Lesson ProgressPhase 5 of 6
Phase 5Assessment
Assessment: Complete Manual Month-End Flow
MCQ exit ticket on month-end close workflow, adjustments, and misconceptions
Phase 5: Assessment
Month-End Close Workflow Exit Ticket
Demonstrate your understanding of the complete month-end close process.
What This Assessment Checks
These questions test your understanding of the month-end close workflow—not Excel skills. You should be able to:
- Name the correct sequence of close steps
- Identify which adjustments are needed and why
- Explain how missed adjustments affect the financial statements
- Distinguish between permanent and temporary accounts
- Recognize common misconceptions about the closing process
Month-End Close Workflow Assessment
Answer each question based on what you learned about the complete month-end close process.
1. What is the correct order of the month-end close workflow?
2. Why must adjusting entries be recorded before closing entries?
3. Which of the following is NOT a recurring month-end adjustment?
4. Sarah's unadjusted trial balance shows Supplies of $8,000. A physical count shows $2,500 remaining. What is the adjusting entry?
5. Equipment costs $24,000 with a 5-year life and no salvage value. What is the monthly depreciation entry?
6. Which accounts appear on the post-closing trial balance?
7. If Sarah forgot to record $1,800 of accrued wages, what is the effect on net income?
8. What is the purpose of the adjusted trial balance?
9. TechStart received $2,400 in advance for a 2-month project. By month-end, one month is complete. What is the adjusting entry?
10. After the adjusted trial balance shows debits of $142,300 and credits of $141,900, what should Sarah do?
0 of 10 questions answered
What Your Score Means
80-100%
Ready
You can walk through the month-end close in order and understand why each step matters.
60-79%
Review Needed
Revisit Phase 2 (the close checklist) and Phase 3 (complex adjustments) before moving on.
Below 60%
Reteach
Return to Phase 2 and work through the six-step workflow again with a partner or teacher support.