GST Collected on Sales Is Accumulated in a Liability Account

question 38

Multiple Choice

GST collected on sales is accumulated in a liability account called GST collections and GST paid on purchases is accumulated in an account with a debit balance called GST outlays. What type of account is GST outlays?

• A) Asset
• B) Expense
• C) Contra income
• D) Contra liability

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Definitions:

Parenting Teenagers

The process and practices involved in raising and guiding adolescents through their teen years, focusing on balancing independence with guidance.

Latino Parents

Refers to mothers and fathers from Latin American backgrounds and their parenting styles, values, and cultural practices.

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