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

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

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

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.

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

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

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

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

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

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

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

The appropriate verb for the blanks is 'is'.

• The verb 'is' is used to describe a state or condition of something.

• Example: The sky is blue.

• Example: The cat is sleeping.

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.

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

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

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

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

Yes, I have a basic understanding of computers and laptops, including their components and functions.

• Familiar with operating systems like Windows and macOS.

• Understanding of hardware components such as CPU, RAM, and hard drives.

• Knowledge of software applications like Microsoft Office and web browsers.

• Ability to troubleshoot common issues, such as connectivity problems or software errors.

• Experience with file management, including creating, saving, and organizing documents.

Effective listening and immediate response are crucial for problem-solving and communication in various roles.

• Active Listening: Focus on the speaker without distractions. For example, nodding and maintaining eye contact.

• Clarification: Ask questions if something is unclear. For instance, 'Could you elaborate on that point?'

• Summarization: Repeat back what you've heard to confirm understanding. Example: 'So, you're saying that...'

• Timely Response: Provide feedback or answers prom...read more

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.

The Three-Way Match process ensures accuracy in procurement by comparing the purchase order, invoice, and receipt.

• Involves three documents: Purchase Order (PO), Invoice, and Goods Receipt.

• Ensures that the quantity and price on the invoice match the PO.

• Confirms that the goods received match what was ordered and invoiced.

• Example: If a company orders 100 units of a product, the invoice should reflect that same quantity and price.

• Helps prevent overpayments and fraud by verifying ...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

Insurance is a financial arrangement that provides protection against potential future losses in exchange for regular premium payments.

• Definition: Insurance is a contract where an individual or entity receives financial protection against losses from an insurance company.

• Types of Insurance: Common types include health, auto, life, and property insurance, each serving different purposes.

• Premium: The premium is the amount paid periodically to the insurance company for coverage;...read more