Outstanding checks are checks that have been paid by the bank, but are not yet recorded on the company's books. True False Question 17 (1 point) Differences between the bank statement and the company's Cash account are primarily the result of a time lag in recording transactions. True False Question 18 (1 point) The bank reconciliation can be used to control cash in a bank account. True False Question 19 (1 point) Cash and Cash equivalents are assets. True False