GST Revision 2023

What is the title given to GST when it is reported as a Current Liability

• GST Refund

• GST Settlement

• GST Paid

• GST Payable

Answer explanation

GST Payable

WHat is the name given to the GST recorded in the Sundries column in the Cash Receipts Journal

• GST Received

• GST Receivable

• GST Refund

• GST Payable

Answer explanation

GST Refund

What is the name given to the GST recorded in the GST column in the Cash Payments Journal

• GST Payable

• GST Paid

• GST Settlement

• GST Refund

Answer explanation

GST Paid

What is the name given to the GST when it is reported as a Current Asset

• GST Reveived

• GST Payable

• GST Receivable

• GST Settlement

Answer explanation

GST Receivable

What is the name given to GST Paid to the ATO when GST Received is greater than the GST Paid

• GST Paid

• GST Payable

• GST Receivable

• GST Settlement

Answer explanation

GST Settlement

What is the name given to GST when GST Paid is greater than the GST Received

• GST Receivable

• GST Refund

• GST Settlement

• GST Payable

Answer explanation

GST Receivable

What is the name given to the GST a business receives from the ATO

• GST Payable

• GST Receivable

• GST Refund

• GST Received

Answer explanation

GST Refund

A GST refund will occur when a business ...

• Receives more GST than it pays to their suppliers

• Pays more GST than they receive from their customers

• GST Receivable is greater than GST payable

• GST Received is greater than GST paid

Answer explanation

Pays more GST than they receive from their customers