👉 Deposition, in the context of accounting, refers to the act of transferring an asset or liability from one account to another. It is a fundamental principle that all financial transactions must be recorded properly to ensure transparency and accuracy in financial reporting. Deposits are typically made when goods or services are transferred to customers or employees, while withdrawals occur when assets are sold or liabilities are paid off. In accounting, deposits can be classified into two categories: cash deposits and bank deposits. Cash deposits refer to the amount
