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:

Purpose in Life

The sense of meaning and direction in one's life or the goals and motivations that drive an individual.

Ethnic Conservatism

A political or social ideology that emphasizes preserving the traditions, culture, and heritage of a specific ethnic group.

Majority Culture

The dominant culture in a society, which holds the majority of power and influence, and sets norms and standards for behavior and belief.

Second Generation

Refers to individuals born in a country to immigrant parents, often facing unique cultural and identity challenges.