The Debit for a Sales Tax Properly Levied and Paid

question 123

Multiple Choice

The debit for a sales tax properly levied and paid on the purchase of machinery preferably would be a charge to

• A) the machinery account.
• B) a separate deferred charge account.
• C) miscellaneous tax expense (which includes all taxes other than those on income).
• D) accumulated depreciation--machinery.

Clarify the role and types of contra asset accounts.

Understand the necessity of periodic financial statements and the adjustments required for their preparation.

Grasp the concept of prepayments and their treatment in financial reporting.

Appreciate the rationale behind choosing a fiscal year and its impact on financial reporting.

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