FI-CO Interview Questions

1- What is the role of FI consultant in FI-SD integration?
2- While creating asset master we have two options. One is using asset class and another one is using existing asset master. Here the question is what default values to be provided by asset class and existing asset master to newly created asset master?
3- I have created GL master without selection open item management and i have posted business transactions to that GL. Now client wants to change that GL to open item management. is it possible...how?
4- Give some examples of GL accounts that should be posted automatically through the system and how is this defined in the system.
5- What is a Account group and where all is it used?
6- What is a field status group?
7- What is a Financial Statement Version?
8- How are input and output taxes taken care of in SAP ?
9- What are Validations and Substitutions ?
10- Is it possible to maintain plant wise different GL codes?
11- Is Business area at company code Level?
12- What are the different scenarios under which a Business Area or a Profit Center may be defined?
13- What are the problems faced when a Business area is configured?
14- Which is the default exchange rate type which is picked up for all SAP transactions?
15- Is it possible to configure the system to pick up a different exchange rate type for a particular transaction ?
16- What are the Customizing prerequisites for document clearing?
17- Explain the importance of the GR/IR clearing account.
18- How are Vendor Invoice payments made?
19- How do you configure the automatic payment program?
20- Explain the entire process of Invoice verification from GR to Invoice verification in SAP with accounting entries?
21- How are Tolerances for Invoice verification defined?
22- Can we change the reco account in the vendor master? If so, and how? What is the impact on the old balance?
23- What is the difference between primary and secondary cost elements?
24- What is the difference between Assessments and distributions?
25- What is the difference between profit center and profitability analysis?
26- What is the difference statistical order and real orders in internal orders?
27- What is statistical key figure?
28- What is the difference between Cost center and Internal orders?