Selectsys Interview Questions and Answers

Journal entry for a loan involves debiting the cash account and crediting the loan payable account.

• Debit the cash account to increase the cash balance

• Credit the loan payable account to increase the liability

• Include the loan amount and any applicable interest in the journal entry

• Ensure the entry follows the double-entry accounting system

Risk refers to the possibility of loss or harm occurring due to uncertain events or circumstances.

• Risk is an inherent part of any business or activity.

• It can be managed through various strategies such as risk avoidance, risk reduction, risk transfer, and risk acceptance.

• Examples of risks include financial risks, operational risks, strategic risks, and reputational risks.

• Risk assessment is a crucial process in iden...read more

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

• Insurance provides financial protection against risks such as accidents, illness, and natural disasters.

• The insured pays a premium to the insurance company in exchange for coverage.

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

• Insurance policies have terms an...read more

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

• Insurance provides financial protection against unexpected events or losses.

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

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

• Insurance policies have terms and conditions that must be followed to receive benefits.

• Insur...read more

A system administrator is responsible for managing and maintaining computer systems and networks.

• Installing and configuring software and hardware

• Monitoring system performance and troubleshooting issues

• Managing user accounts and permissions

• Backing up and restoring data

• Ensuring system security and implementing security measures

• Updating and upgrading systems

• Documenting system configurations and procedures

There are various types of insurances such as life, health, auto, home, travel, and business insurance.

• Life insurance provides financial support to the family of the policyholder in case of their death.

• Health insurance covers medical expenses of the policyholder and their family.

• Auto insurance covers damages caused to the insured vehicle and third-party liability.

• Home insurance covers damages caused to the insured...read more