ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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DEPOSITS IN TRANSIT Definition
DEPOSITS IN TRANSIT is deposits made to a bank account that have not been credited to the bank statement.
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FICTITIOUS ASSET is debit balance includes on balance sheets as assets that do not conform to the definition of an asset. Intentional includes of assets known to be fictitious assets may be ruled as fraud.
COST PRINCIPLE is the principle where a company is obliged to record its fixed assets at their actual purchase price or production cost.