When a Business Collects GST from Customers, It Records

question 16

Multiple Choice

When a business collects GST from customers, it records:

• A) a contra asset.
• B) a liability.
• C) an expense.
• D) an asset.

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Definitions:

1860 Convention

Refers to the Democratic National Convention of 1860, which was pivotal in the lead-up to the American Civil War, highlighting deep divisions over slavery.

Charleston

A historic city in South Carolina known for its well-preserved architecture, rich history, and significant role in the American Civil War.

Constitutional Union Party

A political party in the United States formed in 1860, which sought to avoid secession by focusing on the Constitution and the Union without addressing the contentious issue of slavery.

Upper South

A subregion of the southeastern United States, typically considered to include states like Virginia, North Carolina, and Tennessee, known for their distinct historical, economic, and cultural characteristics compared to the Deep South.