100+ Free Workday Financials Practice Questions

Chart of Accounts & Worktags (FDM)

Foundation Data Model (FDM) with worktags replacing fixed segment COA — account set, account groups, ledger accounts, driver/related worktags, default worktags sourced from HCM and operational transactions, worktag balancing, custom validations, FDM governance and phased rollout, worktag bridging during GL migration from legacy ERPs (SAP, Oracle, PeopleSoft).

Procure-to-Pay (P2P)

Requisitions (catalog, non-catalog, punchout), sourcing events, purchase orders, supplier contracts, supplier invoices (PO-based and non-PO), three-way match (PO, receipt, invoice), accruals (receipt accrual, goods-received-not-invoiced), supplier invoice schedules, payment elections (ACH, wire, check, virtual card), settlement runs, NACHA ACH, SEPA, BAI2 acknowledgments, 1099/1042 reporting, supplier portal.

Financial Foundation / Ledger / Book

Core financial architecture — ledger types (Actuals, Budget, Commitment, Obligation), books (primary, secondary/statutory/management/IFRS), companies and hierarchies, balancing worktags, intercompany framework and due-to/due-from, consolidation, currency (functional, transaction, reporting), translation (CTA) and remeasurement under ASC 830, journal sources, manual journals, operational journals, open/close periods.

Accounts Receivable

Customers and customer categories, customer invoices (manual and from projects/contracts), recurring invoice templates, automatic cash application via lockbox (BAI2, CAMT.053), credit and collections, dunning runs, aging, write-offs (bad debt reserve), customer refunds, customer deposits, AR-to-GL reconciliation, intercompany AR and due-from elimination.

Reporting & Analytics

Workday Report Writer with simple, advanced, matrix, composite, transposed, search, trending, and nBox formats; calculated fields with data source evaluation; drill-down and drill-up; security on reports; Workday Prism Analytics integration for external data; Workbooks and Discovery Boards; embedded analytics; audit reports; SEC 10-Q/10-K iXBRL tagging for US GAAP filings.

Business Assets

Asset classes and cost profiles, useful life, depreciation methods (straight-line, declining balance, units of production), placed-in-service and acquisition sources (AP invoice, supplier contract, manual), in-service adjustments, retirements and disposals (gain/loss), impairment, component accounting, lease (ASC 842 / IFRS 16 ROU) interface and month-end amortization.

Expense Management

Expense reports, corporate card load and reconciliation, mileage and per diem, policies and spend authorizations, receipt attachments and OCR, delegations, mobile approvals, expense-to-project integration, Smart Audit Plus anomaly detection for duplicate/out-of-policy receipts.

Projects / PPM

Project hierarchy and plans, resource plans and assignments, billing rate sheets (bill/cost), timesheets and expense charging, project accounting methods (percentage of completion, cost-to-cost, milestone), project accruals, project revenue and billing (T&M, fixed fee), multi-company project delivery.

Cash / Treasury Management

Bank accounts and cash pools, bank statement load (BAI2, MT940, CAMT.053), auto-reconciliation rules and match templates, ad hoc bank transactions, cash pool and in-house banking, cash forecasting, payment runs and funding, bank-to-bank transfers.

Financial Close & Consolidation

Period close checklist, consolidation companies and eliminations, intercompany matching, currency translation (CTA) under ASC 830, accruals and reversals, manual journals and journal sources, close task list, manager certifications, management reporting packs, Workday Financial Close add-on.

Revenue Recognition & Customer Contracts / Billing

Customer contracts under ASC 606 five-step model (identify the contract, identify performance obligations, determine transaction price, allocate, recognize), standalone selling price (SSP) and residual approach, variable consideration (most-likely-amount, expected value), contract modifications, deferred and unbilled/contract asset accounting, subscription billing and usage.

Budgets & Plans

Budget structures, budget pools, commitment and obligation controls, budget checks on requisitions/POs/manual journals, position budgeting integration with HCM, budget amendments, Workday Adaptive Planning integration for multi-scenario FP&A and rolling forecasts.

Tax

Tax codes, tax authorities, withholding (US 1099/1042, global withholding), VAT/GST input and output, tax applicability rules, tax reporting, transaction tax on supplier invoices/customer invoices/expense reports, integration with external tax engines (Vertex, Avalara).

Security & Domains

Security groups (user-based, role-based, segment-based, intersection), domain security policies, business process security policies, financial segmented security (company, cost center, region), data scoping, audit logs, privileged role reviews, SOX 404 and SoD (segregation of duties) controls.

Integration & Extensibility

Enterprise Interface Builder (EIB), Core Connectors, Workday Studio, REST and SOAP web services, Workday Extend for custom apps, inbound/outbound integrations with banks (BAI2, NACHA) and tax engines, integration system user (ISU) and security groups, scheduled future processes.