Sales Tax Payable Is A

question 85

Multiple Choice

Sales Tax Payable is a:

• A) liability account with a debit balance.
• B) liability account with a credit balance.
• C) contra-asset account with a debit balance.
• D) contra-asset account with a credit balance.

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Definitions:

Diversified

The process or state of becoming varied in character or form, often used in reference to investment portfolios or ecological variety.

Epoch

A division of geological time that is smaller than a period and is marked by distinctive features, events, or life forms.

Quaternary

The most recent period in the Earth's history, starting around 2.58 million years ago and continuing to the present day.

Cenozoic

The current geological era, beginning about 66 million years ago, characterized by the dominant emergence of mammals.