Why Might GST Amounts in the Ledger Differ from the GST

question 14

Multiple Choice

Why might GST amounts in the ledger differ from the GST report -

• A) GST paid is recorded from the total in the purchases journal
• B) there is an outstanding GST account balance before the first journal entry
• C) GST charged is recorded from the sales journal
• D) the GST ledger and GST report are always in balance

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Definitions:

Supplies

Materials, goods, or equipment required for the operation of a business or for completing a specific task.

Stationery

Writing materials and office supplies, such as paper, envelopes, and writing instruments, used for personal and business correspondence.

Support Product

Ancillary products or services that complement the main product or service offering, enhancing its value or utility.

Industrial Services

Services provided to businesses or industries, such as maintenance, cleaning, consulting, and logistics, rather than individual consumers.