GST Is Credited to the GST Collections Account When a Sale

question 10

Multiple Choice

GST is credited to the GST collections account when a sale occurs. If goods are returned or a discount allowed the _______________ account must be debited with an adjustment for GST.

• A) GST collections
• B) GST outlays
• C) purchases
• D) discount received

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Definitions:

Responsive Supply Chain

A supply chain designed to quickly adapt to market changes and customer demands, emphasizing flexibility and speed.

Dell

A multinational computer technology company that develops, sells, repairs, and supports computers and related products and services.

Logistics Costs

Expenses associated with the planning, implementing, and controlling the efficient, effective forward and reverse flow and storage of goods, services, and related information.

Customer Service

Assistance and advice provided by a company to those people who buy or use its products or services.