In Preparing a Bank Reconciliation, the Amount of Deposits in Transit

question 65

True/False

In preparing a bank reconciliation, the amount of deposits in transit is deducted from the cash balance per books.

---

Definitions:

Bargaining Unit

A group of employees with a clear and identifiable community of interests, recognized by an employer or by law, that is represented collectively in negotiations with the employer.

Collective Bargaining

The process in which employers and a group of employees negotiate the terms and conditions of employment, including wages, hours, work practices, and more.

Wildcat Strike

A labor strike unauthorized by the workers' union leadership, often spontaneous and occurring in direct response to grievances or disputes without formal union approval.

Authorization

The process of giving someone the right or power to do something, often through a formal or legal document.