Question 1 : What are Oracle Fusion Applications?
Answer : These applications are the next generation applications from Oracle. It is dependent upon some no heritable experiences from previous Oracle applications offerings like E-business Suite, PeopleSoft Enterprise, Siebel CRM, etc. It was developed from scratch and was written in Java.
Question 2 : What does Oracle mean by ‘Fusion’?
Answer : Oracle Fusion Applications were available to the people in October 2011 so the market started discussing fusion applications a long time ago. It further adopted the name fusion for every Oracle application by simplifying the media server layers for running functionality of different kinds. The shift in the way that people work was needed to be reflected in enterprise application solutions.
Question 3 : What is Oracle Fusion Middleware?
Answer : It provides the underlying infrastructure to manage and run all packages and hardware architectures. It drives efficiencies and it will be thought-about a business imperative. It includes Business Intelligence, SOA Management, User Interaction, Development Tools, Content Management, Identity Management, Enterprise Management, and Application Grid.
Question 4 : What was the reason for Oracle to decide to build a new product from scratch?
Answer : Oracle wanted to define a development roadmap for the ERP systems that it owned. It is not the only reason. Another one is that many organizations today want service-oriented applications and they want industry-based application platforms and Oracle’s ERP systems needed to adopt it. Companies want to be connected with their employees through chat, social media sites, online communities, etc and Oracle didn’t want to miss it. So, these were the reason that they decided to build a new product from scratch.
Question 5 : What is the goal of Oracle Fusion Apps?
Answer : The Oracle Fusion Apps have been used by organizations for innovation, work, and adoption. It allows organizations to lower their costs by having commonly available skills in the market. It is an open-standard product that lowers the risk of integration with other applications thus making it easier to maintain, configure, and protect the user’s configurations. It can fulfill all the needs of the organizations and has made them adapt to the challenges and changes in the fast environment which was their ultimate goal.
Question 6 : What are the different flex fields in Oracle Financials?
Answer : There are 3 flex fields namely:
- Extensible flex fields
- Key flex fields
- Descriptive flex fields
Question 7 : What are different deployment options are available for fusion?
Answer : They are:
- On-premise
- Hybrid Cloud
- Public Cloud
- Private Cloud
Question 8 : Which features keep the application highly secured?
Answer : The features are:
- Privacy
- Data Security
- Function Security
- RBAC
Question 9 : What makes Fusion UI exceptional?
Answer : The Fusion UI is different and best as compared to other applications. It is widely used by customers as it increases productivity, profit, and performance. The unique features that make it exceptional are:
- Associate the keyboard with the tagging feature
- Binds together the entire worklist significantly
- Search experience option with relevant data
- Business needs are significantly fulfilled with a role-based dashboard
- Provides reference information with contextual help
- Person contact information related to work
Question 10 : What are the two major types of flex fields?
Answer :
- Key flex field
- Descriptive flex field
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Question 11 : What are the benefits of flex fields?
Answer : The benefits of flex fields are as follows:
- It supports multiple flex field structures depending upon data context
- It helps configure the application to capture additional data
- It helps configure the applications to support the user’s accounting, product, and other codes.
- It uses the application to validate the value combinations and validate values entered by the user.
- It enables the construction of intelligent keys.
Question 12 : What is the period in GL?
Answer : A period in GL is the period within which transactions are entered before finalizing otherwise it is called as close of the period.
Question 13 : What are the types of periods in GL?
Answer :
- Month
- Quarter
- Year
Question 14 : What are the different types of segments in key flex fields in Oracle General Ledger?
Answer : It can have 15 columns each representing a segment. However, it has 4 segments as follows:
- Account segment
- Cost center segment
- Intercompany segment
- Balancing segment
Question 15 : What are the various services under early adopters in Oracle Fusion Applications?
Answer : The services include:
- They provide customer support both before and after go-live.
- Oracle handles service requests.
- It also looks into customer requirements and tries to figure out a way to meet their requirements.
- It assembles meetings for a certain project and organizes special training of system integrators.
Question 16 : How is Oracle Fusion Application different from others?
Answer : Oracle Fusion Applications are used for usability as compared to other available applications. It is used for its key features and not for its functionality. The testing session is done by the usability team under the Oracle authority. They work as a team and emphasize on the guidelines, schedule of work, and design pattern. Thus, this application can easily carry forward the work process with exceptional user experience. These are the things that make them different and unique.
Question 17 : What is the Audit feature in Fusion Application?
Answer : The fusion application has the Oracle Fusion Middleware Audit Framework to handle all types of work-related tasks. It handles the accountability of any work process.
Question 18 : Name the replacement features in Fusion that makes a difference to EBS user.
Answer : The features include:
- FND user replaced by Identity Manager
- OICM replaced by Access Control Governor
- Operating Unit replaced by Business Unit
- Date track replaced by Date Effectivity
Question 19 : Name some major footprints in Fusion Financials Management.
Answer : The Fusion Financials Management Application helps the user to access information with real-time intelligence. The various features that describe it are:
- Accounts Receivable
- General Ledger
- Payments and Collection
- Cash and Expense Management
- Asset Management
- Accounts Payable
Question 20 : List all the major benefits for EBS financials users.
Answer : The major benefits are:
- Shared reference data
- Graphical hierarchies can be seen
- Cash advances and travel authorization
- Open item reconciliation process
- Centralized inter-unite setup and processing
- AP matching with rule-based engine
- Flexible cash positioning with multi-level access
- Comprehensive budgetary controls
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Question 21 : List all the major benefits for PSFT financials users.
Answer : The major benefits of PSFT are:
- Cash basis accounting
- Advanced Collection
- Credit card processor integration
- Bill presentment architecture
Question 22 : What is the foundation for Fusion Applications?
Answer : It is built on an open standard platform which is strong and powerful for the industry-leading growth. It provides business intelligence, security, UI framework, searching capability, collaboration, and other features based on Fusion Application.
Question 23 : What is a value set?
Answer : A value set in Fusion Applications defines the boundaries for attributes that the user assigns to a descriptive flex field segment or a key. It controls what kind of values can be used as Accounting Flex field segment values and how validation is performed. It further determines the attributes of segments such as zero-fill, value security, length, etc.
Question 24 : Name different types of value sets.
Answer : There are 8 types of value sets namely:
- None
- Independent
- Dependent
- Table
- Special
- Pair
- Translated Independent
- Translated Dependent
Question 25 : On which entity a security rule and a cross-validation rule applicable?
Answer : It is a feature of the key flex field which is applicable to value sets.
Question 26 : Name different statuses in the accounting period.
Answer : There are 5 statuses on accounting period namely:
- Open
- Closed
- Never Opened
- Permanently Closed
- Future Enterable
Question 27 : How many types of conversion rates are there in Oracle General Ledger? Name and explain them.
Answer : There are 5 different types of conversion rates which are:
- Spot: It applied to a currency’s immediate delivery which is based on the rate for a specific date.
- Corporate: It standardizes the rate for the user’s company. It is a standard market rate which is determined by senior financial management.
- User: It is an exchange rate that the user enters during foreign currency journal entry.
- Emu fixed: It is used by the countries which are joining the EU during the transition period to the Euro currency.
- User-defined: It is a rate type that is defined by the company to meet its specific needs.
Question 28 : Which conversion rate type is necessary to define all transactional purposes?
Answer : Spot conversion rate type is necessary to define all transactional purposes.
Question 29 : What options are there under the ‘more actions’ button?
Answer : There are 4 options namely Reverse Journal, post, change period, and cancel.
Question 30 : Name the report which is used to identify duplicate suppliers.
Answer : Supplier Audit Report is run to find a duplicate supplier.
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Question 31 : What rate types are available for revaluation?
Answer : They are:
- Daily rates
- Historical rates (Revaluation rate is inverse of period-end rate.)