Interview Questions and Answers for SAP FICO

The Below list of Questions are SAP FICO Interview Questions for freshers, frequently asked questions on SAP FICO Interview Questions
1.  What is FICO?  
2.  What are the basic steps to using the FI module?  
3.  What is the CO module for?  
4.  What is in the General Ledger?  
5.  What is Accounts Receivable?  
6.  What is Accounts Payable?  
7.  What reports does the FI module generate?  
8.  Explain the value of creating a cost center?  
9.  What is internal order?  
10. What is a profit center? 
11. What is a Company Code and what are the basic organizational assignments to a company code?
12. What is the relation between a Controlling Area and a Company code?
13. How many Chart of Accounts can a Company code have?
14. What are the options in SAP when it comes to Fiscal years?
15. What is a year dependent fiscal year variant ?
16. How does posting happen in MM (Materials Management) during special periods?
17. How many currencies can be configured for a company code?
18. Do you require to configure additional ledger for parallel currencies?
19. If there are two company codes with different chart of accounts how can you consolidate their activities?
20. Give some examples of GL accounts that should be posted automatically through the system and how is this defined in the system.
21. What is a Account group and where is it used?
22. What is a field status group?
23. What is the purpose of a “Document type” in SAP?
24. What is a Financial Statement Version?
25. How are input and output taxes taken care of in SAP?
26. What are Validations and Substitutions?
27. Is it possible to maintain plant wise different GL codes?
28. Is Business area at company code Level?
29. What are the different scenarios under which a Business Area or a Profit Center may be defined?
30. What are the problems faced when a Business area is configured?
31. Is it possible to default certain values for particular fields? 
32. Which is the default exchange rate type which is picked up for all SAP transactions?
33. Is it possible to configure the system to pick up a different exchange rate type for a particular transaction?
34. What are the master data pre-requisites for document clearing?
35. Explain the importance of the GR/IR clearing account.
36. How many numbers of line items in one single entry you can have?
37. A Finance Document usually has an assignment field. This field automatically gets populated during data entry. Where does it get its value?
38. How do you maintain the number range in Production environment?
39. In customizing “company code productive “means what? What does it denote?
40. What is done by GR/IR regrouping program?
41. Goods delivered but invoice not received ?
42. Invoiced received but goods not delivered ?
43. What are the functionalities available in the financial statement version?
44. Is it possible to print the financial statement version on a SAPscript form?
45. How do you configure the SAPscript form financial statement version?
46. Is it possible to generate a financial statement form automatically?
47. Is it possible to keep the FI posting period open only for certain GL codes?
48. How do you keep the FI posting period open only for certain GL codes?
49. Can posting period variant be assigned to more than 1 company code?
50. How are Vendor Invoice payments made?
51. How do you configure the automatic payment program?
52. Where do you attach the check payment form?
53. Where are Payment terms for customer master maintained?
54. Which is the payment term which actually gets defaulted when the transaction is posted for the customer (accounting view or the sales view)?
55. Where are Payment terms for vendor master maintained?
56. Which is the payment term which actually gets defaulted in transaction (accounting view or purchasing view)?
57. Explain the entire process of Invoice verification from GR to Invoice verification in SAP with accounting entries?
58. How are Tolerances for Invoice verification defined?
59. Can we change the reconciliation account in the vendor master?
60. What is the impact on the old balance when the reconciliation account in the vendor master is changed?
61. There is an advance given by the customer which lies in a special GL account indicator A. Will this advance amount be considered for credit check?
62. In payment term configuration what are the options available for setting a default baseline date?
63. What is generally configured in the payment term as a default for baseline date?
64. How do you configure a special GL indicator for Customer?
65. How is Bank Reconciliation handled in SAP?
66. How do you configure check deposit?
67. What is the clearing basis for check deposit?
68. How do you configure manual bank statement?
69. How do you configure Electronic bank statement?
70. What are the organizational assignments in asset accounting?
71. How do you go about configuring Asset accounting?
72. Explain the importance of asset classes. Give examples?
73. How are depreciation keys defined?
74. What are evaluation groups?
75. What are group assets?
76. How to do dunning for vendor? What are the purposes of dunning for vendors?
77. What is Account Modification Key?
78. What is APC?
79. What is meant by Framework? Is the framework related only to AUTOMATION or it is applicable to MANUAL testing too?
80. What is a special GL transaction?
81. Briefly discuss about asset master.
82. What are the segments of GL master record?
83. What is the difference between business area and profit center?
84. What is internal and external number ranges?
85. What is the integration point in FI-MM in obyc. Which GL a/c has to be created ?
86. In movement type(MM), what is value & quantity string? It updates values and quantities in GL with valuation class, transaction key modifier and GL A/c. But how does it work when doing a mvt type?
87. What is open line item management? What is meant by clearing open line items?  
88. How do you control field status of GL master records and from where do you control!
89. What are the segments of GL master record? 
90. What does Field status group assigned to a GL master record controls? 
91. What is Country and operational chart of account? Why do you use group chart of account? 
92. What are all the segments in a Customer/Vendor master record? 
93. What is open line item management? What do you mean by clearing open line items? 
94. What is residual payment and part payment? 
95. What is internal and external number ranges?