legder type questions
Answers
Answer:
Question 1. Do You Know What Is Meant By Business?
Answer :
Business is an activity performed with the sole intention of earning profit. The activity may vary according to the scope and volume.
Question 2. Do You Know What Is About Future Period And Adjustment Period?
Answer :
Future period means in oracle not yet opened, u can't post any entry in this period, U can have two future periods or one displayed in calander options, adjustment period means, normally comany may have 12 months, or 13 months as per co's requiremens, if u have 13 month, jan to dec its 12 months, addtional one month i.e dec say example 25th to 31st Dec. So here we have 13 months, additional 5 days called adjustment period, this is use full to enter additonal entries Audit time,if your dec period is closed, u may still have 5 days period to entery adjustment entries given by auditiors.
Question 3. Explain Why Do Companies Need Adjusting Journal Entries?
Answer :
Current account balances may not represent correct balances due to following reasons:
a. Company made mistakes in preparing journal entries in the past.
b. Accounting records are not updated to reflect new transactions or amount changes in previous transactions.
Adjusting journal entries are usually prepared at the end of an accounting period to update account balances to reflect correct balances as of the balance sheet date (the date at the end of an accounting period).
The timing differences in recognizing revenues and expenses between accrual basis and cash basis accounting are frequently corrected by adjusting journal entries.
Question 4. Explain Adjustments For Saving A/c Of Branches And Head Office?
Answer :
year closing of banking software which General ledger balance carried forward and which is closed. and tell me adjustment about the saving a/c of branches and Head Office for year ending operation.
Financial Management Tutorial
Question 5. Tell Me How The Sub Ledgers(ap,ar) Integrate With Gl?
Answer :
we can integrate the general ledger with subledger through reconsilation account.
Book Keeping Interview Questions
Question 6. Explain Scenario Of Multi-org. Setup?
Answer :
Meaning of Multi Org:Its a serverside enhancement which supports multiple organisations with single installation of oracle application product and its keep and stores data secure and safe way and seperately.
MULTI-ORG STRUCTURE
BUSINESS GROUP (HEAD COMPANY)
LEGAL ENTITY(SET OF BOOKS)
OPERATING UNIT(AP,PO,AR,FA)
INVENTORY ORG
Question 7. Explain Flow In General Ledger?
Answer :
Define value sets : setup--> financials--> flexfield--> key--> validation--> sets.
Define accounting flexfield(key flexfield) : setup--> financials--> flexfield--> key--> segment
A. Define segments
B .Assign value sets to segments
c.assign the flexfied qualifiers
d. select allow dynamic inserts or cross validate segment.
define values for value sets : setup--> financials--> flexfield--> key--> validation--> values
define set of books : setup--> financials--> books
defining responsibility in system administrator module : security--> responsibility--> define
assign your responsibility to the user in sysadmin module: security--> user--> define
assign your set of books to the responsibility in sysadmin module through the profile option GL: SET OF BOOKS NAME' : profile--> system
go to your responsbility and open periods : setup--> open/close
start entering transactions using journal form : journals--> enter.
Bank Management Tutorial Financial Management Interview Questions
Question 8. Can You Please Explain The Difference Between Nominal, Real And Personal Accounts?
Answer :
Accounts of assets is called Real Accounts.
Accounts of persons or institutions is called Personal Account.
Accounts of expenses/losses, incomes/gains is called Nominal Account.
Question 9. Explain What Is Planning Budget In General Ledger?
Answer :
planning is generally part of controlling. however, we can plan for the general ledger accounts in finance module of sap. this can be done to prepare the variance analysis within financial accounting.
Bank Reconciliation Interview Questions
Question 10. Tell Me How To Record Retained Earnings When You Sold Company (assets Only), For Closing Of Books That Sold?
Answer :
When company dispose there assets the following transaction takes place
Assets = Liabilities + Shareholders Equity
Suppose assets beginning balanceis $4900and accumulated depreciation is $1900
When you want sell, both of these should beeliminated from account book so asstes $4900 and accumulated depreciation debited by $1900,so both assetswill be clear.
Let us come for retained earnings,
This depends on profit or loss.
When it is disposedit depends uponassets sold more than or less than book value.
If more than book value is retained earnings is credited, if less than book value is retained then earningsis debited.
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