GST collected by a business on the sale of its goods and services is stored in a liability account called:

Name: GST collected by a business on the sale of its goods and services is stored in a liability account called:
Brand: Quizplus
Rating: 4.9 (63 reviews)

Question

Quizplus · Accepted Answer

GST collected by a business on the sale of its goods and services is not the business's income; rather, it is a liability owed to the government. Therefore, it is stored in a liability account called GST payable. Choices A, C, and D do not accurately reflect this concept.

GST Collected by a Business on the Sale of Its