11.Vertical analysis compares each item in a financial statement with a total amount from the same statement. True False

38. Which of the following is not an essential part of the accounting records? a.ledger b.end-of-period spreadsheet c.journal d.chart of accounts

42. Classify the following journal entry:

Fees Earned 780

Rent Expense 200

Supplies Expense 180

Utilities Expense 110

Miscellaneous Expense 107

Retained Earnings 183

a.adjusting entry b.closing entry c.transaction entry d.none of these choices

43. Financial reports that are available to help users in decision making show

a.timeliness b.comparability c.verifiability d.understandability