A combined GST and PST rate of 12% applied to taxable supplies is called
A) zero-rated tax.
B) harmonized Sales Tax.
C) input Tax Credit.
D) combined Sales Tax.
E) none of these.
Correct Answer:
Verified
Q52: Provincial sales tax payable:
A)Is an estimated liability
B)Is
Q53: Employee vacation benefits
A)are estimated liabilities.
B)are contingent liabilities.
C)become
Q54: Unearned revenue is initially recognized with a
A)credit
Q55: Major Company borrowed $12,000 by signing an
Q56: Payroll liabilities for current employees are
A)contingent liabilities.
B)estimated
Q58: Contingent liabilities occur when the liability is
A)Probable
Q59: Which of the following accounting policy is
Q60: An estimated liability
A)Is an unknown liability of
Q61: Which of the following items below is
Q62: Explain known current liabilities.
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