Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'demand deposit account'?

A. date that determines in which posting period a document or journal entry is added to an account record
B. non-interest-bearing deposit account in which deposits are payable immediately on demand, or that are issued with an original maturity or required notice period of less than seven days, or that represent funds for which the depository institution does not reserve the right to require at least seven days' written notice of an intended withdrawal
C. date on which something was closed
D. party that owns an account

Answer: non-interest-bearing deposit account in which deposits are payable immediately on demand, or that are issued with an original maturity or required notice period of less than seven days, or that represent funds for which the depository institution does not reserve the right to require at least seven days' written notice of an intended withdrawal