Which of the Following Statements Is True

question 37

Multiple Choice

Which of the following statements is true?

• A) The entries to account for GST are regarded as internal transactions.
• B) GST collections is an asset account.
• C) If the GST inclusive price of a package of books is $1200 the GST component is $120.
• D) In the income statement income and expenses are recorded net of GST.

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Definitions:

Vascular Tissue

A complex tissue in plants consisting of xylem and phloem, responsible for the transport of water, minerals, and sugars throughout the plant.

Ephedra

A shrub-like plant used historically in traditional medicines and known for its stimulant properties.

Gnetophytes

A group of seed plants that are characterized by unique features distinguishing them from other gymnosperms, with three distinct genera: Gnetum, Welwitschia, and Ephedra.

Angiosperms

A large group of flowering plants whose seeds are enclosed within a fruit, comprising a vast majority of plant species.