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
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