General Ledger Interview Preparation Guide
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General Ledger guideline for job interview preparation. Explore list of General Ledger frequently asked questions(FAQs) asked in number of General Ledger interviews. Post your comments as your suggestions, questions and answers on any General Ledger Interview Question or answer. Ask General Ledger Question, your question will be answered by our fellow friends.

32 General Ledger Questions and Answers:

1 :: Explain cost sheet-orientation and understating of problems?

Cost sheet is sheet Where all the cost should be recorded which related to the product
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2 :: What experience do you have with general ledger?

Experience to make entries of all cash and non cash transaction, purchase and sales for cash and for credit
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3 :: Explain What is an accrual?

Accrual basis of accounting means that the costs or revenues of events are recognized in the period in which they occur, though the cash flows may take place in another accounting period.

Like for a period of July 05 - October 05, if the organization was due to receive 1000K from an individual X but has not recieved yet for some reason, will recieve in November 05. It would be still be accounted for in the period July 05 - October 05 and not the period starting from November 05.
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4 :: Explain Which of the following is not included in the government accounting Balance Sheet:

1) Asset,
2) Cost,
3) Liability,
4) Surplus.

Answer: Surplus
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5 :: Explain What qualities have you got that would make you a good accountant?

Aside from the obvious ones such as numeracy and interpersonal skills, key skills will include determination and self discipline (to get through the difficult professional examinations) and an interest in the business world generally. An ability to work in (and ultimately lead) teams, strong analytical skills, good verbal and written communication skills and curiosity (particularly on the audit side) are some of the others you could mention - if you aren't strong in some of these areas then you may have problems making a persuasive case for yourself.

You are likely to be asked many questions seeking evidence of these particular competencies and will be expected to give examples which are backed up with evidence: for example, if asked about your leadership qualities, you should give an example of where you led a group successfully rather than just stating 'people always look to me to take the lead'.
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6 :: Explain What is procedure for testing after implementation as functional consultant?

Testing involves a step by step check of various transactions configured in the SAP system.

Example: In case of MM we need to check say if the purchase cycle is working in the system as it is in real business scenario i.e. whether it is generating PRs,RFQ,PO,GI,LIV properly and there is no errors during transactions.
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7 :: how strong in finance? justify sensex is the backbone of national income? Assume that you are going to merge one company? what are the steps are u taken?

It is true that sensex is the backbone of national income. Sensex is an index that measures the movement of the share prices of a group of major companies from different sectors of the economy , which implies that it is a measure of shareholders' expectations of companies' future performance based on future plans of companies and the overall economic scenario.
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8 :: What is the difference between ledger and general ledger?

General Ledger means, Those ledgers are using commonly in all types of business organizations. eg: purchases, sales, printing&stationary, etc...Ledger means, which ledger is created for the business organization requirement
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9 :: Explain What is about Future Period and Adjustment Period?

Future period means in oracle not yet opened, u can't post any entry in this period, U can have two future periods or one displayed in calendar options, adjustment period means, normally company may have 12 months, or 13 months as per co's requirements, if u have 13 month, Jan to Dec its 12 months, additional one month i.e dec say example 25th to 31st Dec. So here we have 13 months, additional 5 days called adjustment period, this is use full to enter additional entries Audit time,if your dec period is closed, u may still have 5 days period to entry adjustment entries given by auditors.
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10 :: Explain What is meant by business?

Business is an activity performed with the sole intention of earning profit. The activity may vary according to the scope and volume.
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