Timing differences discovered when reconciling the bank statement that the bank has not recorded yet, include:
A)Deposits in transit
B)Interest earned
C)Outstanding checks
D)Both deposits in transit and outstanding checks

Question

Quizplus · Accepted Answer

Deposits in transit and outstanding checks are both timing differences that are discovered when reconciling the bank statement. Deposits in transit are customer deposits that have been made but have not yet been recorded by the bank, while outstanding checks are checks that have been written but have not yet cleared the bank. Both of these items can cause differences between the b ank balance and the company's balance that need to be reconciled. Interest earned is not a timing difference, as this is a transaction that should be recorded by both the bank and the company at the same time.

Timing Differences Discovered When Reconciling the Bank Statement That the Bank