If HST Charged Had Been Omitted from a Posted Inventory

question 21

Multiple Choice

If HST charged had been omitted from a posted inventory sales invoice,you could make the correction by -

• A)selecting the invoice through the adjust an invoice screen and adding the tax code that charges HST
• B)entering a new corrected invoice
• C)changing the tax code settings
• D)there is no need to make a correction because HST is not charged on inventory sales

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Definitions:

Average Variable Cost

The cost a company incurs to produce one additional unit of a product, calculated by dividing the total variable costs by the number of units produced.

Average Variable Cost

The cost per unit of variable inputs (like labor or materials) for producing a good, which changes with the level of output.

Fixed Cost

Costs that do not vary with the level of output or production, such as rent, salaries, or insurance.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced, illustrating how fixed costs dilute over larger production volumes.