GST Collected by a Business on the Sale of Its

question 60

Multiple Choice

GST collected by a business on the sale of its goods and services is stored in a liability account called:

• A) GST outlays.
• B) GST payable.
• C) GST purchases.
• D) GST receivable.

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Definitions:

Venn Diagram

A graphical representation of mathematical or logical sets pictorially as circles or closed curves within an enclosing rectangle (the universal set).

Proposition

A statement or assertion that expresses a judgement or opinion, which can be either true or false in a logical context.

Categorical Syllogisms

A form of argument in logic consisting of three propositions -- two premise statements and a conclusion -- that are structured to validate or refute a conclusion based on categorical statements.

Venn Diagrams

Diagrams consisting of overlapping circles used to visually demonstrate the relationships between different sets or groups and their shared or distinct characteristics.