Multiple Select Question

Select all that apply

Determine the statements below that are true regarding why a bank reconciliation is used. $($Check all that apply.$)$

Timing differences between the bank statement and the depositor's records are reflected in the bank reconciliation.

The Cash account balance in the general ledger is accurate, but the bank statement balance is not.

The bank reconciliation is useful in proving the accuracy of the Cash account in the general ledger.

We must reconcile the balance of the bank's records and the Cash account in the general ledger and explain or account for any differences in the

two.