Which One of the Following General Statements Is Not Correct

question 26

Multiple Choice

Which one of the following general statements is not correct -

• A)HST is never charged on services,only GST is charged
• B)you cannot add details for inventory cost and quantity once you finish entering the history
• C)services are not involved in inventory item assembly entries
• D)item assembly does not involve customers or suppliers

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Definitions:

Fair Value

An estimate of the appropriate value of an asset or liability based on current market conditions.

Available-For-Sale

A classification for financial assets implying that they can be sold in the future; these assets are not necessarily held till maturity and their unrealized gains or losses are generally reported in other comprehensive income.

Trading Debt Securities

Refers to the buying and selling of debt instruments such as bonds in the financial markets, aiming for profits from changes in their prices.

Accounting Differences

Discrepancies that arise between accounting practices, often due to different standards or interpretations.