Oracle Fusion Financials Interview Questions

1. What are Oracle Fusion Applications?

Oracle Fusion Financials Applications is an integrated suite designed by Oracle on the Oracle Fusion Middleware. It is the combination of the best features and functionalities from  Oracle E-Business Suite, JD Edwards, PeopleSoft, and Siebel product lines. It has the capability of service-oriented architecture (SOA). It offers applications for financial management, customer relationship management, supply chain management, procurement, human capital management, etc. 

2. What is Oracle Fusion Middleware?

Oracle Fusion Middleware is a collection of tools and services including Java EE, identity management, business intelligence, etc. It offers support for the development, deployment, and management of business applications. It offers core services like transactions, messaging, threading, concurrency, etc. It provides functionalities like high availability and security.

3. Are the Oracle Fusion Applications available for purchase?

Yes, the Oracle Fusion Applications are available for purchase in the marketplace. A customer can buy or upgrade the product according to their preference. The entire buying or upgrading process should be done under the Oracle Authorized Certification. The Oracle authority will review the customer's preferences in its first release.

        Become a Oracle fusion financials  Certified professional by learning this HKR Oracle Fusion Financials Training !

4. What are the security features of Oracle Fusion Application?

The following are the security features that the Oracle Fusion Applications have.

• Data Security
• Privacy
• RBAC
• Function Security

5. What are the deployment options for Oracle Fusion?

The following are the deployment options for Oracle Fusion Applications.

• On-Premise
• Public Cloud
• Private Cloud
• Hybrid Cloud

6. Explain the general ledger in Oracle Fusion Financials.

General Ledger in oracle Fusion Financials holds the summary information, while the detailed transactional information is captured in the sub-ledgers. The information from sub-ledgers is periodically imported to the general ledger. It makes use of cross-validation rules to check account combinations that the user might create dynamically while entering journal entries. Oracle Financials offers setting up primary and secondary ledgers, examining consolidation considerations, and making currency choices.

7. What are the areas for which Oracle Fusion payables provide reports?

Oracle Fusion Financials provides predefined reports for the following account payable functions.

• Invoices
• Prepayments
• Payments
• Income Tax and withholding
• Payables to ledger reconciliation
• Period close

8. List the account receivable reports.

Oracle Fusion Financials provides the following pre-defined reports to manage accounts receivable information.

• Accounting reports
• Billing reports
• Reconciliation program and report
• Bill presentment templates
• Receivables balances reports
• Bills receivable reports

9. What are the functionalities of Oracle Fusion Financial Reporting Center?

Oracle Fusion Financial Reporting Center provides reporting for real-time account information. 

• Once the reports are created, they can be shared with authorized individuals. 
• A user can drill-down on live reports for multidimensional analysis such as getting information on detailed balances, journal lines, and sub-ledger transactions.
• Users can view the reports in formats like PDF, HTML, Microsoft Excel.
• Users can create embedded charts and graphs.
• Users can build multidimensional reports with multiple hierarchies.
• Reports can be stored in a repository folder structure.

10. Does Fusion application have a Flex Field feature?

Yes, Fusion applications have flex field features. They are used to configure an application with the support of the Oracle Fusion Applications. The Fusion Application has the below three flex fields.

• Key flex fields
• Descriptive flex fields
• Extensible flex fields

11. What are the special features of the Oracle Fusion user interface?

Here are the key features of the Fusion user interface.

• All the business needs are fulfilled by a role-based dashboard.
• It provides personal contact information related to work or task.
• Search experience option with relevant data.
• The keyboard is associated with tagging features. 
• Contextual will be provided with reference information.
• It will bind the entire worklist together.

Oracle Database Administrator Certification Training

• Master Your Craft
• Lifetime LMS & Faculty Access
• 24/7 online expert support
• Real-world & Project Based Learning

Explore Curriculum

 

12. Explain the audit feature in Oracle Fusion.

Oracle Fusion Middleware Audit Framework helps in finding out who has done what. The auditing feature provides a measure of accountability. It enables audit on identity information and user access for applications and devices. It maintains all the audit records in a common location i.e., data store (database). These audit records are further used to generate reports with Oracle Business Intelligence Publisher.

13. What is the approval management?

Approval management in oracle Fusion Application is used to define the policies that apply to approval workflows. When a workflow is created, we can define the type of approval - user-defined, rules-based, or web services based. For user-defined approval, we can set a group of people to act on the workflow tasks. An approval notification will be sent to the approver to review the business transaction and take an action.

14. What are the EBS replacement features in Oracle Fusion?

Here are some of the replacement features that an EBS user can observe in Oracle Fusion.

• The Operating Unit is replaced by the Business Unit.
• The OICM is replaced by the Access Control Governor.
• The FND User is replaced by the Identity Manager. 
• The Date Track is replaced by the Date Effectivity.

15. List the major footprints in Fusion Financial Management.

The major footprints in Fusion Financial Management are,

• Accounts payable
• Accounts receivable
• General leader
• Asset management
• Cash and expense management
• Payments and collection

16. What are the advantages of Psft Financial Users?

The following are some of the many areas that a Psft Financial user benefits from.

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

17. What are the features of the mass allocation manager?

Here are the features of the mass allocation manager.

• An allocation manager is used to define allocation and formula rules. 
• Users can create primary, statistical, or foreign currency allocation.
• Pre Aggregated balances for all the possible dimension levels.
• To process efficiency, rules can be set to cascade allocations. 
• Users can check rule definitions in real-time.

18. Explain about re-sequencing in Oracle Mediator.

The re-sequencer in Mediator is responsible for arranging messages that are out-of-sequence into sequential order. When messages arrive, they might arrive in random order. The re-sequencer helps in arranging them in chronological or sequential order and then sends them to the target services in an orderly way. The messages are rearranged based on the sequence IDs.

19. What are the dynamic routing rules?

A dynamic routing rule is used to set the routing logic externally to an Oracle Rules Dictionary. It enables dynamic modification of the routing logic in a routing rule. To obtain the routing logic at runtime, it uses a decision service and Oracle Rules. Dynamic routing separates the control logic and determines the type of service to be chosen for each routing. 

20. What is Echo in Oracle Mediator?

When we don't have a target service available, Echo is used to expose Mediator functionality as a target service. It then echoes a response to the initial caller. When a target service is down, we can use an Echo to test sample query response message and pass that to the calling service as an Echo. 

21. Explain about Schematron Validation.

Schematron is one of the ways which is used to validate input XML. We can define various validation rules using rule elements in the Schematron XML file. The context attribute of the rule element determines the node to which the rule will be applied. 

Subscribe to our youtube channel to get new updates..!

Subscribe

 

22. What is the role of an Oracle Mediator?

Oracle Mediator is responsible for routing data from service providers to external partners. It subscribes and publishes business events. We can create routing services and rules using the Oracle Mediator. The Oracle Mediator evaluates routing rules, performs transformations, applies optional time delays at runtime by invoking another service, or raises another business event.

23. What are the key features of Oracle mediator?

The following are the key features of Oracle mediator.

• Validation
• Synchronous and Asynchronous Interactions
• Java Callouts
• Event Handling
• Transformations
• Header-Based Routing
• Multiple Part Message Support
• Error Handling
• Oracle Mediator Echo Support
• Dynamic Routing

24. List the ways to create a snapshot report.

We can generate a snapshot report in 2 ways.

• Save a report in Financial Reporting as a snapshot report.
• Schedule a report in a batch to output as a snapshot report.

25. What are the benefits of reporting in Oracle Fusion Financials?

Here are some benefits of reporting in Oracle Fusion Financials.

• It increases the visibility of information with charts and graphs. These help the management to make quick decisions.
• As the system can generate report output in the desired format of the user, productivity will be increased.
• By simply drilling down the parent level account balances, users can get detailed information of the lower level balances, journals, and sub-ledger details easily.

26. How can we set up centralized payments?

We can set up Centralized Payments through the Functional Setup Manager. Here are the steps involved in this process.

• We should assign a Business Unit with Business Functions either Payable Invoicing or Payable Payment. 
• We should define a payment service provider relationship between the invoice business unit and the payment business unit.
• We have to define the supplier site assignment.

27. What are the smart view components in Oracle Fusion Applications?

Smart View is used to connect to a data source and access Smart View functionality. There are two components in Smart View.

• Smart View Panel - It has options to manage data source connections, create reports, access data and task lists, etc.
• Smart View Ribbon - It is like a menu where the Smart View Panel and other options are present.

28. What is the use of a secondary ledger?

A secondary ledger is usually an optional ledger, which is used to track alternative accounting. It can also be used to represent primary ledger’s accounting data in another accounting format. Here are the ways in which the secondary ledger differs from the primary ledger.

• Currency
• Subledger accounting method
• Chart of accounts
• Ledger processing options
• Accounting calendar/ Period type combination

29. Explain the need for ledger mapping.

The process of mapping the differences between the primary and the secondary ledgers is called ledger mapping. If the primary and secondary ledgers use different charts of accounts, we need to map the chart of accounts to let the system know how to propagate journals from the primary ledger chart of accounts to the secondary ledger. If the primary and secondary ledgers use different currencies, we need to set some currency conversion rules to convert the transactions to the secondary ledger.

30. What are the steps involved in scheduling a batch?