100+ 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

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

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.

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.

I would first identify the root cause of the error and then take appropriate action to resolve it.

• I would check the error logs to identify the specific error message

• If it is a technical error, I would try to troubleshoot and fix the issue

• If it is a severe error, I would escalate the issue to a higher authority

• I would communicate the issue and the steps taken to resolve it to the relevant stakeholders

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

I am looking to join Wipro because of its reputation as a leading company in the industry.

• Wipro is known for its strong presence in the IT industry

• It offers a wide range of career opportunities and growth prospects

• The company has a good work culture and values its employees

• Wipro has a strong client base and provides innovative solutions

• Joining Wipro would provide me with a platform to enhance my skills and contribute to its success

GST is a tax system implemented in many countries to replace multiple indirect taxes.

• GST stands for Goods and Services Tax.

• It is a tax system implemented in many countries to replace multiple indirect taxes.

• GST aims to simplify the tax structure, promote transparency, and reduce tax evasion.

• It is a value-added tax levied on the supply of goods and services.

• GST is categorized into different rates such as 0%, 5%, 12%, 18%, and 28% depending on the nature of the goods or service...read more

Prepaid expenses are shown as assets on the balance sheet in accrual accounting concept.

• Prepaid expenses are initially recorded as assets on the balance sheet when paid in advance.

• They are gradually expensed over time as the benefit is received.

• As the prepaid expense is consumed, it is recognized as an expense on the income statement.

• Examples include prepaid rent, insurance premiums, and prepaid subscriptions.

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

Journal entry for Sale, Purchase, depreciation

• Sale: Debit Accounts Receivable/Cash, Credit Sales Revenue

• Purchase: Debit Inventory, Credit Accounts Payable/Cash

• Depreciation: Debit Depreciation Expense, Credit Accumulated Depreciation

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

Mortgage is a loan taken to purchase a property. Collateral documents are required to secure the loan.

• Mortgage is a type of loan used to purchase a property.

• The borrower pledges the property as collateral for the loan.

• Types of mortgage include fixed-rate, adjustable-rate, and government-insured mortgages.

• Collateral documents in mortgage include the deed of trust, promissory note, and title insurance.

• The deed of trust gives the lender the right to foreclose on the property if ...read more

There are four types of e-commerce: B2B, B2C, C2B, and C2C.

• B2B (Business-to-Business) involves transactions between businesses, such as a manufacturer selling to a wholesaler.

• B2C (Business-to-Consumer) involves transactions between a business and individual consumers, such as Amazon selling to a customer.

• C2B (Consumer-to-Business) involves transactions where consumers sell products or services to businesses, such as freelance work.

• C2C (Consumer-to-Consumer) involves transacti...read more

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

Bills payable refers to the amount of money a company owes to its suppliers or vendors for goods or services received but not yet paid for.

• Bills payable is a liability account in the company's balance sheet.

• It represents the amount of money the company owes to its suppliers or vendors.

• The amount is recorded when the company receives the goods or services but has not yet paid for them.

• Examples of bills payable include invoices for raw materials, utilities, rent, and other expe...read more

Sumif adds up values based on a single condition, Vlookup searches for a value in a table and returns a corresponding value, Pivot table summarizes data from a larger table

• Sumif formula: =SUMIF(range, criteria, [sum_range])

• Vlookup formula: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Pivot table: used to summarize, analyze, explore, and present data

I have used various marketing tools such as social media platforms, email marketing software, and Google Analytics.

• Social media platforms like Facebook, Twitter, and LinkedIn for creating and sharing content

• Email marketing software like Mailchimp for sending newsletters and promotional emails

• Google Analytics for tracking website traffic and user behavior

• SEO tools like SEMrush for keyword research and optimization

• Paid advertising platforms like Google Ads and Facebook Ads for ...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

E-commerce refers to buying and selling of goods and services online.

• B2B e-commerce involves transactions between businesses

• B2C e-commerce involves transactions between businesses and consumers

• C2C e-commerce involves transactions between consumers

• Examples include Amazon, eBay, and Alibaba

• E-commerce has grown rapidly in recent years due to the convenience it offers

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

• The principles include: accrual principle, consistency principle, going concern principle, matching principle, materiality principle, monetary unit principle, objectivity principle, prudence principle, and relevance principle.

• Accrual principle states that revenue and expenses should be recognized when earned or incurred, not when cash is received or paid.

• Consisten...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

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.

Bank reconciliation is the process of comparing a company's bank statement with its own accounting records.

• Identifying and resolving discrepancies between the two records

• Ensuring accuracy of financial statements

• Examples: checks that have not cleared, bank fees, interest earned

• May involve adjusting entries in accounting records

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

BPO stands for Business Process Outsourcing, which involves contracting a third-party provider to handle specific business operations. Customer service is the assistance and support provided to customers before, during, and after their purchase of a product or service.

• BPO involves outsourcing specific business processes to third-party providers to improve efficiency and reduce costs.

• Customer service focuses on providing assistance and support to customers to ensure their sati...read more

Insurance sector involves the business of providing financial protection against potential risks and losses.

• Insurance sector is a part of the financial services industry.

• It involves the transfer of risk from an individual or entity to an insurance company.

• Insurance policies are contracts that outline the terms and conditions of coverage.

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

• Insurance companies collect premiums from policyholders and ...read more

Capital is liability because it represents the amount of money that a company owes to its owners or shareholders.

• Capital is the money invested by the owners or shareholders in the company.

• It is considered a liability because the company owes this money to its owners.

• If the company goes bankrupt, the owners or shareholders have the first claim on the assets, but only after all other liabilities have been paid off.

• For example, if a company has $100,000 in capital and $50,000 in...read more

Customer service refers to the assistance and support provided to customers before, during, and after a purchase.

• Customer service involves addressing customer inquiries, concerns, and complaints in a timely and professional manner.

• It includes providing product information, troubleshooting issues, and ensuring customer satisfaction.

• Examples of customer service channels include phone support, live chat, email support, and in-person assistance.

• Good customer service can lead to c...read more

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, or natural disasters.

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

• The insurance company assumes the risk of financial loss and pays out claims when necessary.

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

• Insurance ...read more

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.

A mortgage is a loan taken to purchase a property, where the property itself serves as collateral for the loan.

• Mortgage is a type of secured loan.

• The borrower pledges the property as collateral for the loan.

• The lender has the right to seize the property if the borrower fails to repay the loan.

• Types of mortgage include fixed-rate, adjustable-rate, and government-insured mortgages.

• Fixed-rate mortgages have a fixed interest rate for the life of the loan.

• Adjustable-rate mortgages...read more

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 like doctor visits, hospital stays, and prescription medica...read more

Yes, I am flexible in any shift timings.

• I am open to working in different shifts, including night shifts.

• I understand the importance of being adaptable and available for work at different times.

• I have previous experience working in shifts and have successfully adjusted my schedule accordingly.

• I prioritize the needs of the job and am willing to make necessary adjustments to accommodate different shift timings.

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

Content Moderation involves monitoring and reviewing user-generated content to ensure it meets the platform's guidelines.

• Content Moderation is the process of reviewing and monitoring user-generated content

• It ensures that the content meets the platform's guidelines and policies

• Moderators may remove or flag inappropriate content such as hate speech, violence, or spam

• Examples of platforms that use content moderation include social media sites, online forums, and e-commerce websi...read more

Sun Knowledge is a healthcare outsourcing company specializing in revenue cycle management services.

• Sun Knowledge provides services such as medical billing, coding, and accounts receivable management.

• They focus on helping healthcare providers maximize revenue and minimize claim denials.

• The company has a team of experienced professionals who are well-versed in healthcare industry regulations.

• Sun Knowledge uses advanced technology and software to streamline processes and improv...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

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

The interviewer asked about introduction, golden rule, and invoice process for the process associate role.

• Introduction should include a brief overview of your background and experience.

• Golden rule refers to the principle of treating others as you would like to be treated.

• Invoice process involves receiving and processing invoices from vendors or clients.

• It is important to ensure accuracy and timely processing of invoices to avoid any financial discrepancies.

• Examples of invoice...read more

Biotechnology offers diverse career opportunities in research, development, production, quality control, sales, and marketing.

• Career growth in biotechnology can involve moving up the ranks from entry-level positions to management roles.

• Specializing in a specific area of biotechnology, such as genetic engineering or pharmaceuticals, can lead to advanced career opportunities.

• Networking and gaining experience through internships or research projects can help in career advancemen...read more