IIA-CFSA

IIA-CFSA practice questions, page 18 of 21, with answer review and explanations.

Question 86

Demand deposit account allows customers to transfer money through the use of:

  1. Checks
  2. ATMs and EFTs
  3. Point of sale (POS) terminals
  4. All of these

Question 87

During the posting process of ledger records on deposit account banks may reject some transactions because:

  1. They lack proper endorsements
  2. They are subject to stop payments
  3. They would create an over draft
  4. All of these

Question 88

Which one of the following audit objectives and steps should not be considered when performing an audit of deposit account?

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

Question 89

Trust departments provide services to publicly held companies related to issuing and maintaining:

  1. Stock transactions
  2. Stock balances
  3. Stock threshold
  4. None off these

Question 90

Funds held in trust cannot be reinvented in:

  1. Term deposits
  2. Savings accounts
  3. Financial institution’s own securities
  4. Floor-plan financing