30+ Genpact Process Associate Interview Questions and Answers for Freshers

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

Answering questions related to accounting and journal entries.

• Debitor is a person or entity who owes money to another person or entity.

• Depreciation is the decrease in value of an asset over time due to wear and tear or obsolescence.

• The journal entry for sending goods as donation would be to debit the donation expense account and credit the inventory account for the cost of the goods donated.

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

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.

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

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

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.

Money laundering is the process of making illegally obtained money appear legal by hiding its true source.

• Money laundering involves three stages: placement, layering, and integration.

• Anti money laundering (AML) refers to laws and regulations designed to prevent money laundering.

• Customer Due Diligence (CDD) is the process of verifying the identity of clients to prevent money laundering.

• Politically Exposed Persons (PEP) are individuals who are entrusted with prominent public fu...read more

Golden rule of accounting is to debit the receiver and credit the giver.

• Debit what comes in and credit what goes out

• Debit the receiver and credit the giver

• Debit expenses and losses, credit incomes and gains

• Debit assets and credit liabilities

• Debit drawings and credit capital

• Debit purchases and credit accounts payable

• Debit accounts receivable and credit sales

Depreciation is the decrease in value of an asset over time. We prepare balance sheet to show the financial position of a company.

• Depreciation is a non-cash expense that reduces the value of an asset over its useful life.

• It is calculated by dividing the cost of the asset by its useful life.

• Depreciation is important for accurate financial reporting and tax purposes.

• Balance sheet shows the assets, liabilities, and equity of a company at a specific point in time.

• Depreciation is ...read more

Amortization is the process of spreading the cost of an intangible asset over its useful life, while depreciation is the process of spreading the cost of a tangible asset over its useful life.

• Amortization is used for intangible assets like patents, copyrights, and trademarks.

• Depreciation is used for tangible assets like buildings, vehicles, and machinery.

• Amortization is typically calculated using the straight-line method.

• Depreciation can be calculated using various methods su...read more

Echo type noises can be caused by various factors such as room acoustics, microphone placement, or audio feedback.

• Check microphone placement and distance from speakers

• Adjust room acoustics by adding soundproofing materials

• Reduce audio feedback by adjusting volume levels

• Use noise-cancelling software or hardware if necessary

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

• Insurance provides financial protection against unexpected events such as accidents, illnesses, and natural disasters.

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

• Types of insurance include health, life, auto, home, and travel insurance.

• Insurance policies have terms and conditions that outline what is covered and what is not.

• Insurance companies use a...read more

Accounts payable is the amount of money a company owes to its vendors or suppliers for goods or services received.

• It is a liability account in the company's balance sheet

• It includes invoices, bills, and other expenses that are yet to be paid

• It is an important aspect of cash flow management

• Examples include rent, utilities, and inventory purchases

Insurance company gets financial protection in return for providing coverage to policyholders.

• Insurance premiums from policyholders

• Investment income from premiums

• Risk diversification

• Customer loyalty and retention

• Regulatory compliance

• Reinsurance agreements

Shift criteria is flexible based on business needs.

• Shifts may vary based on workload and client requirements.

• Employees may need to work day or night shifts depending on the project.

• Flexibility in shift criteria allows for better work-life balance for employees.

Principles of insurance are the fundamental rules and guidelines that govern the insurance industry.

• Principle of utmost good faith - Both parties must act honestly and disclose all relevant information.

• Principle of insurable interest - The insured must have a financial interest in the subject matter of the insurance.

• Principle of indemnity - The insured should be restored to the same financial position as before the loss.

• Principle of contribution - If the insured has multiple ...read more

Yes, disturbing sounds can indicate potential issues in the process that need to be addressed.

• Identify the source of the disturbing sounds

• Determine if the sounds are normal or abnormal for the process

• Investigate potential causes of the disturbing sounds

• Take necessary actions to address the issues causing the disturbing sounds

The golden rule of accounting states that debit what comes in and credit what goes out.

• Debit what comes in and credit what goes out

• Assets = Liabilities + Equity

• Helps maintain the accounting equation balance

• Used to ensure accurate recording of financial transactions

Role playing with clients helps in understanding their needs and providing effective solutions.

• Listen actively to the client's concerns and needs

• Empathize with the client's situation

• Offer solutions or alternatives based on the client's requirements

• Maintain a professional and friendly demeanor throughout the interaction

Yes, I am open to relocate for the right opportunity.

• I am willing to relocate for the right job opportunity

• I have no geographical restrictions for the right role

• I am excited about the possibility of experiencing a new location

Banking involves financial transactions, loans, deposits, and investments.

• Banks provide financial services to individuals and businesses

• They accept deposits and offer loans with interest rates

• Banks also offer investment options such as mutual funds and stocks

• They provide credit and debit cards for transactions

• Banks are regulated by government authorities to ensure stability and security

Bank statements are documents provided by a bank to an account holder, showing the transactions and balance of the account over a period of time.

• Bank statements show all transactions (deposits, withdrawals, transfers) made in an account.

• They also show the beginning and ending balance of the account for the specified period.

• Bank statements are usually issued monthly, but can be requested more frequently if needed.

• They are important for tracking finances, verifying transactions...read more

Post onboarding refers to the period after the new employee has completed their initial training and orientation.

• During post onboarding, the employee is expected to start performing their job duties independently.

• The employee may receive additional training or support as needed.

• Regular check-ins with the employee can help ensure a smooth transition into their new role.

• Examples of post onboarding activities include setting performance goals, assigning tasks, and providing feed...read more

Accounting principles are the guidelines and rules that companies must follow when preparing financial statements.

• Accounting principles include the matching principle, revenue recognition principle, and historical cost principle.

• These principles ensure that financial statements are accurate, reliable, and consistent.

• Examples of accounting principles in action include recording expenses in the period they are incurred and not when they are paid, and recognizing revenue when it...read more

Some other BPOs in the industry are Genpact, Wipro, Infosys, TCS, and Accenture.

• Genpact is a global professional services firm that provides digital transformation, analytics, and process engineering services.

• Wipro is an Indian multinational corporation that provides information technology, consulting, and business process services.

• Infosys is a global leader in next-generation digital services and consulting.

• TCS is an Indian multinational information technology services and c...read more

A broker is a middleman who connects buyers and sellers in exchange for a commission, while an agent represents one party in a transaction.

• Brokers work independently and can represent multiple parties, while agents typically work for a specific party.

• Brokers have more flexibility in negotiating deals, while agents have a fiduciary duty to act in the best interest of their client.

• Brokers often work in real estate and financial markets, while agents are commonly found in insura...read more

Bank statements typically include account holder information, transaction details, balances, and dates.

• Bank name and logo at the top

• Account holder's name and address

• Transaction details including date, description, and amount

• Opening and closing balances

• Statement period

• Account number and branch information

• Sometimes include interest earned or fees charged

• May have check images or ATM withdrawals listed

An average person is someone who is neither exceptional nor below average in terms of abilities, achievements, or characteristics.

• Has a job or is seeking employment

• Has a family or social circle

• Enjoys hobbies or leisure activities

• Has strengths and weaknesses

• Experiences a range of emotions

• Has basic needs such as food, shelter, and clothing

3-way match is a process used in accounting to ensure that the purchase order, invoice, and receiving report all match before payment is made.

• Involves comparing the purchase order, invoice, and receiving report

• Helps prevent errors and fraud in the payment process

• Ensures that the company is only paying for goods or services that were actually received

R2R cycle stands for Record to Report cycle, which involves the process of recording financial transactions and preparing financial statements.

• R2R cycle involves recording financial transactions in the general ledger.

• It includes activities such as journal entries, reconciliations, and financial reporting.

• The cycle typically starts with the recording of transactions and ends with the preparation of financial statements.

• Examples of R2R activities include posting sales transacti...read more

An account is a record of financial transactions for a specific entity, such as an individual or organization.

• An account typically includes information on assets, liabilities, income, and expenses.

• Accounts are used to track financial activities and provide a snapshot of an entity's financial position.

• Examples of accounts include bank accounts, credit card accounts, and investment accounts.

The 3 golden rules in accounts are: 1) Debit the receiver, credit the giver 2) Debit what comes in, credit what goes out 3) Debit expenses and losses, credit income and gains.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit expenses and losses, credit income and gains