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Deferral or accrual

Exercise and reference answers

Upper category
Deferral
Lower category
Accrual
Items
  1. Category
    Deferral
    Item
    Prepaid
  2. Category
    Deferral
    Item
    Unearned
  3. Category
    Deferral
    Item
    Cash first
  4. Category
    Deferral
    Item
    Supplies
  5. Category
    Accrual
    Item
    Owed wages
  6. Category
    Accrual
    Item
    Interest
  7. Category
    Accrual
    Item
    No cash
  8. Category
    Accrual
    Item
    Unbilled
Instructions
Send each item to the deferral track or the accrual track.

Explanation

_Source: OpenStax Principles of Financial Accounting, Chapter 4, The Adjustment Process._
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