Accounting Multiple Choice Question – 23 May 2019

A deposit account is …?

Select ONE answer:

1. a bank account which pays interest.
2. a bank account on which cheques can be drawn.
3. a bank account which does not pay interest.
4. None of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct
2. A bank account on which cheques can be drawn is known as a current account.
3. Interest is paid by banks on money in deposit accounts. Interest is sometimes paid (and sometimes not) on money in current accounts, depending on which bank the account is with.
4. Not correct

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