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Which of the following statements about sales tax is/are true?
A. Sales tax charged on purchases is an expense to a business if the business is not sales tax registered.
B. Sales tax is charged by all businesses when they sell products.
C. Sales tax should be included in the sales and purchases figures on the statement of profit or loss of a sales tax registered trader.
D If the input tax is greater than the output tax, a liability will be shown on the statement of financial position.Please do not simply type out full questions and expect to be provided with a full answer.
You must have an answer in the same book in which you found the question, so ask about whatever it is the answer that you are not clear about and I will explain.
Everything needed to be able to answer this question is explained in my free lectures on Sales Tax.
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