Explain Why the Account Provincial Sales Tax Payable Is Credited

question 65

Essay

Explain why the account Provincial Sales Tax Payable is credited when a sale is made subject to that tax?

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Definitions:

Output

The quantity of goods or services produced in a given time period by a firm or industry.

Input

Resources used in the production process, including raw materials, labor, and capital, which contribute to the creation of goods or services.

Stakeholders

Individuals or groups with an interest or concern in the success and operations of a business, including investors, employees, customers, and suppliers.

Environmental Practices

Actions and policies implemented by an organization to minimize its impact on the environment and promote sustainability.