What Type of Account Is HST Payable

question 47

Multiple Choice

What type of account is HST Payable?

• A) Liability
• B) Contra asset
• C) Contra cost/expense
• D) Contra revenue

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Definitions:

Guidelines

A set of recommendations or principles given to direct action or to determine a course of action.

Social Institution

Established systems of societal norms and structures that govern the behavior and practices of individuals within a community, such as family, religion, and education.

U.S. Census Bureau

The federal agency responsible for collecting and analyzing data about the American people and economy, primarily known for conducting the decadal census.

Family Configurations

Various forms or structures of a family unit, such as nuclear families, single-parent families, extended families, etc.