2/3/2020 Top SAP FICO Interview Questions and Answers - Intellipaat Blog
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Top SAP FICO Interview Questions and Answers
In this section, we’ll discuss the most important SAP FICO Interview Questions. Go through our expert
compiled questions and answers to learn about SAP FICO, sub-modules in SAP FICO, Payments in
SAP FI.
Learn SAP FICO from Intellipaat SAP S4 HANA Simple Finance course (https://intellipaat.com/sap-
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2.3 K Views | 8 min read | Updated on January 24, 2020
By Naveen
1. What do you mean by SAP FICO and what does FICO stand for in SAP?
SAP FICO stands for FI (Financial Accounting) and CO (Controlling). SAP FICO is considered
as the most important module of SAP ERP. Also, both, FI and CO modules store the financial
transaction data
2. Mention the various submodules in SAP Finance.
The sub-modules in SAP Finance are:
Accounts receivables
Accounts payables
Asset accounting
General ledger Accounting
Bank accounting
3. How is SAP useful in finance?
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SAP is used to help companies generate and manage financial statements for analysis and
reporting. Also, it helps with effective business planning and decision-making.
4. What is a business area in SAP FICO and what are its benefits?
The business area is a separate area of operations of organizational units of financial
accounting that can be used as internal and external reporting.
5. What is a chart of accounts (COA)?
A Chart Of Accounts or COA is a structure which contains the General Ledger accounts used
by one or more company codes.
6. What are posting keys in SAP FICO?
Posting Key in SAP is a two-digit numeric key determined to control the entry of document line
items in an FI Transaction. Posting Key in SAP further specifies whether the item is debit or
credit entry, account type that can be posted and the screen arrangement of line items.
7. What are the different types of COA in SAP finance?
1. Operating COA
2. Country Specific COA
3. Group COA
8. What is general ledger in financial accounting?
A General Ledger in financial accounting is used to record all business transactions in a
software system.
9. What is Fiscal Year Variant (FYV)?
In SAP, Fiscal Year Variant (FYV) is an alternative which controls parameters for a financial
year, such as managing financial accounting year and posting period modifications to open and
close posting periods.
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10. What is Posting Period Variants (PPV)?
In SAP, Posting Period Variant or PPV is used to manage accounting periods that are open for
posting and all closed period that are balanced. It is used during the opening and closing period
in the fiscal year for posting purpose.
11. What is the year independent and dependent FYV?
A. Independent FYV: A type of fiscal year that uses the same number of the period for each
financial year. And the posting year always starts and ends on the same day of the year is
called Independent FYV. It can be further classified as:
Calendar year (January to December)
Non- Calendar (if it is not from January to December)
B. Dependent FYV: Dependent FYV or Specific FYV is a type of fiscal year whos period varies
from one fiscal year to another fiscal year that means that the start and end date of the FYV is
different from the dates of another fiscal year. Shortened Fiscal Year is a variant of Dependent
FYV.
12. What are field status variants?
Field Status Variant is used to determine the fields that are used for input like a cost center,
profit center, plant, etc., which can either be entry or hidden fields. It is basically a tool used to
assign the same set of properties to more than one object.
13. What are the field status groups?
Field status groups are assigned to the General Ledger account. You can define a field as
optional, mandatory or suppressed through the field status groups.
14. What is SAP FICO Document Type Key?
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Document Type Key is used to differentiate between different business transactions and to
classify the accounting documents. It is used to determine the number range for documents and
account types such as material, asset, etc for posting
15. What is the controlling area?
A Controlling Area is the basic organizational unit in Management Accounting. It is a closed
entity which used for cost accounting. You can allocate costs only within a controlling area.
These allocations cannot affect objects in other controlling areas.
16. What do you mean by posting block in SAP FI?
If you carry out interim or final billing for a case in live mode, the system creates a document for
every invoice in Sales and Distribution (SD). This document is posted on to FI, providing you
made the appropriate settings in Customizing for IS-H.
17. How is blocking and unblocking of a customer made possible in SAP FI?
Follow the following steps to block/unblock a customer:
1. Go to Accounting
2. Finance Accounting
3. Accounts Receivable
4. Master Records
5. Maintain Centrally
6. Block/ Unblock
18. What are incoming and outgoing payments?
Incoming and outgoing payments are posted in Accounts Receivable Accounting or Accounts
Payable Accounting for advance payments, down payment requests, invoices, corrections and
final invoices. All the payments are accounted in the down payment chain transactions and this
displayed in the posting data.
19. What is partial payment in SAP FI?
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A partial payment is posted to an account without any open items being removed. This partial
payment is assigned to an open item. When you post the partial payment, the system marks the
document number of the original open item in the line item for the partial payment. The original
open item and the partial payment remain open.
20. In SAP FI what are the organizational elements?
The organizational elements in SAP FI are:
Company Code
Business Area
Chart of Account
Functional Area
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