Question on: JAMB Accounting - 2018
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
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Correct Option: 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.
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