When Goods Are Returned by a Customer or the Price

question 47

Multiple Choice

When goods are returned by a customer or the price is adjusted, Australia's GST legislation requires the retailer to issue the customer with _________________for all amounts totalling more than $50.

• A) an invoice
• B) a negative tax invoice
• C) an adjustment note
• D) a refund note

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Definitions:

Amortization

The process of gradually writing off the initial cost of an intangible asset over its useful life.

Goodwill

Represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. It reflects intangible assets like brand reputation and customer relationships.

Inventoriable Costs

Costs associated with obtaining or manufacturing products intended for sale, which become part of a company’s inventory.

Computer Software

Refers to programs and other operating information used by a computer to perform specific tasks.