ACCOUNTING 200 FINAL DRAKE QUESTIONS WITH 100% CORRECT ANSWERS

Under-Appllied/Over-Applied Closing Statements


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Under:
DEBIT Costs of Goods Sold
CREDIT Overhead


Over:
DEBIT Overhead
CREDIT Cost of Goods Sold




Ending Retained Earnings


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, Beginning Retained Earnings + Net Income - Dividends


Ending Retained Earnings becomes Beginning Retained Earnings of the
following year




Ending Retained Earnings for 2021 is what for 2022?


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Beginning Retained Earnings




Liability


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A present obligation of an entity to transfer or provide an economic
benefit. Many require a transfer of cash, some require providing goods and
services




Sold Inventory Costing $3000 for $5000 Cash


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, Cash DEBIT $5000

Revenue CREDIT $5000
----------------------------
COGS DEBIT $3000

Inventory CREDIT $3000




Environmental ESG Reporting


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How does my company impact the environment?


- Greenhouse gas emissions
- Energy and fuel management
- Air quality




Format of Statement of Equity


and what changes them


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