IIA IIA Certifications IIA-CFSA Questions & Answers

• Question 421:

  Funds held in trust cannot be reinvented in:

  A. Term deposits

  B. Savings accounts

  C. Financial institution's own securities

  D. Floor-plan financing

  Correct Answer: C

• Question 422:

  Banks provide the following personal trust service/services for the individuals:

  A. Estate settlement

  B. Co-fiduciary

  C. Agent

  D. All of these

  Correct Answer: D

• Question 423:

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

  A. Stock transactions

  B. Stock balances

  C. Stock threshold

  D. None off these

  Correct Answer: A

• Question 424:

  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

  Correct Answer: D

• Question 425:

  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. All of these

  Correct Answer: D

• Question 426:

  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. All of these

  Correct Answer: D

• Question 427:

  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

  Correct Answer: B

• Question 428:

  Certificates of deposit may be:

  A. Bearable or registered

  B. Negotiable or non-negotiable

  C. None of these

  D. Both of these

  Correct Answer: D

• Question 429:

  Many businesses generally find CDs to be a:

  A. Satisfactory money management approach

  B. More than satisfactory money management approach

  C. Less than satisfactory money management approach

  D. Dissatisfactory money management approach

  Correct Answer: C

• Question 430:

  Interest rates offered on new CDs changes:

  A. Daily at most banks

  B. Twice a day at most banks

  C. Weekly at most banks

  D. Monthly at most banks

  Correct Answer: A