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

PUBLIC ACCOUNTING means the performance of or offering to perform any engagement that will result in the issuance of an attest report that is in accordance with professional standards. "Practice of public accounting" also means the performance of or offering to perform services other than those described above, such as consulting services, personal financial planning services, or the preparation of tax returns or the furnishing of advice on tax matters by a sole proprietorship, partnership, limited liability company, professional association, corporation, or other business organization, that advertises to the public as a "certified public accountant" or "public accountant."

GROSS INCOME see GROSS PROFIT.

Suggest a Term

Enter Search Term

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