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1. Describe in your own words a revenue event that would result in an increase in assets, including every account that is affected. Is this an accrual? (Yes / No)

2. Describe in your own words a revenue event that would result in a decrease in liabilities, including every account that is affected. Is this an accrual? (Yes / No)

3. Describe in your own words an expense event that would result in a decrease in assets, including every account that is affected. Is this an accrual? (Yes / No)

4. Describe in your own words an expense event that would result in an increase in liabilities, including every account that is affected. Is this an accrual? (Yes / No)

5. Come up with an example where revenue is deferred. What accounts are affected?

6. Come up with an example where expenses are deferred. What accounts are affected?