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Adjustments bingo

Exercise and reference answers

Clues and terms
  1. Clue
    Record when earned.
    Item
    Accrual basis
  2. Clue
    Record when paid.
    Item
    Cash basis
  3. Clue
    Cash moved too early.
    Item
    Deferral
  4. Clue
    Owed but unpaid.
    Item
    Accrued cost
  5. Clue
    Earned but uncollected.
    Item
    Accrued fees
  6. Clue
    Cost spread over years.
    Item
    Depreciation
  7. Clue
    Rises with a credit.
    Item
    Contra asset
  8. Clue
    Cost less depreciation.
    Item
    Book value
  9. Clue
    Costs meet revenues.
    Item
    Matching
Instructions
Read each clue and tap the term it describes.

Explanation

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