The same rule applies to DSST, AP, ACE, or other credit-by-exam (CBE) methods. It's up to each university to decide what they'll accept for credit.
In NC, if you earn an AA from a community college and transfer to a state school, the credit-by-exam policies of the 4 year college will determine how many credits from AP, CLEP, DSST, etc. actually transfer. The articulation agreement ensures that the student won't have to repeat general education core requirements, but it doesn't guarantee that all credit hours will transfer.
Our community college requires 64 credits for an AA. All but 21 credits may be earned through CBE. We have state schools with generous CLEP policies and others that accept very few CLEPs. So if you were transferring to the latter with 42 CBE credits, you might be accepted and have your general education requirements waived, but have only 22 credits actually transfer. That's why it's important, when transferring, to investigate your ending-point-college's policies so that you can get credit for as much as possible.
For more information see Degree Planners - Welcome to DegreePlanners