Oracle Fusion Financials Cloud Interview Questions and Answers Ebook

some commonly asked interview questions for Oracle Fusion Financials Cloud along with their answers:

1. What is Oracle Fusion Financials Cloud? Oracle Fusion Financials Cloud is a comprehensive suite of financial management applications designed to streamline and automate financial processes for organizations. It encompasses modules such as General Ledger, Accounts Payable, Accounts Receivable, Cash Management, and more.

2. What are the key features of Oracle Fusion Financials Cloud? Some key features of Oracle Fusion Financials Cloud include:

• Integrated financial management processes
• Real-time reporting and analytics
• Flexible chart of accounts structure
• Automated financial controls and compliance
• Enhanced user experience with a modern interface
• Support for multi-currency and multi-language capabilities

3. How does Oracle Fusion Financials Cloud integrate with other modules or systems? Oracle Fusion Financials Cloud integrates with other modules within the Oracle Fusion Applications suite, such as Human Capital Management (HCM), Supply Chain Management (SCM), and Customer Relationship Management (CRM). It also offers integration capabilities with external systems using various methods like web services, file-based data imports, and application programming interfaces (APIs).

4. Can you explain the concept of subledger accounting in Oracle Fusion Financials Cloud? Subledger accounting in Oracle Fusion Financials Cloud refers to the process of recording detailed accounting entries for specific business transactions. It captures the financial impact of transactions at a granular level and maintains a detailed audit trail. Subledger accounting provides the foundation for creating accurate and compliant financial reports.

5. How does Oracle Fusion Financials Cloud handle period-end closing activities? Oracle Fusion Financials Cloud provides a period-close work area where users can perform activities such as journal reconciliation, accruals, and intercompany eliminations. It offers predefined checklists and automated workflows to guide users through the period-end closing process. The system generates financial reports and updates account balances once the closing process is completed.

6. What is the difference between a chart of accounts and a chart of hierarchies in Oracle Fusion Financials Cloud? A chart of accounts in Oracle Fusion Financials Cloud represents the structure of an organization’s accounts, such as asset, liability, revenue, and expense accounts. It defines the organization’s accounting structure and determines how transactions are categorized and reported.