Question

When reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balance and the book balance)?

Answer 1

The correct answer to the following question will be "Errors".

Step-by-step explanation:

Many of the reasons why the equilibrium on the bank statement differs from the equilibrium of the books involve:

• Charges on bank services and printing fees for checking.
• Errors on both the books for the firm.
• The bank balance is seen in the bank statement issued by the government and the equivalent figure shown in the financial statements of the company.

Therefore, it would be the right answer.