CASH IN TRANSIT Definition

Bookmark and Share

CASH IN TRANSIT is cash being transferred from one business to another or between two parts of the same business. If it is not recorded as an asset in either an adjusting entry may be necessary.

Learn new Accounting Terms

UNIDENTIFIED CASH RECEIPTS is normally a temporary holding (suspense) account in which funds received but not yet identified as to which account receivable the amount should be properly assigned to are posted.

SINGLE-ENTRY BOOKKEEPING is a simple bookkeeping system in which all transactions are recorded in a single record (e.g., a checkbook that indicates expenditures only). Single-entry does not rely upon equal debits and credits.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.