On a Bank Reconciliation,deposits in Transit Are Added on the Bank

question 31

True/False

On a bank reconciliation,deposits in transit are added on the bank side of the reconciliation.

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Definitions:

Statutory Law

Laws and regulations enacted by legislative bodies at the federal, state, or local levels.

Judicial Precedent

A principle or rule established in a previous legal case that is binding or persuasive for a court when deciding subsequent cases with similar issues or facts.

Customs

The official department that administers and collects the duties levied by a government on imported goods, as well as the traditions and accepted practices within a society.

National Industrial Recovery Act

A law passed in 1933 as part of the U.S. New Deal to stimulate economic recovery, establish fair competition, and reduce unemployment.