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:

Insurance

A financial product that provides protection against potential future losses or damages in exchange for a premium.

Oral Contract

A verbal agreement between parties that is legally binding.

Statute of Frauds

A rule in law that mandates specific contract types must be written and signed to be legally binding.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the party to be charged, to be enforceable.