Question

Distinguish between cash in transit and goods in transit​

Answer 1

The points of Difference between Cash-in-Transit and Goods -in-transit are:

• 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 whereas Goods in transit refers to merchandise and other types of inventory that have left the shipping dock of the seller, but not yet reached the receiving dock of the buyer.
• The Goods-in-Transit is an Asset whereas the Cash-in-Transit is a liability and sometimes it is an asset.