Undeposited checks that are not postdated (not dated with a future date) are reported as cash. Accountants define cash as more than just currency and coins. For example, unrestricted checking accounts are also reported as cash.
Related Questions
- What is an overdraft?
- Which assets are classified as current assets?
- Why is a negative cash balance reported as a liability?
- Is an entry made for outstanding checks when preparing a bank reconciliation?
- How does one prepare a company's first bank statement reconciliation?
- When does a negative cash balance appear on the balance sheet?
Related In-Depth Explanations
Join PRO to Track Progress