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.

Now let's have a look into the Oracle fusion financial interview questions based on the basic, intermediate and advanced levels.

Basic Oracle fusion Financial interview questions:

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. 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. 

  1. 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. 

  1. 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.

3. 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.

4. 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.

5. What is the foundation for Fusion Application?

Ans: The framework is essentially based on an open standard framework, which tends to be very powerful for industrial-leading development. The application seeks to provide business intelligence, security, search functionality, user interface architecture, collaboration and a number of others based on the Oracle Fusion Application.

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6. What is the role of Oracle Mediator?

Ans: Oracle Mediator performs main elements that serve as a key component to deal with callbacks, returned responses, and faults or error issues. The Oracle Mediator serves as an intermediary between different services and activities for a significant service invocation. Thus the Oracle Mediator offers authentication, assessment, routing, and several other services.

7. What is Schematron Validation?

Ans: The inbound message can be checked with Schematron Validation. It primarily supports Schematron version 1.5 for validation of messages. The Schema language is used extensively to validate the XML.

8. What is File De Batching?

Ans: When several messages can be found in a single file, the user can choose to publish their choice of message in the specified number of batches. This whole process is considerably referred to as de-batching. Files such as native format and XML are provided for disassembly.

9. What is Echo in Oracle Mediator?

Ans: To make it act or respond to a callable service that uses an echo option for that reason.It significantly contributes to the smooth running of the Oracle Mediator without the need for a particular route to operate the operation. The responsible Oracle Mediator performs numerous tasks, such as assignment, transformation, scheduling and much more. This will ultimately help make the Oracle Mediator echo back to the submission.

10. What are the major benefits for Psft Financial Users?

Ans:There are several user benefits for Psft Financial Users which are highly recommended are:

  1. Advanced Collection
  1. Bill Presentment Architecture
  1. Cash basis accounting 
  1. Credit card processor integration
  1. Advanced Collection

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11. What Is Replacement Of Processing Like Concurrent Program Or Concurrent Manager Similar To Ebs In Fusion?

Ans: The entire process built up for scheduling, defining, and running varied kinds of jobs that are eventually run on high demand or run to schedule them for the future. 

12. What are the major footprints in Fusion Financial Management?

Ans:The Oracle Fusion Application Set is composed of an element called Fusion Financial Management. The application allows access to real-time intelligence knowledge. There are many features that define the financial management of the merger: 

  • Control of properties 
  • Payments and collections 
  • Accounts to be charged 
  • Control of cash and spending 
  • Genral ledger
  • Receivable Accounts

Intermediate Oracle fusion Financial interview questions:

13. 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

14. 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.

15. 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. 

  1. 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. 

  1. 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.

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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.

16. What Are The Licensing Requirement Of Oracle Fusion Applications?

Ans: The official Oracle website provides a lot of comprehensive details about pricing information and licencing conditions for purchasers. They addressed different aspects of the application process, such as human resource management, CRM, project portfolio management, and many more across the spectrum.

17. Are Oracle Fusion Applications A Replacement For The Existing Oracle Applications, Such As Oracle E-business Suite, Peoplesoft Enterprise, Oracle's Jd Edwards Applications And Siebel CRM?

Ans: It is wrongly and mistakenly mentioned as a new set of applications for Oracle Fusion applications. In the previous application, such as the Oracle E-Business Package, the Oracle Fusion term is commonly used. Likewise, the definition of CRM was given to Siebel.

18. Did Anyone Deployed Fusion, And How Exactly Are They Doing?

Ans: Only one such active event has been noted so far, which has only been announced by the Oracle Press Release.

19. Are Oracle Fusion Applications Available for Purchase?

Ans:Oracle Fusion Application is extremely available to buy by the consumer in any market place. Clients can simply purchase and update it for a fixed period of time, based on their preference option. The actual system needs to be carried out under Oracle Certified Certification for all such migration/purchase programmes. In its initial publication, the Oracle authority will only review and study the customer's expectations.

Advanced Oracle fusion Financial interview questions:

20. 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.

21. 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. 

22. 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.

23.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.

24.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.

25. 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.

26.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. 

27.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.

28.How about audit feature in Fusion Application?

Ans: The Oracle Fusion Middleware Audit Process extends to all sorts of work-related activities of the Fusion Application. Responsibility for any work process is greatly controlled solely by the audit feature.

29. How about the approval Management in Fusion Application?

Ans: In Fusion Applications, the human workflow is handled exclusively by AMX,which serves as the assignment manager to model the approval pattern based on the job needs and preferences.

30. Does Fusion Application have a flex field features?

Ans: It is quite rightly mentioned that the Fusion Application has a flex field function which typically includes three types: 

  1. key Flexfields 
  2. Descriptive Flex Fields
  3. Extensive Flex Fields 

These three types of flex field help to customise an application for implementers with the sole support of Oracle Fusion Applications.

31. How about the data model for Fusion?

Ans:The global organisation, with the aid of logical data stripping,needed a versatile corporate structure. 

  1. The different bunnies are responsible for and handle the transaction details. 
  2. Code sets can be used with different business units. 
  3. It only uses a hierarchical model to provide consistency in the organisation of the business process.

32. How is security for Oracle Fusion Application?

Ans: The application is highly protected with commonly recognised features such as: 

  1. Security of data 
  2. RBAC's 
  3. Privacy policy 
  4. Protection Feature

Access provisioning and identity management: finally, for the initial setup, the framework generates an initial user that is highly recommended and required for the entire setup. The Oracle Fusion Middleware is integrated with the Oracle Fusion Application to make the Oracle IM accessible. Various options include user account connections, user identities are controlled and configured, user control is managed, OIM workflow is also significantly managed in the process.

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Manikanth
Manikanth
Research Analyst
As a Senior Writer for HKR Trainings, Sai Manikanth has a great understanding of today’s data-driven environment, which includes key aspects such as Business Intelligence and data management. He manages the task of creating great content in the areas of Digital Marketing, Content Management, Project Management & Methodologies, Product Lifecycle Management Tools. Connect with him on LinkedIn and Twitter.