SAP FICO Interview Questions & Answers in 2024

If you want to prepare for an SAP FICO interview, Bismilsoft suggests the following hot and trending questions that are commonly asked during interviews at major companies like TCS, Tech Mahindra, HCL, Accenture, and more than 10 other companies. You can see the questions listed below: SAP Online Training in India

Questions 1 - What Do You Understand by the Term SAP FICO?

Answers - SAP is the abbreviation for Systems, Applications & Products in Data Processing. The FI in FICO stands for (Financial Accounting), and CO is for (Controlling). Thus, SAP FICO is an arrangement of SAP FI and SAP CO. While SAP FI contracts with accounting, tax computation, and training of financial statements, SAP CO is for inner orders, inventory sheets, cost sheets, cost allocations, and more.

Questions 2 - What is The Role of Credit Control?

Answers - Credit control helps protector a business against overstraining its financial assets. Usually, a credit limit is set for the clients using SAP when a payment is made post the product's sale. This technique allows you to limit the client's amount to clear before early a fresh purchase.

Questions 3 - What is The Function of the Company Code in SAP FICO?

Answers - The company code is in authority for making financial statements like Profit and Loss Statements, Balance sheets, and others.

Questions 4 - How many Chart of Accounts Can A Company Code Have?

Answers - There can be only one Chart of Accounts for an assigned company code.

Questions 5 - What is The Year Shift in the SAP Calendar?

Answers - The SAP system only recognizes the calendar year. It fails to accept a broken fiscal year. Suppose for a business a fiscal year is not a calendar year but a arrangement of the different months of two different calendar years. Then, one of the calendar years needs to be classified as a fiscal year, and the months that fall in another year should be accustomed into the fiscal year by shifting the year by using the sign -1 or +1. This shift is termed a year shift.

Questions 6 - How Are Output and Input Taxes Managed in SAP FICO?

Answers - SAP FICO has tax codes within tax processes for every country. You get the ability to expense out the tax amounts or capitalize them to stocks.

Questions 7 - What is APP in SAP FICO?

Answers - APP in SAP FICO stands for ‘Automatic Payment Program’. APP is a tool SAP provides companies to pay its vendors and clients. APP tools assistance companies avoid any errors that normally occur in posting physically. Also, when companies have many employees, payment through an APP becomes very much feasible.

Questions 8 - What does SAP FICO Imply by "company" and "company code"?

Answers - A structural unit is a company. In the legal alliance module, it is used to association the financial accounts of several business codes. The business code, in contrast, is the lowest structural unit. For the purposes of external reporting under company code, you can create an completely self-contained set of accounts.

Questions 9 - How Many Different Currencies Can a Company Code Support?

Answers - Three different currencies can be set up for a company code, including one local currency and a parallel currency system.

Questions 10 - What Function Does SAP FICO's Financial Statement Version (FSV) Serve?

Answers - FSV (Financial Statement Version) is a tool used in SAP for generating various financial reports. It facilitates the extraction of final accounts, including profit and loss statements and balance sheets. By using multiple FSVs, users can produce outputs tailored to the requirements of different external agencies, such as banks and statutory bodies.

If you want to take an SAP FICO Online Course in India, Bismilsoft will provide you with a real-time project-based course. This course will not only give you theoretical knowledge but also offer practical implementation opportunities, which are essential according to industry standards. Additionally, Bismilsoft will support you in job placement, helping to advance your career.

Along with the training, you will also receive interview preparation to help you face interviews confidently and effectively. This preparation includes resume building, mock interviews, and interview tips.

If you are interested, you can contact Bismilsoft to learn about enrollment details and give your career a new direction.