Multiple Choice
HiLo Running Store is not registered for GST. Which of the following statements is INCORRECT?
A) The firm will not be able to claim a refund from the ATO on GST paid to suppliers.
B) Journal entries for sales and purchases will not include a GST Clearing account.
C) Purchases of inventory will be recorded at the 'gross' amount, that is, the amount including GST.
D) The firm will charge a flat rate of GST on all goods sold.
Correct Answer:
Verified
Correct Answer:
Verified
Q12: The entry to close Sales discounts and
Q103: Alpha Company had $45 000 in beginning
Q104: In a descriptive format income statement, overhead
Q105: Inventory is the:<br>A)items purchased to run the
Q106: A firm that uses the perpetual inventory
Q109: A company's net sales revenue is $540
Q110: Which of the following accounts is used
Q111: A firm that uses the perpetual inventory
Q112: Compute the amount of payment for an
Q113: When a firm ships goods to a