Deposit in Transit
A deposit recorded in the company's books before the bank has processed and reflected it on the statement — the mirror image of an outstanding cheque.
Related terms
- Debtors Confirmation
A direct request to a customer to confirm their outstanding balance, used as external evidence for receivables.
- Delivery Challan
A document recording that goods were dispatched to a customer, typically referenced alongside the invoice and the e-way bill as evidence of when control of goods actually transferred.
- Detection Risk
The risk that the procedures performed by the auditor will not detect a misstatement that exists and could be material.
- Director's Responsibility Statement
A statement included in the Board's Report under Section 134, in which the directors affirm their responsibility for the financial statements, internal financial controls, and compliance with applicable laws.
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