Deposits That Have Been Added to the Bank Balance but Not

question 15

True/False

Deposits that have been added to the bank balance but not the General Ledger balance are called deposits in transit.

---

Definitions:

Futures Price

The agreed upon price for the future delivery of assets such as commodities or financial instruments, set in a futures contract.

Contract Maturity

The designated date on which the principal amount of a financial instrument such as a bond, loan, or futures contract becomes due and payable.

August Futures Contract

A standardized contract to buy or sell a specific commodity or financial instrument at a predetermined price at a specified time in August.

Ethanol

A renewable fuel made from various plant materials, used as an additive to gasoline to reduce emissions.