600+ Process Associate Interview Questions and Answers

Explaining color to a person blind since birth

• Color is a visual sensation perceived by the eyes

• Red is a warm color that is often associated with passion, love, and anger

• It is the color of blood and fire

• It can be described as a feeling of warmth or intensity

• It is often used to draw attention or indicate danger

• It is the opposite of green on the color wheel

Financial statements are reports that show the financial performance and position of a company.

• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on a company's revenue, expenses, assets, liabilities, and equity.

• Investors and analysts use financial statements to evaluate a company's financial health and make investment decisions.

• Examples of financial statements include annual reports, quarterly reports, and 10-K ...read more

Creditor is a person or entity to whom money is owed. Golden rules of accounting are basic principles to maintain financial records. Expenditure account records expenses while saving account records savings.

• A creditor is someone who is owed money by a debtor

• Golden rules of accounting are: a) Debit the receiver, credit the giver b) Debit what comes in, credit what goes out c) Debit expenses and losses, credit income and gains

• Expenditure account records all expenses incurred by...read more

Depreciation is the decrease in the value of an asset over time. Types include straight-line, reducing balance, and sum-of-the-years'-digits.

• Depreciation is a method of allocating the cost of an asset over its useful life.

• Straight-line depreciation evenly distributes the cost of an asset over its useful life.

• Reducing balance depreciation charges a higher amount in the early years and decreases over time.

• Sum-of-the-years'-digits depreciation charges more in the early years and...read more

To handle an irate customer, I would remain calm, actively listen to their concerns, empathize with their situation, offer solutions, and escalate if necessary.

• Remain calm and composed

• Listen actively and attentively to the customer's concerns

• Empathize with the customer's situation and show understanding

• Offer solutions or alternatives to address their issues

• If unable to resolve, escalate the matter to a supervisor or manager

Bat and ball together cost 110. Bat costs 100 more than ball. What is the cost of both?

• Let the cost of ball be x. Then the cost of bat is x+100.

• The sum of their costs is 110, so x+x+100=110.

• Solving the equation, we get x=5. Therefore, the cost of ball is 5 and the cost of bat is 105.

• The cost of both is 110.

Printers are output devices that produce hard copy output from computers. There are several types of printers.

• Types of printers include inkjet, laser, thermal, and dot matrix.

• Inkjet printers use liquid ink sprayed through microscopic nozzles onto paper.

• Laser printers use toner powder and heat to fuse the toner onto paper.

• Thermal printers use heat to transfer ink onto paper.

• Dot matrix printers use a print head that strikes an ink ribbon to create dots on paper.

• Printers can als...read more

Interest on capital is shown as an expense in the profit and loss statement, not in the balance sheet.

• Interest on capital is a cost incurred by a business for using borrowed funds or the capital invested by the owners.

• It is considered as an expense and is deducted from the revenue in the profit and loss statement.

• The balance sheet shows the financial position of a company at a specific point in time and does not include interest on capital.

• Examples of items shown in the balan...read more

Medical billing is the process of submitting and following up on claims with health insurance companies to receive payment for services rendered.

• Medical billing involves coding diagnoses and procedures, submitting claims to insurance companies, and handling denials and appeals.

• It requires knowledge of medical coding systems such as ICD-10 and CPT.

• Knack is a cloud-based platform that helps streamline medical billing processes by automating tasks and providing analytics.

• It can ...read more

Balance sheet shows a company's financial position at a specific point in time.

• It lists a company's assets, liabilities, and equity.

• It helps investors and creditors evaluate the financial health of a company.

• It is prepared at the end of each accounting period.

• Example: A balance sheet may show that a company has more liabilities than assets, indicating financial trouble.

• Example: A balance sheet may show that a company has a high amount of equity, indicating financial stability...read more

BPO stands for Business Process Outsourcing. It is a practice of hiring another company to perform a business process for you.

• BPOs provide cost-effective solutions for businesses to outsource non-core functions such as customer service, data entry, and accounting.

• BPOs can be onshore, nearshore, or offshore depending on the location of the outsourcing company.

• Examples of BPOs include Accenture, IBM, and Infosys.

• BPOs can help businesses focus on their core competencies and impr...read more

Golden rules of accounting are basic principles to maintain accurate financial records.

• The first golden rule is to maintain a record of all financial transactions.

• The second golden rule is to record all transactions in the appropriate account.

• The third golden rule is to ensure that the accounting equation (Assets = Liabilities + Equity) is always balanced.

• Examples of these rules in practice include recording all sales in the sales account and all purchases in the purchase acc...read more

Server is a computer program or device that provides functionality to other programs or devices.

• A server is a computer that stores and manages data for other computers on a network.

• Examples of servers include web servers, email servers, and file servers.

• Servers can be physical machines or virtual machines.

• Dora is not related to servers or IT.

• SLA stands for Service Level Agreement and is a contract between a service provider and a customer that outlines the level of service th...read more

Full mean deed refers to a complete and intentional action or act.

• Full mean deed implies carrying out a task or action with complete intention and purpose.

• It involves performing an act deliberately and consciously.

• Examples of full mean deeds can include acts of kindness, charity, or any intentional action with a clear purpose.

A teaching is the act of imparting knowledge or skills to someone through instruction or example.

• Teaching involves sharing information and guiding others in learning.

• It can be done through various methods such as lectures, demonstrations, or hands-on activities.

• Teachers use their expertise and experience to facilitate learning and help students understand concepts.

• Effective teaching requires good communication, patience, and adaptability.

• Examples of teaching include a profess...read more

Derivatives are financial contracts that derive their value from an underlying asset. Mutual funds are investment vehicles that pool money from multiple investors to invest in securities.

• Types of derivatives include futures, options, swaps, and forwards.

• NAV (Net Asset Value) is the value of a mutual fund's assets minus its liabilities, divided by the number of outstanding shares.

• Ratios used in mutual fund analysis include expense ratio, turnover ratio, and Sharpe ratio.

• Projec...read more

Insurance is a contract between an individual and an insurance company to provide financial protection against potential losses.

• Insurance is a risk management tool that helps individuals and businesses protect themselves against financial losses.

• It works on the principle of pooling risks, where a large number of people contribute premiums to create a fund that can be used to compensate for losses.

• There are various types of insurance, including life insurance, health insurance...read more

A network printer is a printer that is connected to a network and can be accessed by multiple users.

• A network printer can be connected to a LAN or WAN.

• It allows multiple users to print from a single printer.

• It can be accessed through a print server or directly through the network.

• Examples of network printers include laser printers, inkjet printers, and multifunction printers.

Bacteria in flask doubles every second, takes 15 min to fill half. How long to fill full bottle?

• Bacteria doubles every second

• 15 min to fill half the flask

• Calculate time to fill full bottle

Yes, insurance is a contract between an individual and an insurance company to protect against financial loss.

• Insurance can cover various aspects such as health, life, property, and auto.

• Premiums are paid by the individual to the insurance company in exchange for coverage.

• Claims can be made by the individual in case of an event that is covered by the insurance policy.

• Examples of insurance companies include State Farm, Allstate, and Geico.

Cash flow is the movement of money in and out of a business. Operating, investing, and financing activities affect cash flow.

• Operating activities involve cash inflows and outflows related to the company's core business operations, such as sales and expenses.

• Investing activities involve cash inflows and outflows related to the purchase or sale of long-term assets, such as property or equipment.

• Financing activities involve cash inflows and outflows related to the company's fina...read more

Bills receivable refers to the amount of money owed to a company by its customers for goods or services provided on credit.

• Bills receivable is an asset account on a company's balance sheet.

• It represents the amount of money that a company expects to receive from its customers in the future.

• Bills receivable can be in the form of promissory notes, checks, or other types of written agreements.

• For example, if a company sells goods to a customer on credit, it will record the amount...read more

Accounts Payable and Receivables are financial terms used in business to track and manage money owed and money owed to the company.

• Accounts Payable refers to the money a company owes to its suppliers or vendors for goods or services received but not yet paid for.

• Accounts Receivable refers to the money owed to a company by its customers or clients for goods or services provided but not yet paid for.

• Accounts Payable and Receivables are important for managing cash flow and maint...read more

Yes, I can converse fluently in the language I described.

• I am proficient in speaking, reading, and writing the language.

• I have been using the language for several years and have a good grasp of its grammar and vocabulary.

• I can communicate effectively in both formal and informal settings.

• For example, I have used the language to conduct business meetings, write reports, and have casual conversations with friends and family.

If we had additional resources, we would optimize our processes, improve efficiency, and enhance productivity.

• Invest in training and development programs for employees to enhance their skills and knowledge

• Upgrade technology and software systems to streamline operations

• Expand our team to handle increased workload and improve turnaround times

I would first identify the root cause of the error and then take appropriate action to resolve it.

• I would check the error logs to identify the specific error message

• If it is a technical error, I would try to troubleshoot and fix the issue

• If it is a severe error, I would escalate the issue to a higher authority

• I would communicate the issue and the steps taken to resolve it to the relevant stakeholders

Eurobonds are international bonds issued in a currency other than the currency of the country or market in which it is issued.

• Eurobonds are issued by multinational corporations, governments, and international organizations.

• They are traded in the international capital market.

• Eurobonds are not subject to the regulations of any single country.

• They offer investors the opportunity to diversify their portfolio and hedge against currency risk.

• My resume includes relevant coursework i...read more

Customer service involves providing assistance and support to customers before, during, and after a purchase.

• Customer service is about meeting the needs and expectations of customers

• It involves effective communication and problem-solving skills

• Customer service representatives should be empathetic and patient

• Examples: resolving complaints, answering inquiries, providing product information

Banking is a financial service that deals with money transactions. KYC stands for Know Your Customer. Debit means money out, credit means money in.

• Banking involves managing money, loans, and investments.

• KYC is a process of verifying the identity of customers to prevent fraud and money laundering.

• Debit refers to money being taken out of an account, while credit refers to money being added to an account.

• Examples of banking services include savings accounts, loans, and credit ca...read more

Debit cards offer convenience and security but also come with potential risks and limitations.

• Advantages: Convenient for everyday purchases, no need to carry cash, accepted worldwide, helps track spending, can earn rewards.

• Disadvantages: Risk of overspending, potential for fraud or theft, limited consumer protection compared to credit cards, fees for certain transactions, may not offer rewards or cashback.

Answering questions related to previous job profile, shares and bonds, reference data, ex date, record date, and resume.

• Shares and bonds refer to financial instruments used for investment purposes.

• Reference data is information used to identify and classify financial instruments.

• Ex date is the date on which a security is traded without its dividend.

• Record date is the date on which a company determines its shareholders for dividend distribution.

• Questions based on resume may inc...read more

Excel sheet formulas in MS Office

• SUM: adds up a range of cells

• AVERAGE: calculates the average of a range of cells

• IF: returns one value if a condition is true and another value if it's false

• VLOOKUP: searches for a value in a table and returns a corresponding value in the same row

• COUNT: counts the number of cells in a range that contain numbers

• CONCATENATE: combines two or more strings into one

• MAX: returns the highest value in a range of cells

• MIN: returns the lowest value in a r...read more

GST is a tax system implemented in many countries to replace multiple indirect taxes.

• GST stands for Goods and Services Tax.

• It is a tax system implemented in many countries to replace multiple indirect taxes.

• GST aims to simplify the tax structure, promote transparency, and reduce tax evasion.

• It is a value-added tax levied on the supply of goods and services.

• GST is categorized into different rates such as 0%, 5%, 12%, 18%, and 28% depending on the nature of the goods or service...read more

Trial balance is a bookkeeping worksheet where the balances of all ledgers are compiled into debit and credit columns to ensure they are equal.

• Trial balance is prepared periodically, usually at the end of a reporting period.

• It helps in detecting errors in the accounting process by ensuring that debits equal credits.

• If the trial balance does not balance, it indicates there are errors in the accounting records that need to be corrected.

• Example: If the total debits are $10,000 a...read more

Content moderation involves reviewing user-generated content, management involves overseeing content strategy and production, and writing involves creating original content.

• Content moderation involves reviewing user-generated content for compliance with community guidelines and legal requirements.

• Content management involves overseeing content strategy, production, and distribution across various channels.

• Writing involves creating original content, such as articles, blog posts...read more

I am looking to join Wipro because of its reputation as a leading company in the industry.

• Wipro is known for its strong presence in the IT industry

• It offers a wide range of career opportunities and growth prospects

• The company has a good work culture and values its employees

• Wipro has a strong client base and provides innovative solutions

• Joining Wipro would provide me with a platform to enhance my skills and contribute to its success

Account Payables are the amounts a company owes to its vendors, while Account Receivables are the amounts owed to the company by its customers. BRS is a process of reconciling bank statements with a company's accounting records. Deferred Revenue is the revenue received in advance for goods or services that are yet to be delivered.

• Account Payables are the liabilities of a company that arise from the purchase of goods or services on credit.

• Account Receivables are the assets of ...read more

Debit is an entry that represents an increase in assets and a decrease in liabilities. Credit is the opposite.

• Debit is used to record an increase in assets or a decrease in liabilities.

• Credit is used to record a decrease in assets or an increase in liabilities.

• Debit is on the left side of an account, while credit is on the right side.

• Debit balances are positive, while credit balances are negative.

• Examples: Debit - cash received, Credit - cash paid out.

The appropriate verb for the blanks is 'is'.

• The verb 'is' is used to describe a state or condition of something.

• Example: The sky is blue.

• Example: The cat is sleeping.

AML & KYC are regulatory processes to prevent money laundering and terrorist financing. PEP refers to politically exposed persons. Hedge funds are investment funds. AML has three layers: customer due diligence, transaction monitoring, and suspicious activity reporting. Screening involves checking individuals or entities against watchlists.

• AML stands for Anti-Money Laundering and KYC stands for Know Your Customer

• PEP refers to Politically Exposed Persons who are individuals wit...read more

Yes, I have travel knowledge.

• I have traveled to various countries and experienced different cultures.

• I am familiar with booking flights, hotels, and rental cars.

• I can provide recommendations for popular tourist destinations.

• I am knowledgeable about travel insurance and visa requirements.

• I have planned and organized group trips.

Prepaid expenses are shown as assets on the balance sheet in accrual accounting concept.

• Prepaid expenses are initially recorded as assets on the balance sheet when paid in advance.

• They are gradually expensed over time as the benefit is received.

• As the prepaid expense is consumed, it is recognized as an expense on the income statement.

• Examples include prepaid rent, insurance premiums, and prepaid subscriptions.

Foreclosure closer refers to the final stage of the foreclosure process where the property is sold to recover the outstanding debt.

• Foreclosure closer is the last step in the foreclosure process.

• It involves the sale of the property to recover the outstanding debt.

• The property is typically sold through an auction or a real estate agent.

• The proceeds from the sale are used to pay off the remaining mortgage balance and any other liens on the property.

• Once the property is sold, the...read more

Journal entry for Sale, Purchase, depreciation

• Sale: Debit Accounts Receivable/Cash, Credit Sales Revenue

• Purchase: Debit Inventory, Credit Accounts Payable/Cash

• Depreciation: Debit Depreciation Expense, Credit Accumulated Depreciation

Content moderation refers to the process of monitoring and reviewing user-generated content to ensure it complies with guidelines and policies.

• Content moderation involves reviewing and filtering user-generated content.

• It is done to ensure compliance with community guidelines and policies.

• Moderators assess content for inappropriate or harmful elements.

• Examples include reviewing social media posts, comments, images, videos, and forum discussions.

• Moderators may remove or flag co...read more

Risk management is the process of identifying, assessing, and controlling potential risks that could affect an organization's objectives.

• It involves identifying potential risks and their likelihood of occurring

• Assessing the potential impact of those risks on the organization

• Developing strategies to mitigate or avoid those risks

• Monitoring and reviewing the effectiveness of risk management strategies

• Examples include financial risk, operational risk, and reputational risk

The education system in India is diverse and consists of various levels and types of institutions.

• The education system in India is divided into different levels, including primary, secondary, and higher education.

• Primary education in India is compulsory and free for children aged 6 to 14 years.

• Secondary education includes the completion of 10 years of schooling and leads to the secondary school certificate examination.

• Higher education in India is offered by universities, coll...read more