Oracle‌ ‌Fusion‌ ‌Financial‌ ‌Interview‌ ‌Questions

Oracle fusion applications include the suite of Oracle applications that help in driving the business operations efficiently. Oracle Fusion is a platform that helps in performing tasks like enterprise resource management, human relation management, customer relationship management, the crucial parts of the organization. In this article, you can go through the set of Oracle Fusion financial interview questions most frequently asked in the interview panel. And these lists will help you to crack the interview as the topmost industry experts curate these at HKR training.

1. What do you understand about the term oracle fusion applications?

Ans: Oracle fusion applications are the applications developed by Oracle, often called as the next-generation applications. It is designed and developed based on the previous Oracle application offerings like Oracle PeopleSoft enterprise, etc. This product is developed from scratch and using Java as its programming language, and the product development is done based on the practically used inputs from the Oracle customers. The oracle customers give the information via the client council for this product application.

2. Briefly give an idea about the benefits of flex fields?

Ans: Flexfields includes the below-mentioned advantages: 

1. Flexfields help in configuring applications to provide support to your tu Yaar on accounting, codes and products. 

2. Flex fields make use of the application to validate the value and value combinations that are entered by the user. 

3. Flex fields also help in providing its extensive support to the multiple flex fields structures that depend upon the data context. 

4. Flexfields also help in enabling the construction of the intelligent keys. 

5. Flexfields help in configuring the application to capture the additional data.

3. List out the different number of segments that are available in the key flex fields in Oracle general ledger?

Ans: Oracle general ledger key flex field allows you to have 15 columns, each representing the segment. Different types of seconds available in Oracle general ledger key flex field are: 

1. Balancing segment 

2. Cost Center segment 

3. Intercompany segment 

4. Account segment

4. What do you understand by the term Oracle fusion middleware?

Ans: To improve efficiency using agility, Oracle Fusion middleware is the source or foundation for innovation. It provides its extensive support to carry out the business on a digital platform significantly. Oracle fusion middleware is a platform that helps in ensuring high-performance reliability and longevity, agility at any scale of the business, respectively. Oracle fusion middleware is also responsible for reducing or minimizing the cost of the organization to experience more productivity at work effectively. It provides a solution for the betterment of the business or the development of business growth in the most significant way.

5. List out the different statuses that are available in the accounting period.

Ans: There are different statuses available in the accounting period. They are listed below: 

1. Never opened: This Status means that you cannot enter or post journals. 

2. Future enterable: This Status lets you enter the journal but does not allow you to post. It consists of a fixed number of the future enterable period available in the set of books window. It also provides the flexibility to change the number of future enterable periods at any point in time. 

3. Open: The open status allows you to enter and post journals to any open period. It also allows any number of periods to be opened, but this might slow down the processing and can confuse the customers for the users entering the journal.

4. Closed: The closed status does not allow you to post any journals in the closed period. You need to reopen the closed period before posting the journals. It will enable you to close the period manually after the monthly quarterly or yearly processing.

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6. Briefly list out the value set security types?

Ans: The following are the value set security types available. 

1. No security: This security type means that the security is disabled for this value set. 

2. Hierarchical security: This security type provides the features of the valued security and the value hierarchy and combines them. This Security feature makes sure that any security that is applied to the parent value will also be applicable to the child value. 

3. Non-hierarchical security: In the non-hierarchical security type, the security is enabled, but the rules of the hierarchical security are not applicable. 

7. Briefly describe the different conversion rates available in Oracle GL?

Ans: There are five different types of conversion rates available in Oracle GL. They are listed below: 

1. Spot: Spot is the exchange rate based on the rate for a specific date. It applies to the immediate delivery of a currency. 

2. User: User refers to the exchange rate that you enter during the foreign currency. 

3. Corporate: Corporate refers to the exchange rate that helps in standardizing the rates of your company or organization. This rate usually refers to the standard market rate it is determined by senior financial management for use throughout the organization. 

4. User-defined: User-defined rate type is the rate that is defined by a company to meet the specific needs requirements of the business. 

5. Emu fixed: This is the exchange rate that is used by the country's joining the year during the transition period to the euro currency.

8. List out the three essential components of the GL set of a book?

Ans: The following are the three essential components of the GL set of a book: 

1. Accounting calendar: 

The accounting calendar usually refers to the accounting year and the periods. It includes information about the accounting year and their periods. It also helps you define the multiple calendars and assign the different calendars to each set of books. 

2. Chart of accounts: 

The chart of accounts is the structure of the account that helps you define the specific needs of your business or organization. It allows you to choose a number of account segments along with the length name and order of each segment. 

3. Currencies: 

Currencies allow you to select the functional currency for your set of works and also the other currencies that you would like to use to transact the business and report the same.

9. What is the implication of the 'future period" field in the set of book definition form?

Ans: In the future period field, there exists a value. In short terms, the value that is present in the future period field indicates the number of future enterable.s the users are allowed to input the journal entries. It would help if you made sure that the future periods are open. However, it is recommended to minimize the number of future enterable periods, avoid confusion to the users and prevent the users from entering the journal entries in an incorrect period.

10. Briefly describe the purpose of the stat journal?

Ans: A Stat journal is used to associate the statistical amounts with the monetary amount by making use of the statistical units of measure. It also provides the flexibility to enter both the statistical and the monetary amount in a single journal entry line.

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11. Do you have an idea of how many buttons are there under the more actions button? What are they? What is the status of a newly entered journal?

Ans: Yes, I do have an idea of the number of buttons that are available under the more actions button. There are three buttons by default on the manual journal entry form. They are: change currency, more actions and more details.

12. What do you know about the target and offset accounts in the allocation formula?

Ans: Target and offset accounts are the lines that represent the journal entry. 

1. Target (T): Is option allows you to enter the account in the target line to give the information about the destination for your allocation. The value that you use in the target should be the same parent value that is used in the B and C lines of the formula. 

2. Offset (O): This option allows you to enter the account in the observed line to represent the account to use for allocation of the offsetting debit or credit. The official account usually refers to the same account as the formula line A to reduce the cost for by the allocated amount.

13. Give a brief idea about flex field qualifiers in GL?

Ans: There are different types of flex field qualifiers in GL. They are represented below: 

1. Natural account: You need to know that each accounting flex field structure should contain only one natural account segment. You will need to indicate the type of the account as asset or liability, owners equity, expense or revenue when you are setting up the values. 

2. Balancing account: Each flex field structure should contain only one balancing account. Oracle GL is very keen about ensuring all the journals balance for each balancing segment. 

3. Cost centre: It is required by the Oracle assets which are used in many of the Oracle assets reports and by the Oracle workflow. It is used to generate the account numbers. You can also utilize the cost Centre segment that allows or provides you with the oracle apps training and Oracle purchasing. 

4.Intercompany: The oracle GL is flexible as it automatically uses intercompany segments to track the intercompany transactions taking place with a single set of books. This segment maintains the same value set and the same values as the balancing segment.

14. Can you describe a given idea about the unique feature of the net income account and the purpose of the transaction calendar?

Ans: The net income account is used by Oracle GL to capture the activity of all the revenue and the expense accounts. This helps in calculating the average balance for the retained earnings. The transaction calendar is used in Oracle GL to enable the average balance processing, and it is created only with the valid business days mentioned. 

15. How is security enabled in Oracle fusion applications?

Ans: Oracle fusion applications have come up with the widely known features such as: 

1.RBAC 

2.Privacy 

3.Data security 

4. Function privacy 

Access provisioning and identity management: In the initial step, the application creates an initial user, which is highly recommended and necessary. Oracle Fusion Middleware is integrated with the Oracle fusion applications to make the Oracle IM available. The Other various possibilities to ensure security include user identities being managed and programmed, user account linking, OIM workflow, user control management etc. 

Segregation of duties policies: This program is responsible for processing, approving, recording, identifying or preventing the various programming errors over database management, data transformation, tools, technologies to access everything in a free flow.

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 Conclusion:

Oracle fusion financials and applications, being the future applications, they are known for its immense support for the business organization. It purely helps in performing all the operations related to the business in the most convenient and timely manner. Organizations will look for individuals who have in-depth knowledge about oracle fusion. I hope the above information is helpful to you. These Interview questions will help you in cracking the interview for the first time. Oracle Fusion is a career path or the opportunity that enables you to develop your career.

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John
John
Cloud Technologies & Cyber Security
John is a Post Graduate in Computer Science from Andhra University .She is currently working as an IT developer at hkr trainings.com. And he has great experience includes both IT development and operational roles. Connect with him on LinkedIn and Twitter. Thank you

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