Multiple Choice
Which of the following statements is correct?
A) Income and expenses are recorded net of GST.
B) Journal entries to record GST are regarded as internal transactions.
C) The account, GST Payable, represents the amount of GST payable to the entity's suppliers.
D) If the GST inclusive price of inventory is $120 the GST component is $12.
Correct Answer:
Verified
Correct Answer:
Verified
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