Lesson ProgressPhase 5 of 6
Phase 5Assessment
Assessment: Accruals and Deferrals: Timing Is Everything
MCQ exit ticket on accruals and deferrals reasoning
Exit Ticket: Accruals and Deferrals
This short check confirms you can identify and reason through the four adjustment types. Take your time and think through each scenario.
What This Checks:
- Can you tell when revenue or expense timing is wrong?
- Can you identify which adjustment type applies to a scenario?
- Can you reason through the effect on financial statements?
- Do you understand why adjustments matter for accuracy?
Instructions
Answer each question based on what you learned in this lesson about accruals, deferrals, and adjusting entries. Explanations appear after you submit each answer.
Success Criteria:
- Correctly identify accrued vs. deferred situations
- Select the right accounts for each adjustment type
- Calculate the correct period amount for deferred items
- Explain how missing adjustments affects net income
Accruals and Deferrals Exit Ticket
Test your understanding with these multiple choice questions.
1. A business receives $3,000 cash for a 12-month service contract. The correct initial entry is:
2. After one month of the above contract, the adjusting entry should be:
3. Sarah completed $800 of work in March but will not invoice until April. The March 31 adjusting entry is:
4. A company paid $600 on March 1 for a 3-month insurance policy. The March 31 adjusting entry should include:
5. If a company forgets to record $500 of accrued revenue, what happens to net income?
0 of 5 questions answered
What Comes Next
If you scored well, you have the foundation needed to understand the next lesson on closing entries. Closing entries are what happen afterall the adjustments are posted—they reset the temporary accounts so the next month can start fresh.