The Basic Concept of the Quick Method of Accounting for GST/HST

question 67

Multiple Choice

The basic concept of the quick method of accounting for GST/HST is best described as follows:

• A) The quick method allows a small company to pay as little tax as possible.
• B) Only small companies with total sales of less then $150,000 can use the quick method.
• C) A smaller company will remit about as much tax as they would if detailed records were maintained.
• D) A small company with large capital purchases should always avoid using the quick method.

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