iSpace Process Associate Interview Questions and Answers

It's about our self intro

It contains 4 phases - Total 90 marks - 70 minutes duration
1. English grammer - 30 marks
2. Logical reasoning - 20 marks
3. Insurance - 20 marks
4. Accounting - 20 marks

Q1. They asked about job role related questions and about previous work experience .
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English grammer
logical reasoning

Q1. What is accounts payable and recevaible
Ans. 
Accounts payable is money owed by a company to its suppliers, while accounts receivable is money owed to a company by its customers.
• Accounts payable refers to the money a company owes to its suppliers for goods or services purchased on credit.

• Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.

• Accounts payable is a liability on the company's balance sheet,...read more
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Q2. Resume based q&a
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Q3. Depreciation and its types
Ans. 
Depreciation is the allocation of the cost of an asset over its useful life. Types include straight-line, double declining balance, and units of production.
• Depreciation is a method of allocating the cost of an asset over its useful life

• Straight-line depreciation evenly spreads the cost over the useful life of the asset

• Double declining balance method accelerates depreciation in the early years of an asset's life

• Units of...read more
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Q4. Journal entries
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Q1. Same Q&a as hr resume based questions S&W
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Q2. DEPRECIATION AMMORTIATION JOURNAL ENTRIES WHAT IS TRADING AC
Ans. 
Trading account is a financial statement that shows the results of buying and selling goods and services.
• Trading account is a part of the final accounts of a business.

• It shows the gross profit or loss made by the business through trading activities.

• It includes details of sales, purchases, direct expenses, and direct incomes.

• The formula for calculating gross profit is: Gross Profit = Net Sales - Cost of Goods Sold.
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Q3. BASIC ACCOUNTING Q&A
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Q1. General accounts and communication
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Q2. Introduction and Excel
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Q1. General accounts and process explain
Ans. 
General accounts refer to the financial records of a company, while process involves the systematic steps taken to complete a task.
• General accounts involve recording financial transactions, preparing financial statements, and analyzing financial data.

• Process refers to the series of steps or actions taken to achieve a specific goal or outcome.

• In accounting, the process may involve recording transactions, reconciling acc...read more
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Q2. . communication skills tested and
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Accounts insurance reasoning questions

Q1. Asking accounting and insurance questions
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Q1. Basic insurance related questions
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Q2. What is insurance? Types of insurance? Explain 2 types of insurance?
Ans. 
Insurance is a contract between an individual and an insurance company where the individual pays premiums in exchange for financial protection against potential losses.
• Types of insurance include life insurance, health insurance, auto insurance, home insurance, and more.

• Life insurance provides a lump sum payment to beneficiaries upon the insured's death.

• Health insurance covers medical expenses and can include services l...read more
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Q1. Questions from resume and general questions
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Questions are about insurance accounting and English grammar easy

Q1. Basic insurance and accounting related questions and communication should be good be confident.
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Q2. What is Insurance
Ans. 
Insurance is a financial product that provides protection against financial losses resulting from unexpected events.
• Insurance is a contract between an individual or organization and an insurance company.

• The individual or organization pays a premium in exchange for coverage against specified risks.

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

• Insurance helps mitigate financial risks and pro...read more
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Q3. What is Marine Insurance
Ans. 
Marine insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred.
• Provides coverage for ships, cargo, terminals, and transport

• Covers risks such as damage, loss, theft, and liability

• Common types include hull insurance, cargo insurance, and liability insurance

• Important for businesses involved in international trade
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Q4. What is premium
Ans. 
Premium is the amount paid for insurance coverage.
• Premium is the cost of insurance coverage paid by the policyholder to the insurance company.

• It is typically paid on a regular basis, such as monthly or annually.

• The premium amount can vary based on factors like the type of insurance, coverage limits, and the insured individual's risk profile.

• Higher premiums are often associated with more comprehensive coverage or higher...read more
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Q5. About gallagher
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Q1. About comapany communication self intro
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Gives one topic for checking your communication and confidence.

Logical reasoning and other process releted questions.

Q1. Process releted questions
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Q2. Insurance, types, brokerage, mortgage,process, other non technical questions.
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Q1. Technical round manager asks about company background, history, insurance terms policies and other questions for cheak your logical ability.
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Question were asked regarding fna

Consolidated question on english acs etc

Q1. What are the golden rule for accounting
Ans. 
The golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The golden rules include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• For example, when a company receives cash from a customer, the cash account is debited (increased) and the accounts receivable account is credited (decre...read more
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Q2. What do you know about gallagher
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Q1. Why you want to work in this company
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Q2. What if your parents do not support in future to work here
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