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Financial Accounting MCQs

What is a deposit in transit?

A deposit that is expected.

A deposit not received by the company. It's in the mail.

A deposit that was made at month end but is not reported on the bank statement until the following month.

A deposit received but not deposited in the bank at month end.

Answer

Correct Answer: A deposit that was made at month end but is not reported on the bank statement until the following month.

Explanation:

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