A Depositor Cannot Directly Write Checks Against

question 183

Multiple Choice

A depositor cannot directly write checks against:

• A)​demand deposits.
• B)​transaction deposits.
• C)​nontransaction deposits.
• D)​money market mutual fund accounts.

Understand and apply the concept of interest revenue adjustments in bank reconciliations.

Recognize and define the five elements of internal control.

Describe the features and supporting documents of a voucher system.

Identify signs of weak internal control systems and suggest improvements.

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Definitions:

Internal Operating Instructions

Detailed procedures or guidelines within a system or application, defining how specific operations should be executed.

Scan Process

The scan process in a PLC refers to the cyclical operation in which the system reads inputs, executes logic based on the program, and updates outputs, typically occurring in a rapid and continuous loop.

Input Data

Information or signals received by a system or device from external sources, used as parameters or conditions for processing and operations.

Ladder Program

A graphical programming language used in programmable logic controllers (PLCs), resembling the schematic diagrams of relay logic.