so doing some HW.3 multiple choice questions, all 3 asking to calculate the true cash...
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Accounting
so doing some HW multiple choice questions, all asking to calculate the true cash balance... all provided deposit in transit, outstanding checks, service charges, NFS checks, but the answers for all were as follow:
$ unadjusted book balance $ service charge $ NSF check $ true cash balance
$ unadjusted bank balance $ outstanding checks $ deposits in transit $
$ unadjusted bank balance $ deposits in transit $ outstanding checks $ error correction $ true cash balance.
if all are asking for the true cash balance, why some questions we take deposit in transit and outstanding checks into consideration? is there a universal formula to follow here? or it changes? very confused
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