On a Bank Reconciliation Deposits in Transit Are

question 103

Multiple Choice

On a bank reconciliation deposits in transit are

• A) added to the bank balance.
• B) deducted from the bank balance.
• C) added to the book balance.
• D) deducted from the book balance.

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Definitions:

Accumulating

The process of gathering or amassing over a period of time.

Allocating

The process of apportioning costs or resources among departments, activities, or products.

Receiving Report

The form or electronic transmission used by the receiving personnel to indicate that materials have been received and inspected.

Purchased Materials

Raw materials and components that are bought by a company from external suppliers for use in the production process.