Useful interview question in FI-CO

Useful interview question in FI-CO

What is GR/IR account, its significance in sap? In APP why we will give the next run date (in general we willgive tomorrow's date as next run date) even though it is optional ? Difference b/w grace period and minimum days in arrears in dunning configuration? Where group chart of accounts assigned. what is purpose and use of country specific chart of accounts in sap? What warning the system will give while we configuring asset accounting in live system? What is smoothing and depreciation cycle in asset accounting? What is the organizational structure in asset accounting? What is account clearing? What is period end and month end? What is use of asset sub number , why it is used in sap? While maintaining depreciation key why we will assign all the methods( declining balance method, period control method) to one depreciation key even though system will calculate dep. for one method only? In APP , how the wire transfer method will be configured ? What is business process of the client? What are the min. required fields to maintain master data in sap?