HiLo Running Store is not registered for GST.Which of the following statements is INCORRECT?
A) The firm will charge a flat rate of GST on all goods sold.
B) The firm will not be able to claim a refund from the ATO on GST paid to suppliers.
C) Journal entries for sales and purchases will not include a GST Clearing account.
D) Purchases of inventory will be recorded at the 'gross' amount,that is,the amount including GST.
Correct Answer:
Verified
Q2: ABC Ltd has made credit sales of
Q3: GST is a flat percentage charge levied
Q4: A firm uses the perpetual inventory method.Which
Q5: What is freight out?
A)Transportation costs to ship
Q6: The perpetual inventory system keeps a running
Q7: The GST payable to the ATO represents
Q8: Under a perpetual inventory system,which of the
Q9: In a periodic system,inventory balances and the
Q10: When a firm uses the perpetual inventory
Q11: What is a purchase return?
A)A return of
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