10+ Solid Systems Global Interview Questions and Answers

A Purchase Order is a document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.

• A Purchase Order is a legally binding document

• It specifies the details of the products or services being purchased

• It includes quantities, prices, delivery dates, and terms of payment

• It serves as a record of the transaction between the buyer and seller

• Examples: PO#1234 for 100 units of Product A at $10 each, to be delivered by 01/01/2023

Credit and Debit cards are payment cards that allow you to make purchases without using cash.

• Credit cards allow you to borrow money from the card issuer up to a certain limit and pay it back later with interest.

• Debit cards are linked to your bank account and allow you to spend the money you have in your account.

• Both cards can be used to make purchases online, in stores, and at ATMs.

• Credit cards offer rewards and cashback programs, while debit cards do not.

• It is important to k...read more

There are two types of accounts - Personal and Impersonal. The Golden Rule of Accounts states that Debit what comes in, Credit what goes out.

• Types of accounts: Personal (e.g. Capital, Drawings) and Impersonal (e.g. Cash, Furniture)

• Golden Rule of Accounts: Debit the receiver, Credit the giver (e.g. Debiting Cash when it comes into the business, Crediting Sales when goods are sold)

An invoice is a document that lists the products or services provided by a seller to a buyer, along with the cost and payment terms.

• An invoice serves as a request for payment from the buyer to the seller.

• It typically includes details such as the quantity, description, price, and total amount due for the products or services.

• Invoices are used in business transactions to keep track of sales and payments.

• They may also include terms of payment, such as due date and payment method...read more

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

• Accounts payable represents a company's short-term debt obligations to its suppliers or vendors.

• It is recorded as a liability on the company's balance sheet.

• Accounts payable is typically paid within a specified period, often 30, 60, or 90 days.

• Examples of accounts payable include invoices from suppliers for inventory purchases, utility bills, and servic...read more

Banking refers to the business of accepting deposits and lending money.

• Banking involves accepting deposits from customers and using those funds to provide loans and other financial services.

• Banks also offer services such as credit cards, investment products, and insurance.

• Banking is regulated by government agencies to ensure safety and soundness of the financial system.

• Examples of banks include JPMorgan Chase, Bank of America, and Wells Fargo.

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions of a business.

• Golden rules of accounting include: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

• Accounting helps in summarizing and analyzing financial data to make informed business decisions.

• Financial statements like balance...read more

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

• AML is a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.

• KYC is a process of verifying the identity of customers and assessing their potential risks of illegal intentions.

• AML and KYC are important in financial institutions to prevent money laundering and terrorist financing.

• Examples of AML and KYC measures include cust...read more

Entity and UBO refer to legal entities and ultimate beneficial owners respectively.

• Entity refers to a company, organization or institution that has a legal identity separate from its members or owners.

• UBO refers to the natural person(s) who ultimately own or control a legal entity.

• UBO information is important for anti-money laundering and counter-terrorism financing measures.

• Examples of entities include corporations, partnerships, and trusts.

• Examples of UBOs include individua...read more

Pep and sanction are measures taken to prevent money laundering and terrorist financing.

• Pep stands for politically exposed person, which refers to individuals who hold prominent public positions or have close associations with such individuals.

• Sanction refers to the restriction or prohibition of financial transactions with certain individuals, organizations, or countries due to their involvement in illegal activities or human rights violations.

• These measures are implemented b...read more

Genpact is a global professional services firm that provides business process outsourcing and digital transformation services.

• Global professional services firm

• Specializes in business process outsourcing

• Offers digital transformation services

• Headquartered in New York, USA

• Operates in various industries such as banking, healthcare, and manufacturing