Financial Accounting (ACCT 102) Adjusting Entries and Financial Statement Practice Problems
Indiana University Bloomington
Financial Accounting (ACCT 102) | Practice Problems

Overview
A practice set on accruals, deferrals, depreciation, adjusting entries, and the link between journal entries and statements.

Key topics
•accrual accounting
•deferrals and accruals
•depreciation basics
•statement effects

Suggested study tasks
•write the adjusting entry before naming the statement impact
•compare cash and accrual results
•rebuild one income statement after adjustments

Common pitfalls
•posting the right amount to the wrong side
•forgetting that one adjustment affects more than one statement