The Linked Accounts for HST/GST Will Be Updated After Which

question 26

Multiple Choice

The linked accounts for HST/GST will be updated after which entry -

• A) a sales invoice with cash payment
• B) a cash receipt on account
• C) a sales invoice quote
• D) all of the above

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Definitions:

FOB Destination

A shipping term indicating that the seller bears the shipping costs and maintains ownership until the goods reach the buyer's location.

FOB Shipping Point

A term used in shipping contracts to indicate that the buyer assumes responsibility for the goods and the shipping costs from the point of departure.

Ending Inventory

Refers to the value of goods available for sale at the end of an accounting period.

Inventory Turnover Ratio

A financial metric indicating the number of times a company sells and replaces its stock of goods during a certain period, used to assess the efficiency of inventory management.