Oracle Apps R12 Financials Course and Interview Q&A Bundle

1. Number of Flex Fields in Oracle Financals: There can be up to 10 flex fields per segment, and flex fields can be defined at the ledger, entity, or segment level.

2. Benefits of Flex Fields:

   • Customization: Allows users to capture and report on unique information that is not covered by standard fields.
   • Flexibility: Enables tailoring of the system to fit the specific needs of an organization.
   • Efficiency: Reduces the need for multiple transactions or accounts to accommodate various data types.

3. Segment Qualifier: A segment qualifier is used to further define a segment, providing more granularity within the GL segments.

4. Implication of Dynamic Inserts: Dynamic inserts allow the insertion of ledger segments dynamically during the transaction posting process, which can simplify the chart of accounts and improve system performance by reducing the number of segments that need to be predefined.

5. Key Flex Field Qualifier: A qualifier used to define how a key flex field is used within a segment. It determines how data from the key flex field influences other segments, such as cost center or department.

6. Types of Key Flex Field Qualifiers: The key flex field qualifiers can be 'G/L Account', 'Segment Value', or 'No Qualifier'.

7. Short Hand Aliases (SHAs): SHAs are abbreviations for ledger segments, used to make it easier and quicker to enter transactions in the GL.

8. Period in General Ledger: A period is a time segment into which the accounting cycle is divided for reporting purposes. The main types of periods are fiscal and reporting.

9. Value Set Security Type: This security type determines which users can select or use specific value sets during data entry processes.

10. Types of Value Sets: There are three main types: Code, Description, and Code and Description.

11. Cross Validating Rules (CVRs): These rules ensure the integrity of the data entered into the system by enforcing relationships between different segments or flex fields during transaction entry.

12. Value Set and Value Set List Types: Value sets are lists of coded values, while value set lists are groups of value sets. There are various list types such as 'S' (Standard), 'C' (Customizable), etc.

13. Types of Flex Fields: The two main types are Key Flex Fields (which can influence other segments) and Descriptive Flex Fields (which provide additional information but do not affect other segments).

14. Difference Between Key and Descriptive Flex Fields: Key flex fields are used to influence the distribution or analysis of transactions, while descriptive flex fields store additional data that helps in reporting or tracking purposes.

15. Essential Components of GL Primary Ledger: The essential components include chart of accounts, periods, segments, and subledgers like accounts payable and receivable.

16. Concepts Used During Definition: These include ledger definition (GL, AP, AR), period definition, segment definition, flex field definition, and the setup of the appropriate subledgers.

17. Types of Conversion Rates in General Ledger: There are two types: standard conversion rates applied to all transactions and specific transaction conversion rates.

18. Retained Earnings Account: This account reflects the cumulative undistributed, retained profits of a corporation.

19. Purpose of Translation Adjustment Account: It is used to record translation adjustments resulting from translating foreign currency transactions into the reporting currency.

20. Different Statuses of Accounting Periods: These include 'Open', 'Closed', 'Reversed', and 'Locked'.

21. Adjusting Period: An adjusting period is one in which journal entries are made to correctly distribute income, expenses, assets, or liabilities to the proper accounting periods.

22. Steps for Creating Primary Ledger: This involves setting up the ledger definition, defining periods and segments, mapping subledgers, and configuring transaction processing rules.

23. Transaction Types in Receivables: These include cash receipts, bank receipts, deferred revenue, and bad debt.

Who should take this course: This course is designed for professionals with basic knowledge of financial concepts who want to deepen their understanding of Oracle Financials. This includes accountants, finance administrators, auditors, and anyone involved in the accounting and financial reporting processes. The course assumes a foundational understanding of accounting principles and the specific functionalities of Oracle Financials Cloud (or E-Business Suite). It is suitable for those who are new to Oracle Financials or looking to enhance their existing knowledge and skills.