Oracle Financials is a tool from Oracle Corporation that helps in capturing and analyzing financial data on a worldwide basis. It helps in cost management, financial control, compliance, risk management, etc. It supports any firm's financial processes. There are a lot of opportunities available on Oracle Financials. Finding the right material to prepare for an interview is always difficult. So, our experts have put together interview questions on Oracle Financials. In this post, we will explain the top 13 Oracle Financials interview questions. Go through the below frequently asked Oracle Financials interview questions and answers to improve your skill.
Ans: Flexfields are useful to configure applications that support your accounting, product, and other codes. It captures data, validates values, and value combinations, entered by the user. There are a total of 16 types of Flexfields. Some of them are Asset Key Flexfield, Location Flexfield, Category Flexfield, Territory Flexfield, Sales Tax Location Flexfield.
Ans: A key Flexfield qualifier is like a label that will be attached to a particular key Flexfield segment. The application will be able to identify a segment through this key Flexfield qualifier. Here are the types of Flexfield qualifiers.
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Ans: The differences between Key Flexfield(KFF) and Descriptive Flexfield(DFF) are,
Ans: Set of Books is useful to identify a company or fund within Oracle Applications. It shares a common chart of accounts structure, calendar, and functional currency. It is stored in the GL_SETS_OF_BOOKS table.
Ans: There are three essential components of a general ledger Set of Books.
Ans: The below five tabbed regions will be available in the Set of Books definition form.
Ans: The process of inserting new valid combination into a combinations table from a form which is not combinations form is called dynamic insertion. If you allow dynamic insertion for key Flexfield, a user can enter a new combination of segment values from a foreign key form in the Flexfield window.
Ans: There are 8 types of value sets.
Ans: A supplier audit report is used to identify duplicate suppliers.
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Ans: There are 5 statuses of an accounting period.
Ans: When we create a journal, it will impact the following tables.
Ans: The formula for creating allocation journals is,
Ans: The following are the prerequisites for conversion.
According to a survey, out of the customer base of Oracle Financials, 27% of them are software, 22% of them are banking, 13% of them are Information Technology and Services, and 6% of them are Financial Services. So there is a high demand for Oracle Financials developers. These questions will help you in scoring the dream job that you seek.