Saturday, 31 January 2015

FICO Questions and Answers (Part8) for freshers and experienced pdf free download

71. How do you go about configuring Asset accounting?
The configuration steps in brief are as follows:-
a) Copy a reference chart of depreciation areas
b) Assign Input Tax indicator for non taxable acquisitions
c) Assign chart of depreciation area to company code
d) Specify account determination
e) Define number range interval
f) Define asset classes
g) Define depreciation areas posting to general ledger
h) Define depreciation key

72. Explain the importance of asset classes. Give examples?
The asset class is the main criterion for classifying assets. Every asset must be assigned to only one asset class. Examples of asset class are Plant& Machinery, Furniture & Fixtures, Computers etc. The asset class also contains the Gl accounts which are debited when any asset is procured. It also contains the gl accounts for depreciation calculation, scrapping etc
Whenever you create an asset master you need to mention the asset class for which you are creating the required asset. In this manner whenever any asset transaction happens the gl accounts attached to the asset class is automatically picked up and the entry passed.
You can also specify certain control parameters and default values for depreciation calculation and other master data in each asset class.

73. How are depreciation keys defined?
The specifications and parameters that the system requires to calculate depreciation amounts are entered in Calculation methods. Calculation methods replace the internal calculation key of the depreciation key.
Depreciation keys are defaulted in Asset Master from the asset class.

74. What are evaluation groups?
The evaluation groups are an option for classifying assets for reports or user defined match code (search code). You can configure 5 different evaluation groups. You can update these evaluation groups on to the asset master record.

75. What are group assets?
The tax requirements in some countries require calculation of depreciation at a higher group or level of assets. For this purpose you can group assets together into so-called group assets.

76. How to do dunning for vendor? What are the purposes of dunning for vendors?
Dunning is the process of sending a letter to a customer notifying about the outstanding. Defined letter forms are issued to the customer for this purpose. Dunning letters are also sent to vendors who took an advanced payment but due to some reason they failed to meet the settled delivery date. In short dunning is a proper process of notifying some business related entity about their out standing debts either in material, product, equity or services.

77. What is Account Modification Key?
Account modification key are general modification key that can be found in tcode OBYC- GBB- AUF, AUI, VBX and VBR. These keys defecate with events such as production received with or without production received OR goods issued for sales or consumption purposes. These keys are linked through movement types which can be observed in the tcode OMJJ link under the account grouping.

78. What is APC?
Acquisition and Production costs APC means any asset which one may wish to acquire or purchase externally. Invoice and other related expenditures associated with it like octroi, customs, freight which is added to arrive at the total cost or expenditure are included in them. Consider an example of a car. Additional expenditures like road and sales tax gets added for the acquisition of the car which becomes the APC. Production cost resembles the cost associated with asset that is created internally within the organization. Generally these are created by AUC. For example addition of new AC machine in office.

79. What is meant by Framework? Is the framework related only to AUTOMATION or it is applicable to MANUAL testing too?
Framework is a defined process which acts like a generic work or a set of rules that should be followed in order to perform a specific task in such an optimized way that the product must be useful for future execution of the test scripts in the most effective and efficient manner. Tough this can only be possible in Automation. Manual testing can also provides a better view of the state that is to be followed in order to execute that test case.

80.What is a special GL transaction?
In SAP systems bill of exchange are being handled as special G/L transactions. They are maintained independently in respect to other transactions in subsidiary ledger and are posted to the general account of a special G/L account. This provides an overview of bills exchange receivable and payable at any stage. Transfer postings are usually not necessary to display these on the balance sheet.
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