103.What is a deposit in transit? 104.What term is used for a customer's check that is returned by the bank on which it was drawn because the customer did not have enough funds to pay the check?...

103.What is a deposit in transit?

104.What term is used for a customer's check that is returned by the bank on which it was drawn because the customer did not have enough funds to pay the check? How is this event treated on the bank reconciliation?

105.Are outstanding checks an adjustment to the book balance, the bank balance, or not used in a bankreconciliation?

106.Is the establishment of a petty cash fund an asset source, asset use, asset exchange, or claims exchange transaction?

107.What is the purpose of establishing a petty cash fund?