The Amount of Deposits in Transit Is Included on the Bank

question 177

Multiple Choice

The amount of deposits in transit is included on the bank reconciliation as a (n)

• A) deduction from the balance per the company's books
• B) deduction from the balance per bank statement
• C) addition to the balance per bank statement
• D) addition to the balance per company books

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Definitions:

Right Of First Refusal

A contractual right that gives its holder the option to enter a business transaction with the owner of something, before the owner is entitled to enter into that transaction with a third party.

Anticipatory Repudiation

A declaration by one party to a contract of their intention not to fulfill their future obligations as agreed.

Dissolution

The first stage in the termination of a partnership.

Liquidation

The process in which a debtor turns over all assets to a trustee.