexfield segment value. This allows
users to enter data faster and more easily because the user has to just enter the shorthand
alias, and the flexfield automatically populates the values for the segment.
What is a period in oracle gl?
A Period corresponds to a time span within which transactions are entered prior to finalizing,
otherwise called as close of the period.
What are the period types?
Predefined period types in Oracle GL are:
Month
Quarter
Year
If needed, period types of our own can be defined in addition to the standard periods.
Different statuses of an accounting period.
1. Closing
2. Journaling
3. Average Balances
4. Budgetary Control
5. Multiple Reporting Currencies
Parent Do no enable
Budget Yes
Posting Yes
Define new parent and child segment values, as well as change parent/child dependencies.
Create new roll-up groups from the account hierarchy manager and have your changes reflected
automatically in both key segment values and rollup groups window.
Also provides an option to control entities such as:
Read-only
Read/write security
Segment Value Security: An oracle applications feature that lets you exclude a segment value or
ranges of segment values for a specific user responsibility. Segment Value Security is extended
to the Account Hierarchy Manager.
Chart of Accounts Security
What does balance type “a” indicate?
Not Sure. May be ACTUAL.
How many buttons are there on the manual journal entry form? What are they?
By default, there are 3 buttons on the manual journal entry form:
1. More Details
2. Change Currency
3. More Actions
How many buttons are there under the “more actions” button? What are they?
When we click on the “More Actions” button, another window appears with 4 buttons:
Reverse Journal
Post
Change Period
CANCEL
What is the status of a newly entered journal?
Unposted.
Posting statuses.
Unposted
Pending
Processing
Posted
Error
What is Journal Reversal Pre-Requisites
GL_JE_BATCHES
GL_JE_HEADERS
GL_JE_LINES
When a journal is posted, which gl table is posted?
GL_BALANCES
When journals are interfaced, which gl table is populated?
GL_INTERFACE
What is the name of the concurrent to populate the gl tables from the interface table?
Journal Import.
What is the mechanism to rectify a posted journal?
Reverse the Journal.
What is the purpose of stat journal?
You can associate statistical amounts with monetary amounts by using statistical units of
measure.
This enables you to enter both monetary and statistical amounts in a single journal entry line.
For creation of periodically repititive journals what is the gl tool?
Recurring Journal.
What is massallocations?
A single journal entry formula that allocates revenues and expenses across a group of cost
centers, departments, or divisions.
What is the formula for creation of allocation journals?
A*B/C
A is the Cost Pool that will be allocated. It can be amount or account balance.
B is the numerator of the factor (a number or statistical account) that multiplies the cost pool for
the allocation.
C is the denominator of the factor (a number or statistical account) that divides the cost pool for
the allocation.
Note: Parent values can be used in one or more segments.
Account segment types for massallocation.
Looping
Summing
Constant
What are the target and offset accounts in allocation formula?
These are the lines that are the actual journal entry.
Target (T):
Enter an account in the Target line to specify the destination for your allocation.
The parent value used in the target must be the same parent value used in the B and C lines
of the formula.
Offset (O):
Enter an account in the Offset line to specify the account to use for offsetting debit or credit
from your allocation.
The Offset account is usually the same account as formula line A to reduce the cost pool by
the allocated amount.
Can you delete an unposted journal?
Not sure.
Journals from which sub-ledger do not pass through the gl interface table?
Not sure. May be Assets.
When the journals are interfaced and imported, what posting status do they have?
Unposted.
What is the pre-requisite for conversion?
Need to assign qualifiers to individual accounting key flexfield segments to identify or represent the
purpose in COA.
Natural Account Each Accounting Flexfield structure must contain only one natural account
segment. When setting up the values, you will indicate the type of account as Asset, Liability,
Balancing Account Each structure must contain only one balancing segment. Oracle General
Ledger ensures that all journals balance for each balancing segment.
Cost Center This segment is required for Oracle Assets. The cost center segment is used in
many Oracle Assets reports and by Oracle Workflow to generate account numbers. In
addition, Oracle Projects and Oracle Purchasing also utilize the cost center segment.
Intercompany General Ledger automatically uses the intercompany segment in the account
code combination to track intercompany transactions within a single ledger. This segment
has the same value set and the same values as the balancing segment.
Discuss Primary Ledger Vs Secondary Ledger Vs Reporting Currency.
Primary Ledger Vs Secondary Ledger:
Use secondary ledgers for supplementary purposes, such as consolidation, statutory reporting, or
adjustments for one or more legal entities within the same accounting setup.
For example, use a primary ledger for corporate accounting purposes that use the corporate
chart of accounts and subledger accounting method, and use a secondary ledger for statutory
reporting purposes that use the statutory chart of accounts and subledger accounting method.
This allows you to maintain both a corporate and statutory representation of the same legal