TRUE/FALSE. Write 'T' if the statement is true and 'F'if the statement is false. 10) The difference that arises between the balance on the bank statement and the balance on the use of a lime lag in recording transactions is known as a timing difference 11) The bank recorded a $3,000 deposit as $300. How would this information be included on the bank reconciliation? A) a deduction on the book side B) an addition on the bank side C) a deduction on the bank side D) an addition on the book side 12) Which one of the following is TRUE of the bank reconciliation? A) It is prepared in place of the cash ledger. B) It is a financial statement. C) It guarantees that no errors have been made. D) It should not be prepared by an employee who handles cash transactions. 13) A check was written by a business for $549 but was recorded erroneously in the Cash account as $459. How would this error be included on the bank reconciliation? A) a deduction on the book side B) an addition on the bank side C) an addition on the book side D) a deduction on the bank side