APTERS 1-4 Name: 17. The is where can ID: A a. chart of accounts b. income statement c. balance sheet d. journal a transaction can first be found on the accounting reconds. 18. Which of the following is pet a short-cut in finding ermors ont a. Determine the difference between debits and credias and look for the amount the trial bolance? amount and change any account to make the trial balance correct Determine the difference between debits and credits, divide the amount by 2, look for the amount. Determine the difference between debits and credits, divide the amount by 9,if it evenly, look for a transposition or slide error. c. d. divides 19. Adjusting entries are a. b. e. d. the same as correcting entries needed to bring accounts up to date and match revenue and expense optional under generally accepted accounting principles rarely needed in large companies is a. debit Insurance Expense, $1,380 and credit Prepaid Insurance, $1,380. b. debit Insurance Expense, $1,150 and credit Prepaid Insurance, $1,150. c. debit Insurance Expense, $1,610, and credit Prepaid Insurance, $1,610. d. debit Prepaid Insurance, $1,380, and credit Cash, $1,380. Which of the following pairs of accounts could pot appcar in the same adjusting entry? a. Service Revenue and Uncarned Revenue b. Interest Income and Interest Expense c. Rent Expense and Prepaid Rent d. Salaries Payable and Salaries Expense 21. 22. All of the following statements regarding vertical analysis are true exceps Vertical analysis may be prepared for several periods to analyze changes in relationships a. mi atielart over time. b. Jn a vegtical analyis of a balance hest assets c. In a vertical analysis of an income statement, each item is stated as a percent of tot expenses d. Major differences between a company's vertical analysis and industry averages should be investigated. accounts will be closed to the Capital account at the end of the fiscal year? Which of the following a. Rent Expense b. Fees Eamed c. Income Summary d. Depreciation Expense 23