If a Company Has a GST Recoverable Amount of

question 82

Multiple Choice

If a company has a GST Recoverable amount of $ 5,600 and a GST Payable amount of $ 5,000 at the end of the quarter, what should they do?

• A) Delay filing their quarterly return until the next quarter when additional GST payable amounts are expected to offset the recoverable amount.
• B) File the quarterly return and request a refund of $ 600.
• C) Pay the amount of GST payable of $ 5,000.
• D) Pay the amount of GST payable of $ 5,000 and request a refund of $ 5,600.

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Definitions:

Parallel Payments

Transactions where payment is made through duplicating payment streams, allowing for simultaneous settlements in different currencies or systems.

Credit Scoring

A statistical analysis performed by lenders and financial institutions to assess a person's creditworthiness and determine the likelihood of loan repayment.

Consumer Credit

Loans extended to individuals for personal, family, or household purchases or expenses.

Payables Risk Analysis

The assessment of the risks associated with failing to meet the company’s obligations on time, affecting its creditworthiness.