Which of the following is a common cause of a discrepancy between head office and branch trial office________
A Stock and repayment
B Creditors and cash in transit
C Stock and cash in transit
D Debtors and cash in transit
Answer is C
Cash-in-transit (CIT) or cash/valuables-in-transit (CVIT) is the physical transfer of banknotes, coins, credit cards and items of value from one location to another.
Goods in transit is a concept used to indicate the recipient (buyer or seller of goods) has taken possession, and who is paying for transport.
