Answer(s): C
QUESTION: 85
Non-interest bearing accounts including checking accounts and escrow accounts are known as:

A. Term deposit accounts
B. Demand deposit accounts
C. Fixed deposit accounts
D. Both A and C

Answer(s): B
QUESTION: 86
Demand deposit account allows customers to transfer money through the use of:

A. Checks
B. ATMs and EFTs
C. Point of sale (POS) terminals
D. Al of these

Answer(s): D
QUESTION: 87
During the posting process of ledger records on deposit account banks may reject some
transactions because:

A. They lack proper endorsements
B. They are subject to stop payments
C. They would create an over draft
D. Al of these

Answer(s): D
QUESTION: 88
Which one of the following audit objectives and steps should not be considered when
performing an audit of deposit account?

A. Determine whether dormant accounts are closed in a timely manner and in accordance with
policies
B. Determine whether there are adequate controls to prevent unauthorized access and change
to customer accounts
C. Determine whether applicable fees and penalties are properly assessed and posted
D. None of these

Answer(s): D
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Free Financial CFSA Exam Questions (page: 23)

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