Final answer:
A check in transit is indeed a check written by a company not yet presented for payment, causing a discrepancy in the bank's records until processed.
Step-by-step explanation:
The statement that a check written by a company but not yet presented to the bank for payment is called a check in transit is True. A check in transit typically appears in the context of the reconciliation of a company's cash account because it has been recorded in the company's books but not yet by its bank. Therefore, the balance on the bank statement will not include this amount until the check is processed by the bank.
A check written by a company but not yet presented to the bank for payment is not called a check in transit. A check in transit refers to a check that has been issued by a company and has been sent to the payee but has not yet been presented to the bank for payment. Once the check is presented to the bank, it becomes a cleared check.