Accounting for GST Includes Which of the Following

question 94

Multiple Choice

Accounting for GST includes which of the following?

• A)Crediting GST Payable to record GST paid on inventory for resale.
• B)Crediting GST Receivable to record GST collected from customers.
• C)Debiting GST Payable to record GST paid to suppliers.
• D)Debiting GST Payable to record GST collected from customers.

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Definitions:

Trespass to Land

A legal term for entering someone's property without permission, constituting a civil wrong or tort.

Exclusive Possession

The right of an individual or entity to use and control a property without the interference of others.

Private Tort Actions

Legal proceedings initiated by individuals seeking compensation for harm or injury caused by another's wrongful act or negligence.

Environmental Damage

Harm caused to the natural environment due to human activities or natural disasters.