General Ledger Interview Questions And Answers

Cost sheet is sheet Where all the cost should be recorded which related to the product

Experience to make entries of all cash and non cash transaction, purchase and sales for cash and for credit

Accrual basis of accounting means that the costs or revenues of events are recognized in the period in which they occur, though the cash flows may take place in another accounting period.

Like for a period of July 05 - October 05, if the organization was due to receive 1000K from an individual X but has not recieved yet for some reason, will recieve in November 05. It would be still be accounted for in the period July 05 - October 05 and not the period starting from November 05.

1) Asset,
2) Cost,
3) Liability,
4) Surplus.

Answer: Surplus

Aside from the obvious ones such as numeracy and interpersonal skills, key skills will include determination and self discipline (to get through the difficult professional examinations) and an interest in the business world generally. An ability to work in (and ultimately lead) teams, strong analytical skills, good verbal and written communication skills and curiosity (particularly on the audit side) are some of the others you could mention - if you aren't strong in some of these areas then you may have problems making a persuasive case for yourself.

You are likely to be asked many questions seeking evidence of these particular competencies and will be expected to give examples which are backed up with evidence: for example, if asked about your leadership qualities, you should give an example of where you led a group successfully rather than just stating 'people always look to me to take the lead'.

Testing involves a step by step check of various transactions configured in the SAP system.

Example: In case of MM we need to check say if the purchase cycle is working in the system as it is in real business scenario i.e. whether it is generating PRs,RFQ,PO,GI,LIV properly and there is no errors during transactions.

It is true that sensex is the backbone of national income. Sensex is an index that measures the movement of the share prices of a group of major companies from different sectors of the economy , which implies that it is a measure of shareholders' expectations of companies' future performance based on future plans of companies and the overall economic scenario.

General Ledger means, Those ledgers are using commonly in all types of business organizations. eg: purchases, sales, printing&stationary, etc...Ledger means, which ledger is created for the business organization requirement

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 calendar options, adjustment period means, normally company may have 12 months, or 13 months as per co's requirements, if u have 13 month, Jan to Dec its 12 months, additional 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 additional entries Audit time,if your dec period is closed, u may still have 5 days period to entry adjustment entries given by auditors.

Business is an activity performed with the sole intention of earning profit. The activity may vary according to the scope and volume.

users cannot access the concurrent programs ( just like Forms) until unless the program is attached to a responsibility through a ?Request Group?. Thus the responsibilities provide the complete security by restricting access to forms, reports, tables( through data-groups) and also to specific records ( through profile options like Set of Books Id, MO Org Id).

A general ledger is a complete record of financial transactions over the life of a company. The ledger holds account information that is needed to prepare financial statements and includes accounts for assets, liabilities, owner's equity, revenues and expenses.

A general ledger account is an account or record used to sort and store balance sheet and income statement transactions.
Examples of general ledger accounts include:
The asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land and Equipment.

General Ledger are those ledgers are using commonly in all types of business organizations.
Example:
purchases, sales, printing & stationary etc
Ledger is which ledger is created for the business organization requirement.

Aside from the obvious ones such as numeracy and interpersonal skills, key skills will include determination and self discipline (to get through the difficult professional examinations) and an interest in the business world generally. An ability to work in (and ultimately lead) teams, strong analytical skills, good verbal and written communication skills and curiosity (particularly on the audit side) are some of the others you could mention, if you are not strong in some of these areas then you may have problems making a persuasive case for yourself.

☛ Explain brief about your education history.
☛ Explain brief about your work experience.
☛ Explain brief about your skills and strength.
☛ Explain brief about your weaknes.

Testing involves a step by step check of various transactions configured in the SAP system.
Example: In case of MM we need to check say if the purchase cycle is working in the system as it is in real business scenario i.e. whether it is generating PRs, RFQ, PO, GI, LIV properly and there is no errors during transactions.

There total periods will be 13. First 12 periods for each month and 13th period for the year closing transactions.

This question measures your understanding of invoice verification process, so make sure you have checked it out before going to the interview. Such a typical process should involve checking to see if the received goods are in satisfactory manner, recording in the notebook. One more thing, it is also good to describe the importance of each step to the interviewers.

Unix (all-caps UNIX for the trademark) is a family of multitasking, multiuser computer operating systems that derive from the original unix, developed in the 1970s.

More likely than not, the interviewer wishes to see how much you know about the company culture and whether you can identify with the organization's values and vision. Every organization has its strong points and these are the ones that you should highlight in your answer.

Business is an economic activity involving the production or procurement and sale of certain goods and services for the satisfaction of human need in the society.

All the business transactions are first recorded in Journal or Subsidiary books in a chronological order when they actually take place and from there the transactions of similar nature are transferred to Ledger and this process of transferring is called as ledger posting.

In a business, sometimes it is not feasible to carry accounts of all the suppliers and customers in the main ledger. In such cases apart from general or main ledger, the control ledgers are maintained. Control ledgers records the individual accounts. In the end of the period, balance shown in the main ledger has to tally with the balance in the individual ledger accounts maintained in the control ledger.

Purposes of maintaining control ledgers are:
☛ Sundry Debtors
☛ Sundry Creditors
☛ Advances to Staff