SAP FICO interview questions must read*******************************************************************************



  1. 1.      What is FICO?  This is the original module of SAP and its most popular. SAP started out as an accounting package, then expanded into other business functions. FICO consists of two major modules – financial (FI) and controlling (CO). As with all accounting packages, you can create a FICO for more than one company.
  2. 2.      What are the basic steps to using the FI module?  Create a company, set up a general ledger, set up accounts receivable, set up accounts payable, generate reports, do monthly closing. The FI module covers the main business processes.
  3. 3.      What is the CO module for?  This is the internal accounting module. Free of legal restrictions, this is designed for managers to make decisions about various processes within a company. It houses a cost center, internal order and profit center.
  4. What is in the General Ledger?  Just like a manual general ledger, this is where the chart of accounts is set up, transactions are posted, financial statements are set up and generated.
  5. What is Accounts Receivable?  This is the customer side of accounting, where the company receives payment from the customer. This is for regular and one-time customers. Sales invoices are generated, credit is issued and controlled, payments received are recorded, and sales tax charged and tracked.
  6. What is Accounts Payable?  This is the vendor side. This ledger handles purchase invoices, credits and returns, payments to vendors, residual payments, partial payments, clearing transactions, even automatic payments.
  7. What reports does the FI module generate?  Aside from dunning letters, FI generates thirteen reports. From the General Ledger you can get a chart of accounts list, account list, account balances and totals. From Accounts Receivable (AR) you can get a series of customer reports — master list, balances, line items, open item analysis and payment history. From the Accounts Payable (AP) you can get vendor reports – master list, balances, line items, and open items.
  8. Explain the value of creating a cost center?  This is where costs are incurred. It provides information for overhead cost accounting based on areas of responsibility, functional requirements, geographical location, activities, services provided, and/or allocation criteria.
  9. What is internal order?  To make decisions about action planning, monitoring and allocation of costs, there needs to be a description of the individual jobs within a controlling area. This covers not only overhead jobs, but investment orders, accrual costs, and revenue orders that are not from direct sales.
  10. What is a profit center? The profit center is an opportunity to evaluate business practices and their profitability. You can compare sales to cost of sales, or evaluate non-sales revenue (stocks, investments, equity). You can analyze overhead options. You can analyze ROI, EVA and cash flow.
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23 Responses to SAP FICO interview questions must read*******************************************************************************

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