800+ 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

Remove duplicate data in pivot table

• Identify the duplicate data in the pivot table

• Delete or filter out the duplicate data

• Refresh the pivot table to reflect the changes

• Use conditional formatting to highlight duplicate data

• Merge the duplicate data if necessary

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

3way and 2way matches are methods used in accounts payable to match invoices with purchase orders and receiving reports.

• 2way match involves matching the invoice with the purchase order.

• 3way match involves matching the invoice with the purchase order and the receiving report.

• 2way match is used for non-inventory items while 3way match is used for inventory items.

• Example: A company orders 100 units of a product from a supplier. The supplier sends the product and the company rece...read more

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.

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

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

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

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.

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.

Engage the bank manager with professionalism, actively listen, and provide accurate information to address their queries effectively.

• Greet the bank manager politely and introduce yourself.

• Ask clarifying questions to understand the specific banking queries.

• Provide accurate and concise information based on the queries.

• If unsure about a specific detail, assure them you will find the information and follow up promptly.

• Maintain a professional demeanor and ensure the conversation i...read more

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.