Which One of the Following General Statements Is True -

question 40

Multiple Choice

Which one of the following general statements is true -

• A)GST charged is processed in the receipts journal
• B)GST payable is processed in the receipts journal
• C)customer NSF cheques are processed in the receipts journal
• D)PST refunds are processed in the receipts journal

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Definitions:

Progressive Tax

A taxation system where the tax rate increases as the taxable amount (income or profits) increases, making it proportionately more taxing on higher earners.

Income Increases

Refers to a situation where an individual's or entity's earnings grow over a period, leading to higher financial resources.

Taxable Income

The portion of an individual's or organization's income that is subject to federal, state, or other forms of taxation.

Marginal Tax Rate

Marginal Tax Rate is the percentage of tax applied to your income for each tax bracket in which you qualify.